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Trading is as simple as 1-2-3

  • #8,381
  • May 24, 2019 2:21am May 24, 2019 2:21am
Attached Image (click to enlarge)
Click to Enlarge Name: 052419gu.png Size: 17 KB

Short GU +5 locked
  • #8,382
  • May 24, 2019 2:32am May 24, 2019 2:32am
Quoting hal7
{image} Short GU +5 locked
Hi Hal7, I'm impressed, how did you get on that trade? There's no significant return on the 8am (UK time) bar towards the previous daily high - am I missing something? Cheers, dave
Everything should be made as simple as possible, but no simpler - Einstein
  • #8,383
  • May 24, 2019 2:59am May 24, 2019 2:59am
Quoting Davidh061
{quote} Hi Hal7, I'm impressed, how did you get on that trade? There's no significant return on the 8am (UK time) bar towards the previous daily high - am I missing something? Cheers, dave
Ha, ha yes there actually is .1 pip. I often see very little move like that with results. I also have been known to take a trade on the same bar as the new high. So I bend the rules somewhat. If you are new to the method you should adhere to them. Also like Doubletop showed in a trade from yesterday, I like it when price lines up to a previous high or low. As well as big bars.
  • #8,384
  • Edited 4:20am May 24, 2019 3:04am | Edited 4:20am
Attached Image (click to enlarge)
Click to Enlarge Name: 052419eu.png Size: 16 KB

Also had the EU short +5 locked from last hour +13
  • #8,385
  • May 24, 2019 3:21am May 24, 2019 3:21am
Quoting hal7
{quote} Ha, ha yes there actually is .1 pip. I often see very little move like that with results. I also have been known to take a trade on the same bar as the new high. So I bend the rules somewhat. If you are new to the method you should adhere to them. Also like Doubletop showed in a trade from yesterday, I like it when price lines up to a previous high or low. As well as big bars.
Yes I like the line up of highs/lows - I guess it's within the rules...a bit. Its not higher/lower than the daily high/low, just equal to it.
Everything should be made as simple as possible, but no simpler - Einstein
  • #8,386
  • May 24, 2019 3:44am May 24, 2019 3:44am
I just want to raise a possible unscheduled red flag on the GU - PM is expected to announce her resignation today which may cause the GU to get into a flap. Could be a bit spiky over the next few weeks depending on which nutter throws his/her hat into the ring for the job.
Everything should be made as simple as possible, but no simpler - Einstein
  • #8,387
  • May 24, 2019 4:06am May 24, 2019 4:06am
Quoting Davidh061
{quote} Yes I like the line up of highs/lows - I guess it's within the rules...a bit. Its not higher/lower than the daily high/low, just equal to it.
Lining up has nothing to do with the rules, it is just a formation I watch. It can be from the previous day. The rules are as written, new high or low, fails to make an new high or low, and passes back through the open. If you look at my GU trade it just kind of lined up with yesterday's high, that's all.
  • #8,388
  • May 24, 2019 4:12am May 24, 2019 4:12am
WD Hal7 I am amazed at your continued sucsess,once you have THEIR $$ you can afford to take that risk .check back to 21 may ,strong PA at the point HAL7 went short , not greedy , take what market gives you .pull the trigger but be prepared ....SP
  • #8,389
  • May 24, 2019 4:31am May 24, 2019 4:31am
Quoting starpro
WD Hal7 I am amazed at your continued sucsess,once you have THEIR $$ you can afford to take that risk .check back to 21 may ,strong PA at the point HAL7 went short , not greedy , take what market gives you .pull the trigger but be prepared ....SP
If that was the GU short trade you refer to, it ended up running down about +150, I didn't get all of that, usually don't. Sometimes just +5. But overnight I was still in the GU long from yesterday and closed it out at +68. I try to stay on board those runners, don't catch a lot of them, but when I do they are a nice ride. Always have those stops in place though especially on the GU with all the turmoil and announcements.
  • #8,390
  • May 24, 2019 4:32am May 24, 2019 4:32am
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Click to Enlarge Name: 052419cf.png Size: 16 KB

Long CF +5 locked again that moved only about 1 pip toward the low.
  • #8,391
  • May 24, 2019 4:34am May 24, 2019 4:34am
Remember it's a Bank Holiday in the UK on Monday, so as well as having an effect on that day, there may be some additional shenanigans as the session nears the tail end (even more so for a Friday).
  • #8,392
  • May 24, 2019 7:40am May 24, 2019 7:40am
Quoting lemercenaire
Remember it's a Bank Holiday in the UK on Monday, so as well as having an effect on that day, there may be some additional shenanigans as the session nears the tail end (even more so for a Friday).
Just to top that off, I have been reminded that it is also Memorial Day weekend in the USA, so America will pretty much shut up shop on Monday as well.
  • #8,393
  • May 24, 2019 8:38pm May 24, 2019 8:38pm
Ive been trying to help someone understand "123"method and they were continually confused with the terms "current bar etc etc .So I marked the 3 bars involved in the pattern 1,2,3 .... I explained that no 2 bar is the important one , as per "Too Slow " rules
"Did no 2 bar make a new high that is higher than no 1 bar " ( yes) if so wait for bar no3 to OPEN , test the no 2 bar HIGH and come back to its OPEN PRICE , where you immediately enter using the no 2 bar HIGH as your Stop Loss. trust this helps someone who dosent quite grasp the idea .. (flip all this for Low of the day )

