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  • #101
  • Edited 12:25am May 25, 2019 12:02am | Edited 12:25am
Quoting MichaelG
{quote} Last one....I promise If you wanted a bit of a clear picture about the 1-2-3 method, I posted an explanation for some people on post #8167 if you get bored with life Cheers M

Your explanation is wonderful, and utilising higher TF would eliminate my over trading of range bound. I will pay more attention to the methods. I would be in good profit if I didn't flog the indecisive smaller TF. Thanks very much
  • #102
  • Edited 12:28am May 25, 2019 12:02am | Edited 12:28am
Crash and recovery of 24/5/19

Looking at H4 I saw big bull candle that looked like the makings of a sensational reversal of trend. I drew TL. I have attached H1 chart with TL. I decided to add H4 chart too as my TL on H1 looks crazy

Sitting down overtired I really wanted NU to break up. I saw the resistance at TL ( 1st gold arrow down, 5min chart ) and thought right, rejection. However it then had red doji and little bull hammer so I jumped in with longs. It rejected at TL and I was stopped out at mauve cross ( I will add here that I do have a trading rule not to enter trades so close to unbroken TL, and I broke my rule). It then had that massive bear candle rejection of TL on 3rd attempt and I went all in short thinking it was going to tank. I entered shorts with the second gold arrow down, essentially in no mans land late trade horror. Stopped out. Whilst I was ruminating the horror of another day over trading and significant loss of account balance, I took a final plunge all in where those yellow up arrows are at support, I set a fairly decent SL and went to bed wondering if my account would be reduced to 50% as I had placed 6 trades. Fortunately it did break up, I TP 3/6 at the cluster of yellow crosses, TP 2/6 just below pivot (good call), and I have 1 trade still in play. I was on nightshift last night so not home at close of trade, I probably would've closed it before end of trade if I had been at home. It was a horrible day. I truly don't want another like it, I risked way too much, and I'm lucky to come out of it. Anyway full disclosure there's my reasoning.
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  • #103
  • May 25, 2019 1:00am May 25, 2019 1:00am
LESS IS MORE ive marked no 2 bar on 4hr chart.... blue dots are Daily open line and read Davits thread will help (alttho not on 4hrly chart really more on hourly)
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  • #104
  • May 25, 2019 1:58am May 25, 2019 1:58am
Quoting starpro
LESS IS MORE ive marked no 2 bar on 4hr chart.... blue dots are Daily open line and read Davits thread will help (alttho not on 4hrly chart really more on hourly) {image}
Less is definitely more. I also read Davits thread. I hate DD so I'm trying to find my way with optimal entry (pretty good at this) with fewer attempts at entry (my complete downfall). I do feel it will come together, atm I'm burning the clutch and flooring the accelerator.. moderation and control, moderation and control...
Nice chart ta. I do like candlesticks though... I hope I can train myself to utilize the entry whilst keeping them. I understand the bar chart for visual ease though
Cheers h
  • #105
  • May 25, 2019 5:44am May 25, 2019 5:44am
Ive liked candles for years BUT when you see green or red you have a predisposition to think that color is the direction ... you do not need colors with bars and 123 method
  • #106
  • Edited 7:17am May 25, 2019 6:58am | Edited 7:17am
Quoting hellsbells
Cheers Michael. Yes I stalk the 123 thread and the highest open thread . TBH I havent tried the system as I have a sense of my trading style forming rather elusively through the fog of my brain and I'm trying to focus on bringing it into some form of meaningful fruition.. so I havent tried the 123 yet. In my head I have it as trading triple candle hour reversal.. I hope my head hasnt got that wrong. I'm on my phone atm so I will review your post in full later. I took a screenshot of my trading seconds from disaster, on a rather hectic 5min TF. I...
Michael got here before me, lol and summed it up perfectly and I would add one thing, that after a big long-range-bar (on any tf) the LAST thing you want to do is look to go immediately into a trade in the same direction, instead look to go the OTHER way as price will retrace back to between the 23.6 and 50.0 fib level of that large bar.

If it is going to continue on in the original direction, you can now get in and at a much better price.

1-2-3 methodology crosses over to a number of other methods such as HOLO, RAT, Blind Mouse, Wick-Zone and Z-Line, all of which build on the same foundation.

