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123PatternsV6 revisited

  • #661
  • Aug 20, 2013 9:42am Aug 20, 2013 9:42am
Quoting dee50
EU +50 +20CT +50. I could not resist another trade. 123 off support, TP was confluence of, Daily S&R, BRN, 123.8% Fib & 100% Fib Exp. Nice total for the day. {image}
very nice trades Dee
  • #662
  • Aug 20, 2013 2:31pm Aug 20, 2013 2:31pm
Quoting dee50
EU +50 +20CT +50. I could not resist another trade. 123 off support, TP was confluence of, Daily S&R, BRN, 123.8% Fib & 100% Fib Exp. Nice total for the day. {image}
  • #663
  • Aug 22, 2013 5:30am Aug 22, 2013 5:30am
EU +35. 123 entry off the 5min chart. Taken 1 off at the 123.8% Fibo, final TP is just the other side of the BRN at the 161.8% Fibo. Price just missed my Final TP but SL is now at BE +12pips.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +35 20 08.png Size: 20 KB
Cut your Losers short and let your Winners run.
  • #664
  • Aug 22, 2013 6:00am Aug 22, 2013 6:00am
Quoting dee50
EU +35. 123 entry off the 5min chart. Taken 1 off at the 123.8% Fibo, final TP is just the other side of the BRN at the 161.8% Fibo. Price just missed my Final TP but SL is now at BE +12pips. {image}

Nice work Dee...
I noticed that there were also 123 pattern before the news at 10:00 AM and the move looked like going up and went there for about 15 pips , still though you didn't take trade , do you set your bias for the day let's say that you would think sell for today and then look for signals that are confirming your thinking ?
  • #665
  • Aug 22, 2013 6:04am Aug 22, 2013 6:04am
Closed my last one for +40. Pin Bar had formed off Support BRN, missed my final TP by just 2 pips, but Pin Bar at BRN and OS on the oscillators says "take what you have and be grateful"
Attached Image (click to enlarge)
Click to Enlarge Name: EU +35 +40 20 08.png Size: 21 KB
Cut your Losers short and let your Winners run.
  • #666
  • Aug 22, 2013 7:43am Aug 22, 2013 7:43am
EU +20 News Trade. This is why I like news trading, 20 pips in as many seconds. As long as you remain realistic about your TPs news trading can be very profitable.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +20 news 20 08.png Size: 23 KB
Cut your Losers short and let your Winners run.
  • #667
  • Aug 23, 2013 6:53am Aug 23, 2013 6:53am
One of the reasons I have not started a new thread on 123 trading is because it has already all been covered many times over. Most people are too lazy to search the forum for existing information, so, as this morning is very slow I have spent a few hours putting together a PDF of posts by "Paulus" from another thread. If this does not provide enough insight in how to trade the 123s then you should move on to another method.

Hope it helps.
Attached File(s)
File Type: pdf How to use the 123 strategy effectuvely.pdf   1.6 MB | 4,876 downloads
Cut your Losers short and let your Winners run.
  • #668
  • Aug 23, 2013 8:39am Aug 23, 2013 8:39am
EU +25 +12. First trade was a 123 entry from the 5min chart TP was top of "anticipated Range". 2nd trade was a little more difficult because the BRN 3350 was in the center of the range and the number 2 point had formed on a Pin Bar thru the BRN, so, did I wait for price to break the bottom of the pin bar which would not give enough pips to the bottom of the range or, did I take a TTE for a scalp of just 12 pips or, did I pass. I opted for a TTE after price broke thru the BRN, for a quick 12pips. Was it worth it, in hindsight I should not have bothered I made the cardinal mistake of taking a dubious setup because I was bored.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +25 +12.png Size: 20 KB
Cut your Losers short and let your Winners run.
  • #669
  • Aug 23, 2013 10:41am Aug 23, 2013 10:41am
Quoting dee50
EU +25 +12. First trade was a 123 entry from the 5min chart TP was top of "anticipated Range". 2nd trade was a little more difficult because the BRN 3350 was in the center of the range and the number 2 point had formed on a Pin Bar thru the BRN, so, did I wait for price to break the bottom of the pin bar which would not give enough pips to the bottom of the range or, did I take a TTE for a scalp of just 12 pips or, did I pass. I opted for a TTE after price broke thru the BRN, for a quick 12pips. Was it worth it, in hindsight I should not have...
it seems I'm on the way of cloning your way Dee..... , I took the first trade as you did but on GU as I thought the news for that pair would be more effective , I got long for 25 pips which I'm very happy with them , the second trade I entered short on EU after the pin because I saw BEEB on normal CS , I saw the pin par and said to my self " Dee will kill me if he sees me taking that trade.... " so I closed it winning 1 pip and you were right .......

