the key to the mint

hi guys i am in the trading room if you need my help i can go over it slowly by the way thunder nice charts you got it only 1 minor error the candle on both those trades that took out that #2 point when it closes is the entry if the indicators also line up and they did it looks like you entered on the next candle also wcalem when next trading day begins i look for the swings sometimes they were from yesterday into today price action has no timeframe when price takes out a swing even buy 1 pip then closes say higher that the entry candle only if the indicators confirm it

here are 2 charts the first one shows a 1 2 3 and with in that one which would have given us a large stop there was another 123 within it

Thanks for the answer Harold (sorry, I will not be able to get into the room for another couple of hours). The point above is still not clear to me. Are you saying that entry is on the at the close of the bar that takes out #2 point (which is the same as the open of the next bar) if the indicators agree?

Comments? All I can say Harold is that your latest revised method , 15min as opposed to the 1hr chart, works even better. As long as one follows your rules he/she is on the way to becoming a more successful trader. Thanks again for sharing.

thatks realto i agree this will not only gain us more pips but wins and the combo of price action confirmed by the indicators for the trigger is a nice cimbo and yes wcalem thats a yes to your question i will be in trading room if anyone needs me most of tonight so you chime in i am in trading room now

i am in trading room now if you want to join me

where is the trading room??

Hey can someone please tell me how o get to the trading room?

Hi Cindyxxxx

Try www.tradingrooms.com.

You missed a good session tonight.

Thanks Bill...

Is it a chat room or something?>

i am in the trading room right now

Hi Naijafx,

The charts I posted are what I understand from Harold's explanation, so he would be the expert to confirm all your questions. Anyway here's what I am doing.

1. Confirm trend direction on daily chart with EMA's & RSI 13
2. Trade on 15M chart only in direction of Daily Chart Trend
3. Look for 123 patterns.

A. In a down trend#1 is Swing High#2 is Swing Low #3 Retracement
B. Uptrend #1 is Swing Low#2 is Swing High #3 is Retracement

4. Trade on the break of the # 2 point of pattern after #3 Retracement
Point is established only if price is in agreement with the indicators.
5. Confirmation for trade: Down trend- A. 5 is below 8 EMA B. RSI is below 50 C. Stochastic is crossed & pointing downward D. CCI is below 0

6. If the indicators are in agreement you enter trade on the close of the candle that broke past the #2 point.

On the first chart, I showed 4 possible entries on Monday for Gbp/Jpy. Each 123 pattern is a different color to see them more clearly. You'll see colored check marks matching the color of the 123 pattern. The candle above each check mark is the candle that broke the #2 point of each 123 pattern. After the close of that candle I entered the trade { the vertical dotted line that matches the color of that particular 123 pattern. So as not to over clutter the chart, I only showed the fib expansion targets on the last [ Aqua Blue ]
123 pattern.

The second chart I attached shows what Harold refferred to earlier, the last swing high on Friday to a major swing low on Monday. This shows a fib retracement in blue. Target 1 is 138.2 Retrace and Target 2 is 161.8 Retrace

Pretty cool how price went right to the 161.8% retracement!

Sorry for this long post but I hope you understand my explanation...T-Wolf

thunderwolf, just a quick question. how do you get the great little 1-2-3 patterns on your charts? I also use meta trader charts. thanks beforehand. Bob

Harold, is post 3052 by twolf an accurate explanation of your new system? It looks like it to me.

nice work thunder 1 question did you type in the prices for the fib extentions or is there a way for it to show on its own joel he explained it very well its basiclly this an up trend is made up of higher highs and higher lows than last swing down trends are lower lows and lower highs than last swing so when we are in say a down tend and we get a higher high and a higher low then get a lower high its telling us of a possible trend change and in this case its a change lining up with the daily trend and if the indicators line up when that low is taken out away we go

Harold, in the Fib Expansion properties under the "levels" tab type %$ after the level (put a space so that the price and level do not run together) and it will place the price on the chart at that level. Hope that makes sense...

thanks wcalem that did the trick

Hey i got the link to the trade room website but how does it work? Do I have to pay to get in and how do I find Hazza!

its free just down load and log on its a chat room that charts can be shown as well as audio

i am in trading room if you need to ask any questions