As an aside and coincidentally, I too have just posted a new up-to-date run through of the 1-2-3 entry criteria over on the thread.
  • #107
  • Edited 4:57pm May 25, 2019 4:43pm | Edited 4:57pm
Excellent thank you all. I will do some Sunday study..
As an aside, do any of you take time of day into consideration for trades? With UJ specifically I know it tends to step one way (2-3 hours in) then bolt opposite (3+ hours in) but after 6 hours into Asian session theres a high chance of retracement. Anyone consider an average type behaviour of their fav pair ???
I only think that for UJ, not NU or AU etc.. I'm thinking of drawing some rough lines charts of UJ asian session sample 10 days just to see if I'm talking rot or not

Also, Lem, when I saw the bull 4H candle my initial plan was to hunt entry at 50% retracement, and when it rejected the TL I thought that even though my ultimate plan was to go long, that I would be smart and short the retracement. Unfortunately what I managed was a bit of a face plant. Working on the 5min TF I lost my gameplan for the higher TF, I became short sighted. This is why I vacillate between wanting to utilize higher TF, and sticking to lower TF- my game plans get lost in translation. I am aware of the issue(s).. part of the problem was that I had zoomed in on 5min TF and lost the bigger picture of the big move up to that point. If I had zoomed out I wouldve been more conscious of the point that it was highly unlikely to simply rocket straight up. I hope that makes sense.

I get to trade mon-wed this week
Cheers h
  • #108
  • May 25, 2019 6:24pm May 25, 2019 6:24pm
Quoting hellsbells
Excellent thank you all. I will do some Sunday study.. As an aside, do any of you take time of day into consideration for trades? With UJ specifically I know it tends to step one way (2-3 hours in) then bolt opposite (3+ hours in) but after 6 hours into Asian session theres a high chance of retracement. Anyone consider an average type behaviour of their fav pair ??? I only think that for UJ, not NU or AU etc.. I'm thinking of drawing some rough lines charts of UJ asian session sample 10 days just to see if I'm talking rot or not Also, Lem, when...
Different pairs will absolutely perform differently at different times of the day. That is why it is crucial that you put in the legwork by studying your chosen pair(s).

Having one or two pairs and then running multiple methods over them is far preferable to having one method spread across 28 pairs.

That is why I specialise in The DAX for the most part.

I totally get the issue about getting tunnel vision when you drop down onto the lower tf, that is why keeping the overall bias info from the higher tf as simple as possible, so it will stick in the mind.

Enjoy your studying
  • #109
  • Edited 3:43am May 26, 2019 12:35am | Edited 3:43am
I've been thinking about what Michael said about Ambos and I've had a realisation about why/how I can be a functional Ambo yet a non functional trader. ( I was unsure about adjective but settled on functional as successful Ambo sounded wrong)

I've got a very obvious and logical answer.

When a probationer becomes an Ambo (EMS/Paramedic/Medic) they go to Ambo school and learn the basics - physiology, anatomy etc. It's very clear this basic understanding and knowledge is not enough, a student needs a trainer, and a systematic structure to work within. The systematic structure is our manual incorporating Protocols, Pharmacology, and skills. For each new patient a student has a training officer as well as the structure of a specific protocol flow chart for each presentation. eg for asthma do this. After a period of time (several years) getting experience being a technician following specific protocols, the now qualified Paramedic has the skills and experience to become more of a clinician. A clinician can utilise their skills and experience to be more discretionary in their treatment. So an Ambo starts with the basics, learns a systematic approach, then once experienced can become more discretionary.

When I started FX I learned the basics, had no trainer, then launched straight into discretionary mode. This has resulted in a -100% result after about 5000 trades. This live TE is a month old with 168 trades and if my NU trade makes a few more dollars then I might finish the month 0% return.

Some people on FF would be happy to jump all over this failure, fortunately to date I've found the journals to be a more respected space. The interactive trading forum is more like the public bar, whilst the journals are more like a private dining area. I appreciate that.

So it's about time I worked on being a FX technician. I need to have a protocol to follow. As such this week I will practice the 123 method. I think this will work for me as it will slow down my manic trading ,as well as giving me structure. I know UJ quite well so I will be looking at it.. but I also acknowledge that just like going on a diet and promptly scoffing down a burger, I will also not be above placing discretionary trades.

