My 2nd 123 goes for a 30 pip winner on a 1/1RR
So one BE and one winner so far.
Better start looking for the next trade now
So one BE and one winner so far.
Better start looking for the next trade now
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Dislikednice trade but it wasnt a 123 because 3 wasnt lower than 1, and your entry hit only because of the 530 am EST british high priority economic release which easily could have been just the opposite spike.Ignored
Dislikedit was a double top.... valid set-up, doesn't matter what triggers it....Ignored
DislikedI think this is a great system, but I'm having real problems identyfying where the reversals start and when to enter, any tips appreciated.Ignored
DislikedIt's very simple. For short trades the market must be currently going up. As it makes a high mark that as point 1. If the market keeps pushing up move your point 1 up with it. Once price starts going down a few candles you have now established a point 1 so you're looking for point 2 which is a low. Same proceedure as above in that as each candle closes, move your point 2 down until you have a candle that doesn't make a lower low. Now you're looking for a point 3 which must be below point one. Each time you get a candle close check if it's makes...Ignored
DislikedThank you for the detailed answer, I don't have any problems actually finding a 123 set up, but the problem I have is finding the right one. I seem to enter a position at the wrong time and it turns against me.
It's as if I see the trend rising think it looks like a valid 123 set up for a reversal, get in then it turns back and carries on rising!
I thoght this looked like a trend reversal enetered at 2 then stopped out a few candles later.Ignored
Dislikedand once you have done a few thousand then you'll be able to find what does and doesn't work for you....and make your it your own version...
until then , good luck in your appreciation of the various methods, and your understanding of what makes the '2' pointIgnored
Dislikedexcept your double top in post #1260 finished confirming with the first long red bar over an hour and a half before you jumped in on the british economic release hoping to catch the ride. If you were really trading because of the double top, you'd have entered when the first red bar closed at 4am EST not the momentum after 530 am EST. Dont pat yourself on the back for a trade that got lucky 90 minutes after the smart entry should have occurred but didnt.http://www.forexfactory.com/images/icons/icon13.gif
And dont post charts that dont...Ignored
DislikedJust wanted to add another little rule that I try to adhere to. While I will start my count at 7am, I want to see the point 3 being formed after 8am. I think that eliminates some of the fake moves we see at that time.Ignored
Dislikedexcept your double top in post #1260 finished confirming with the first long red bar over an hour and a half before you jumped in on the british economic release hoping to catch the ride. If you were really trading because of the double top, you'd have entered when the first red bar closed at 4am EST not the momentum after 530 am EST. Dont pat yourself on the back for a trade that got lucky 90 minutes after the smart entry should have occurred but didnt.http://www.forexfactory.com/images/icons/icon13.gif
And dont post charts that dont...Ignored