Attached Image (click to enlarge)
Click to Enlarge Name: 123.PNG Size: 17 KB
  • #8,394
  • May 25, 2019 6:48am May 25, 2019 6:48am
Quoting starpro
Ive been trying to help someone understand "123"method and they were continually confused with the terms "current bar etc etc .So I marked the 3 bars involved in the pattern 1,2,3 .... I explained that no 2 bar is the important one , as per "Too Slow " rules "Did no 2 bar make a new high that is higher than no 1 bar " ( yes) if so wait for bar no3 to OPEN , test the no 2 bar HIGH and come back to its OPEN PRICE , where you immediately enter using the no 2 bar HIGH as your Stop Loss. trust this helps someone who dosent quite grasp the idea .. (flip...
Thanks for that, unfortunately it's not quite correct as it doesn't tie in with the way the 1-2-3 has been described previously.

1-2-3 aren't three bars but 3 STEPS (in the process).

Your 1 bar is pointless as it could change at the next bar. The #1 bar MUST be the new H/L. So this is the #1 step...STEP 1.

#2 is on the bar following the H/L where you check to see if this second bar makes a new H/L and if it doesn't then after this STEP 2, you enter as price drops through the Open of this "failure" bar, giving us STEP 3.

So to sum up:

For Sells:

A bar makes a new High...STEP 1.

The following bar fails to make a new High...STEP 2.

Enter as price drops back over the Open Level of the bar that failed to make a new High...STEP 3.

Flip that for Buys.

Hope that helps clear up any confusion.
  • #8,395
  • May 25, 2019 7:14am May 25, 2019 7:14am
Quoting lemercenaire
{quote} Thanks for that, unfortunately it's not quite correct as it doesn't tie in with the way the 1-2-3 has been described previously. 1-2-3 aren't three bars but 3 STEPS (in the process). Your 1 bar is pointless as it could change at the next bar. The #1 bar MUST be the new H/L. So this is the #1 step...STEP 1. #2 is on the bar following the H/L where you check to see if this second bar makes a new H/L and if it doesn't then after this STEP 2, you enter as price drops through the Open of this "failure" bar, giving us STEP 3. So to sum up: For...
To add to this, should you wish to label the trigger and entry bars, I'd do so with letters instead of numbers and that would reduce confusion even more.
  • #8,396
  • May 25, 2019 7:17am May 25, 2019 7:17am
cant see any diff there Lem bar 1 that I drew made a new high that failed becuase the 2 bar made new high ... next bar failed to make new high and retreated ... entry is the same ... imo also Lem its a 1 2 3 method why confuse with letters?
  • #8,397
  • May 25, 2019 7:26pm May 25, 2019 7:26pm
[quote=starpro;12292650]cant see any diff there Lem bar 1 that I drew made a new high that failed becuase the 2 bar made new high ... next bar failed to make new high and retreated ... entry is the same ... imo also Lem its a 1 2 3 method why confuse with letters?[/quote]

Your bar #1 failed as the next bar became the new high. So your bar #1 is useless to the method and will play no part. The new high is established and becomes the set-up bar.

Of course if you had entered early in the move off of your original high bar #1, then the #2 bar reversed and made a new high (it happens) then that would be fair enough - it's one of the reasons it can be difficult to establish valid set ups in hind sight. However for the purposes of an example of the method, it would be very confusing. In this case, I know that this is not what had happened however, as your entry would have been the Open Level of your bar marked 2, which it isn't.

Again the 1-2-3 title has nothing to do with any bar numbering but it is the number of steps to tick off to perform the set up. If you start numbering bars wrongly then it gets even worse. If you do number them, Bar #1 is the highest bar. You have it as the bar before the highest.

There is no bar #3. Ever.

I'm not saying that your entry didn't end up being the same, I am saying that your description of how we get there is wrong.
  • #8,398
  • May 26, 2019 10:32pm May 26, 2019 10:32pm
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8,399
  • May 27, 2019 2:05am May 27, 2019 2:05am
So you guys are trading the double bank holiday today?
  • #8,400
  • May 27, 2019 2:26am May 27, 2019 2:26am
Quoting aurifelix
So you guys are trading the double bank holiday today?
This guy isn't, lol.
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