Hmm I think that's about it. I will try and copy and paste the rules here.
  • #110
  • May 26, 2019 12:58am May 26, 2019 12:58am
Quoting lemercenaire
{quote} Different pairs will absolutely perform differently at different times of the day. That is why it is crucial that you put in the legwork by studying your chosen pair(s). Having one or two pairs and then running multiple methods over them is far preferable to having one method spread across 28 pairs. That is why I specialise in The DAX for the most part. I totally get the issue about getting tunnel vision when you drop down onto the lower tf, that is why keeping the overall bias info from the higher tf as simple as possible, so it will stick...

i have to totally agree with lemercenaire learning is a key to all success , a book of old and i mean old was how to become a millionaire i read it , and took a few things away from it >> discipline is a good master
people leave, but this thread will go on for ever
  • #111
  • Edited 2:40am May 26, 2019 1:08am | Edited 2:40am
HOUR CANDLES
1-2-3 aren't three bars but 3 STEPS (in the process).
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.
  • #112
  • May 26, 2019 2:39am May 26, 2019 2:39am
Quoting Aussi
{quote} i have to totally agree with lemercenaire learning is a key to all success , a book of old and i mean old was how to become a millionaire i read it , and took a few things away from it >> discipline is a good master
I have a bookshelf full of wealth creation books. I know I lack discipline, it's a terrible fault. Now I study books on emotional intelligence....
  • #113
  • May 26, 2019 3:44am May 26, 2019 3:44am
Quoting hellsbells
{quote} I have a bookshelf full of wealth creation books. I know I lack discipline, it's a terrible fault. Now I study books on emotional intelligence....
dont over complicate things
people leave, but this thread will go on for ever
  • #114
  • May 26, 2019 3:50am May 26, 2019 3:50am
Quoting Aussi
{quote} dont over complicate things

Ha! In my head I think of FX as a car with engines front AND back (so steering wheels for both forward AND reverse) , manual drive, a difficult clutch, a blacked out windscreen...
And yet when i get a winning trade it's like riding a bike downhill enjoying the view and making pips!!!!
I'll try riding a bike instead of driving a car with a blacked out windscreen...
  • #115
  • May 26, 2019 5:31pm May 26, 2019 5:31pm
Targeting per pic, below R38 to close last NU trade and get my account back to ground zero. Was happy my swap for the weekend was only 80c. I had no idea what to expect. I will consider holding trades longer if that's the kind of cost I can expect. I'm closing the trade because I'm expecting a retracement, and just shy of 400 points at resistance is a good TP to me.
NB closed manually .65565. The last few points looked too hard. My account 70c short of opening balance.
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  • #116
  • May 26, 2019 5:51pm May 26, 2019 5:51pm
I wonder if my first 123 trade can be a short on NU .. if it pops up through R38 but rejects it

US bank holiday... Hmmm
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  • #117
  • May 26, 2019 6:05pm May 26, 2019 6:05pm
Quoting hellsbells
I wonder if my first 123 trade can be a short on NU .. if it pops up through R38 but rejects it US bank holiday... Hmmm {image}
I'm hesitant about trading over memorial day as well. But I do think a short is impending...nice divergence on the RSI and the R38 obviously.

I'll likely wait to get in until it's already moved a little bit though...
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Success is a daily habit
  • #118
  • May 26, 2019 6:42pm May 26, 2019 6:42pm
Michaels explanation of 123


https://www.forexfactory.com/showthr...0#post12245470
  • #119
  • May 26, 2019 6:42pm May 26, 2019 6:42pm
i see you dont have the spread ,swap amount on your chart . it lets you know how much you will get payed or pay to hold a pair its a worth while indie



Attached File(s)
File Type: mq4 Spread Swap.mq4   4 KB | 294 downloads
Attached File(s)
File Type: mq4 spread_swap.mq4   4 KB | 272 downloads
people leave, but this thread will go on for ever
  • #120
  • May 26, 2019 6:52pm May 26, 2019 6:52pm
Quoting Aussi
i see you dont have the spread ,swap amount on your chart . it lets you know how much you will get payed or pay to hold a pair its a worth while indie {file}{file}

Cheers muchly
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