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Trading is as simple as 1-2-3

  • #4,981
  • Nov 3, 2017 5:52am Nov 3, 2017 5:52am
I've only just started reading this thread which looks very interesting,sorry if the answer is buried here somewhere but it can get confusing if you read too much
I assume it is better to chose trades that have a short trigger bar which means you can use a tighter stop loss or is a short trigger bar unsuitable because it indicates lack of momentum and or indecision?I'm based in UK so liquidity shouldn't be a factor unlike the Asian session
  • #4,982
  • Nov 3, 2017 6:22am Nov 3, 2017 6:22am
Quoting watsone
I've only just started reading this thread which looks very interesting,sorry if the answer is buried here somewhere but it can get confusing if you read too much I assume it is better to chose trades that have a short trigger bar which means you can use a tighter stop loss or is a short trigger bar unsuitable because it indicates lack of momentum and or indecision?I'm based in UK so liquidity shouldn't be a factor unlike the Asian session
Generally I would say that's true, shorter triggers will keep lost pips down, but also trigger more stops maybe. You have to play around with what works best for you. Simply make trades and observe. And be careful not to over-analyze.
  • #4,983
  • Nov 3, 2017 8:25am Nov 3, 2017 8:25am
Quoting watsone
I've only just started reading this thread which looks very interesting,sorry if the answer is buried here somewhere but it can get confusing if you read too much I assume it is better to chose trades that have a short trigger bar which means you can use a tighter stop loss or is a short trigger bar unsuitable because it indicates lack of momentum and or indecision?I'm based in UK so liquidity shouldn't be a factor unlike the Asian session
Welcome to the thread, watsone. Hal hadn't left for the beach when you asked the question, so he's already given you an answer .

Having said that, I would chip in and say that there is no easy, one-size-fits-all answer. Over the course of this thread, various players have looked at this kind of thing and when it all came down to it, there was never any conclusive answer.

I do know that in the rules for the method, there is nothing mentioned about optimum size of trigger bar and TS would certainly point that out to you.

Ultimately, if you are unsure about a set-up, walk away. There will be another one along soon enough.
  • #4,984
  • Nov 3, 2017 10:16am Nov 3, 2017 10:16am
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4,985
  • Nov 3, 2017 11:21am Nov 3, 2017 11:21am
Quoting TooSlow
{image}
i am curious: how did you manage to get the opening price right at red news ISM Non-Manufacturing PMI?
i tried it too but in milliseconds the price was 7 pips higher...
trading is like dancing, don't think and just listen to the music!
  • #4,986
  • Nov 4, 2017 3:32am Nov 4, 2017 3:32am
Few of my trades with 1-2-3 system on Thursday and Friday.. love the simplicity of this system..Tried to trail few of the trades.. from Monday will close 80% at 5 pips..
Attached Image(s) (click to enlarge)
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  • #4,987
  • Nov 4, 2017 7:37am Nov 4, 2017 7:37am
Quoting sdatta
Few of my trades with 1-2-3 system on Thursday and Friday.. love the simplicity of this system..Tried to trail few of the trades.. from Monday will close 80% at 5 pips.. {image} {image}
Welcome aboard, sdatta.

One thing I'd suggest you do, is try using the bar chart rather than candle (and preferably TS' template / indi) as it makes it so much easier to see your levels for entry etc.

See you next week!
  • #4,988
  • Nov 5, 2017 6:26am Nov 5, 2017 6:26am
Coming new to this thread, may I please check whether I have understood the rules correctly?

