the key to the mint

Hello Dave,
Thanks for sharing your analysis on your trade, well explained and well executed. The bigger picture overall view is indeed important. I pointed out to Cindy last night in the Trading Room that the 50% retracement of Eur/Jpy on the Weekly Chart{ July/07 high to Aug./07 low was at 159.11 and sure enough it hit 159.12 then fell like a rock. So you're absolutely right about knowing the important areas of Resistance and Support along with patterns like Double tops and bottoms as you mentioned

Again, very well done Dave with great observations and thanks so much for sharing with us.....T-Wolf

If you draw the retracement fib from swing 2 to swing 1 you also get extension levels. Can you please explain why do they differ from the expansion fib's extension levels. Thank you

Hey T wolf - good trades last night I came back later and saw your second trade went swimmingly well done...

As for the Eur/USD trade Dave...

Why take that one when you had an even better set up on the Eur/jpy?...

And if you took the longer term swing into account why not use that as your expansion targets - you would of gottn those extra 50 pips

Just my opinion but well done on the trade

At this ponit I am not keen on trading yen pairs. I would rather trade pairs with very strong trends in place like the Eur. I do agree that I should have taken the larger swing into consideration when pulling my fibs. I certainly would have gotten me more pips outta this trade. Thanks for the feedback.

Ok - makes sense no worries

Cindyxxx,

I don't really get you. Can you please explain one more time (sorry---) the ext fib part. how do you draw it after you know the retracement level. thanks

If you come to the trading room - me or someone else can give you a live demo cause I can't really be anymore specific than that sorry

-I'm not using the expansion levels of the retracement fib - the expansion fib is a different tool completely... This might be why your confused

http://picnac.com/images/5361trend change.gif

I am going to take the liberty to show and early entry into a 123 set up using support and resistance. Harold if you think this is off topic let me know and I will only post strict mint set ups.

Well, here goes. Daily in a strong down trend. We get a 123 setup, H, L, and LH. Note the dark green line (red arrows) were support becomes resistance.Look how many touches to the line. After point 3-LH we get another LL followed by a LH. This is a trend pattern down. Point 3 fails to close above the resistance line and the following LH also fails to close above the green line. Now here is where you can get a better entry price. On the next candle after the LH rejection from the support line I entered @ 1.1008. Look at the indicators they are all lined up and the emas have already crossed. You could have waited until the break and close of point 2 but your entry would have been around 1.0090. The important thing here is trade with the daily trend, there must be a support and resistance line that has been broken and then tested. I pulled my fib projection tool and TP1 was 1.0060 so I wasn't sure how far price might travel since we have never been this low before. I set my TP @ 1.0070 which was a +38 pip trade.

Hope that helps some of you to see how S&R can play a big part in the Mint set ups.

Cindyxxxx, thanks a lot for your clear illustration, i've made something out of it today to boost my equity, but i will like you to clarify, do you use 1hr chart or follows the Halrod4x 15min? and do you use the CCI too if yes, how do someone use it?
Thanks,
Osta.

Hi Osta,

I'll have a go at answering your question. I'm sure Harold will add his thoughts if he feels I'm off track here. These 123 set ups will work on all time frames although Harold uses the 15 min chart for his trades. He also uses cci 13 period with a 50 level on the indicator. On longer time frames it just takes longer for the set ups to happen. If you're impatient like most of us, the 15 min chart offers more chances to trade.

Hi Everybody,

Please advice when to enter the trade, whether the #2 point got hit by the body of the candle or the spike?

Thx
uT

Reason For 15 Min Charts It Gives The Best Stoploss Do You Want 100 Pip Stops? I Dont. Looks Like The Only Signal That Happened Aftyer Everything Broke Loose Was The Gbpusd It Gave I More Up Move ALSO ITS A 50 CCI WITH A O LEVEL

Can anyone please explain why the trend does not goes up after the setup 123?.

All the signals also lined up. Please correct me if I miss out something.

Hi Harold On The Fib. Retrac Does It Have To Hit At Least
50% For It To Clear The Swing Low Or High And If It Hits 38%
Retrac Is It Still Ok

If you look at the daily chart you will see that the ma's are crossed down and rsi is below 50, which means the trend is down, so you should only be looking for short trades. On the 15 min chart rsi is below 50 and cci is below 0 which is a signal for short trade not a long trade. Hope this helps to clear things up for you.

regards
pippocket

Nice Art Work Cindy Very Informative Possible Setup In Eurjpy Brewing

hi all,

hey harold4x could you please tell me where the gbp/usd trade was last session.

cheers harold4x

andrew

here was gbpusd ealry today

Harold, Good evening... My question for the night. Are the points created by the zig zag indicator, the 123 points we use for set up , or are they just a guide. do we create our own 123's following price action