Have a nice weekend Dee
  • #670
  • Aug 27, 2013 9:53am Aug 27, 2013 9:53am
EU +55 +21. I did not take the breakout short first thing this morning, it happened much too quickly for me, so I sat back and waited for PA to hit S&R at 3320, then I waited for a 123 to form, there was one within an hour but there was not much air between the 2 & 3 point so, I waited. A shapely 123 did form and I took an early TTE entry, multiple choice TPs so I put the TP just below the BRN 1.3400 and trailed the stop. Market just ran out of momentum at the BRN so I took a quick scalp Fade Trade for +21. Today was a No News Day, in other words ignore all those little bits of useless data and just follow the PA.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +55 +21 27 08.png Size: 36 KB
Cut your Losers short and let your Winners run.
  • #671
  • Aug 27, 2013 10:27am Aug 27, 2013 10:27am
Quoting dee50
EU +55 +21. I did not take the breakout short first thing this morning, it happened much too quickly for me, so I sat back and waited for PA to hit S&R at 3320, then I waited for a 123 to form, there was one within an hour but there was not much air between the 2 & 3 point so, I waited. A shapely 123 did form and I took an early TTE entry, multiple choice TPs so I put the TP just below the BRN 1.3400 and trailed the stop. Market just ran out of momentum at the BRN so I took a quick scalp Fade Trade for +21. Today was a No News Day, in other words...
You rock Dee....... just right to the point, we just need to cut the B.S about news as the market today moved exactly the opposite of the news which was marked with red on FF confusing everyone, just PA and trade what you see is the key , KISS " keep it simple and stupid " will give you Pips with peace of mind !
  • #672
  • Aug 28, 2013 9:31am Aug 28, 2013 9:31am
EU +40. I was out all morning but got back in time for NY open. Switched on and immediately given a nice 123 set up. TP was obvious and exit confirmed when News was $ negative. Chart says it all.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +40 28 08.png Size: 37 KB
Cut your Losers short and let your Winners run.
  • #673
  • Aug 28, 2013 10:22am Aug 28, 2013 10:22am
Quoting dee50
EU +40. I was out all morning but got back in time for NY open. Switched on and immediately given a nice 123 set up. TP was obvious and exit confirmed when News was $ negative. Chart says it all. {image}
You are the best!
Thanks for your charts and descriptions!
  • #674
  • Aug 30, 2013 9:30am Aug 30, 2013 9:30am
EU +34. You have to be really patient and wait. Nice 123 TTE entry off Resistance and 50 EMA. TP was confluence of BRN, 100% Fib, 200% Fib Exp and in that area a Daily S&R. Some what meager pickings today, but I am out and gone. Adios.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +34 30 08.png Size: 33 KB
Cut your Losers short and let your Winners run.
  • #675
  • Aug 30, 2013 12:56pm Aug 30, 2013 12:56pm
Quoting dee50
EU +34. You have to be really patient and wait. Nice 123 TTE entry off Resistance and 50 EMA. TP was confluence of BRN, 100% Fib, 200% Fib Exp and in that area a Daily S&R. Some what meager pickings today, but I am out and gone. Adios. {image}
patience is the keyword today, I just called it out early and felt that the markets are not going anywhere but.....as usual you do your magic Dee and just get right into trade at the right time.......nice ride Dee..... have a nice week end.
Cheers
  • #676
  • Sep 2, 2013 4:19am Sep 2, 2013 4:19am
Patience is a virtue, but combine that with knowledge and your losses will diminish. It is one thing to be a great technical analyst, but sentiment is also a powerful short term driver of the markets!. As day traders we need to be aware of the sentiment as it can move the market in the opposite direction to the technicals. Here are 2 reports that can help you, I have posted these before, but my daily pre trade routine is

1. Read and download the Danske Technical Update and the Danske Daily Update.http://www.worldwidereaction.com/smi...work/7_6_8.gif
2. Check FF Trading calendar for timing of News.
3. Open my charts check the sentiment against technicals.
4. Make Pips.

Hope it helps
Attached File(s)
File Type: pdf DanskeTechnicalUpdate(1).pdf   61 KB | 429 downloads
File Type: pdf DanskeDaily.pdf   271 KB | 377 downloads
Cut your Losers short and let your Winners run.
  • #677
  • Sep 2, 2013 8:45am Sep 2, 2013 8:45am
hi

i am newbie for this thread

first dee50 thanks

do you have a template ?

i downloaded indicators. added pic (eu m15)
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.JPG Size: 121 KB
  • #678
  • Sep 2, 2013 9:32am Sep 2, 2013 9:32am
Quoting kepo38
hi i am newbie for this thread first dee50 thanks do you have a template ? i downloaded indicators. added pic (eu m15) {image}
http://www.forexfactory.com/showthre...76#post6731476
  • #679
  • Sep 2, 2013 12:04pm Sep 2, 2013 12:04pm
Quoting chaveznqoos
{quote} http://www.forexfactory.com/showthre...76#post6731476
Thanks
  • #680
  • Sep 3, 2013 3:59am Sep 3, 2013 3:59am
Yesterday I took one trade EU +20. It was an excruciating trade that took 3 hours for just 20 pips. The 123 looked good as it was combined with a Triple top off Resistance and justified an early TTE entry, the 161.8% Fib Exp only gave 20 pips but initially it looked like it would get there quite quickly. I identified a Daily S&R at 1.3180 and put my TP there, but 3 hours later we were coming to the end of my trading day and price had still not gotten to the 161.8% exp, so I moved my TP up to the 161.8% and settled for 20pips. Had I not intervened it would have been 35pips as price did make it down to the Daily S&R.

Lesson for the day was. "Do not bugger about with your TPs, set it and leave it!!" If in doubt trail your stop!!
Attached Image (click to enlarge)
Click to Enlarge Name: EU +20 02 09.png Size: 40 KB
Cut your Losers short and let your Winners run.
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