PLease tell me whether the proposed routine below is correct:

DAILY ROUTINE
For each currency Pair:
1) Draw horizontal line on h1 chart at daily open
[South of it, only trade short; North of it, only trade long]
2) Await new daily High or Low
3) On next bar, test whether previous bar’s high or low exceeded
4) If Yes, no action
5) If No, then place stop order in opposite direction [subject to rule 1] at open of current bar

Many thanks

George
  • #4,989
  • Nov 5, 2017 6:51pm Nov 5, 2017 6:51pm
Quoting gvmgvm
Coming new to this thread, may I please check whether I have understood the rules correctly? PLease tell me whether the proposed routine below is correct: DAILY ROUTINE For each currency Pair: 1) Draw horizontal line on h1 chart at daily open [South of it, only trade short; North of it, only trade long] 2) Await new daily High or Low 3) On next bar, test whether previous bar’s high or low exceeded 4) If Yes, no action 5) If No, then place stop order in opposite direction [subject to rule 1] at open of current bar Many thanks George
Hi George.

I don't know where you got your Rule #1 from but to answer:

1: No. 1-2-3 has nothing to do with the Daily Open.
2: Yes
3: Yes
4: Yes
5: You can enter any way you like, live or order.
  • #4,990
  • Nov 6, 2017 12:06am Nov 6, 2017 12:06am
lemercenaire, I appreciate the help and will study your reply with some care.

Thanks

George
  • #4,991
  • Nov 6, 2017 12:37am Nov 6, 2017 12:37am
Perhaps I misunderstood the following words from Post #1:

When price is above an open, it is up. Conversely, when price is below an open, it is down. It is a good idea not to short when price is up and not to buy when price is down.


Regards

George
  • #4,992
  • Nov 6, 2017 1:38am Nov 6, 2017 1:38am
First trade of my week. BE +1
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  • #4,993
  • Nov 6, 2017 2:37am Nov 6, 2017 2:37am
Quoting HighFive
First trade of my week. BE +1 {image}
Bear in mind that with NU at that time, you are trading a pair where none of the markets of the currencies involved are actually open. Just something to be aware of.
  • #4,994
  • Nov 6, 2017 2:50am Nov 6, 2017 2:50am
Quoting lemercenaire
{quote} Bear in mind that with NU at that time, you are trading a pair where none of the markets of the currencies involved are actually open. Just something to be aware of.
Thanks Lem, I should have been more careful. Not enough coffee this morning. A rookie mistake
  • #4,995
  • Nov 6, 2017 2:54am Nov 6, 2017 2:54am
Quoting HighFive
{quote} Thanks Lem, I should have been more careful. Not enough coffee this morning. A rookie mistake
No worries, we've all done it. I hear what you're saying about the coffee though, I can't drag myself fully awake this morning either! Anyway, you still ended up on the trade, so it's all good.
  • #4,996
  • Nov 6, 2017 4:31am Nov 6, 2017 4:31am
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Took a while but finally got something on the CF short +5 locked, must be Monday.
  • #4,997
  • Nov 6, 2017 4:55am Nov 6, 2017 4:55am
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Long EU +5 locked
  • #4,998
  • Nov 6, 2017 5:23am Nov 6, 2017 5:23am
Quoting hal7
{image} Long EU +5 locked
hal7 according to rule 2 the bar you have used to enter your buy trade has not tested the low of the preceding bar so as i understand rule 2 your trade does not meet this criteria,maybe you or TooSlow could clarify this rule please
  • #4,999
  • Nov 6, 2017 5:36am Nov 6, 2017 5:36am
#Lem
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  • #5,000
  • Nov 6, 2017 5:56am Nov 6, 2017 5:56am
Quoting watsone
{quote} hal7 according to rule 2 the bar you have used to enter your buy trade has not tested the low of the preceding bar so as i understand rule 2 your trade does not meet this criteria,maybe you or TooSlow could clarify this rule please
It's because I am a trading god and can ignore the rules. No, actually my EU did move toward the low. It opened at 1.16026 and fell to 1.16012 testing the low before moving back up through the open and triggering the trade.

But there are indeed times I take trades that move directly off the open without testing. Also I have been known to take trades that break the hi or lo on the same bar and come back through the open. I think TooSlow would concur that you can bend the rules at times but don't discard them completely. Patterns and price movement will gradually show you things over time that are, or seem repeatable. Once you develop this through observation you will see what I mean. They don't always work of course, but that is real trading.
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