heres how i trade the 123 thats different from his since there is a chance no reversal bar appears as well as there is no perpose in his fib its either 50 38 or 61 not just 50 as he explained there is also no trendline filter thats needed in the 123 setup take a look at chart i also use 15 min on eur/uds and gbp/usd
heres how i trade the 123 thats different from his since there is a chance no reversal bar appears as well as there is no perpose in his fib its either 50 38 or 61 not just 50 as he explained there is also no trendline filter thats needed in the 123 setup take a look at chart i also use 15 min on eur/uds and gbp/usd
Ignored
thanks, can u repeat wot u were saying about target, didn't get that
looks like a sound strategy and incorporates real time market movements like mentioned above. Correct me if I'm wrong, but this technic revolves around the 50% fibo with reversal candlesticks is because the 50% fib level is the line where it determines if it's going to be up or down, and reversal candles are another conviction. Correct me if i'm wrong again but i get the vibe that you guys are all about fading the move.
What if you find a reversal candle in the 50% area that signals a fade but the next candle is green, a confirmation of the trend is still going, do you go long?
again, my one question is that do you draw the fib retracement on the swing high, swing low, or do you draw the fib extension? Do you draw both? Like many said here, it'd be great if you can demonstrate that with an animation. Good strategy!
not taking anything away from your style donadoney but your charts are confusing and some of your 123s are in wrong place the whole purpose of 123 is the swings all part of the elliot wave sequence no you dont have to do all that counting i dont and it works very well for me firstly what i do at beginning of day is draw trendlines from low to high from day before and high to low i quess froming a trianle in a way then i simply wait for a breach of the trendline then i know then where 1 is and then 2 will form then i take the fibs and set order at 50% my risk is defined and my reward is defined in advance when price doesnt hit the 50% like the chart i am going to post you enter at the conventional place at a break of point 2 with stop at point 3 now if it did hit the 50% level and lets say height from point 1 to point 2 is 50 pips my stop is above point 1 and its 25 and my reward is 50 there fore you always have a 2 to 1 risk to reward and if you do the math if you are right 50% of the time you will make a nice living believe me check it out
hers another chart showing the trendline break and entry at 50 level target is 60 projected from low but since you are entering at 50 level you end up with 90 with 30 pip risk 3 to 1 r/r even target is better than fib expanstion
not taking anything away from your style donadoney but your charts are confusing and some of your 123s are in wrong place the whole purpose of 123 is the swings all part of the elliot wave sequence no you dont have to do all that counting i dont and it works very well for me firstly what i do at beginning of day is draw trendlines from low to high from day before and high to low i quess froming a trianle in a way then i simply wait for a breach of the trendline then i know then where 1 is and then 2 will form then i take the fibs and set order at 50% my risk is defined and my reward is defined in advance when price doesnt hit the 50% like the chart i am going to post you enter at the conventional place at a break of point 2 with stop at point 3 now if it did hit the 50% level and lets say height from point 1 to point 2 is 50 pips my stop is above point 1 and its 25 and my reward is 50 there fore you always have a 2 to 1 risk to reward and if you do the math if you are right 50% of the time you will make a nice living believe me check it out
Ignored
Sorry if the charts are confusing. How I do 1-2-3s is a different style. I do them as continuation patterns and reversals on the 15 minute timeframe and upwards, with a good W/L ratio. I've looked over your method and there is a difference between the two, but I'm certain of one thing, both methods work, and quite frankly what you've shown me is another tool I'll be using in my arsenal sometime soon. You're free to take mine or leave it, no skin off my bones, but thanks for the perspective.
