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  • #3,361
  • Apr 1, 2008 2:33am Apr 1, 2008 2:33am
hi harold,

thanks for posting the charts of the trade u took last nite,the rsi & cci looked to be above 50 where u would have taken the trade,has anything change with rules,obviously trade worked which is good,but thought i would ask the question,

thanks in advanced harold,
i have been in the trading room mate,keep up the good work,it really helps with my trading.

cheers andrew
Survive & Preserve
  • #3,362
  • Edited 4:01am Apr 1, 2008 3:49am | Edited 4:01am
I'd just like to take this opportunity to point out an important fact about this 123 trading...

Over the past couple of weeks going live with this method I have had some good wins but also some losses (too many) and today I realised why this is...

Obviously we are going to have losses but I was getting frustrated as I would miss or sit out on these ripping trades that break the point 2 and sail to the target and then I would take a trade that would just go no where or struggle its way to a more dismal profit

I was begginning to think the market had it in for me. I also noticed that some other fellow traders were having the same problems but Harold summed it up beutifully today...

"The best trades are taken after the end of a trend" - which is why knowing the daily trend is so important.

What I was doing wrong was waiting for a new trend on the 15 min to be established before i would start looking for a set up. Sub conciously my mind was telling me not to bet down after such a strong move up or visa versa.

But this is the best time to get in - as long as you are going with the flow of the daily chart. I can't stress this enough.

So basically the best thing to do is to go with that trend reversal pattern in conjunction with the daily trend...

It takes more patience but as a famous trader once said "It's the sittin and the waitin that makes the money"

Let me know if you need any visual examples cause i don't know if I explained that very well.

Mr C
Time hides Nothing
  • #3,363
  • Apr 1, 2008 5:58am Apr 1, 2008 5:58am
hey harold are you still using level 50 for the cci,i have just noticed lately that you had some levels 13 & 14??????

cheers andrew
Survive & Preserve
  • #3,364
  • Apr 1, 2008 6:12am Apr 1, 2008 6:12am
Quoting CindyXXXX
I'd just like to take this opportunity to point out an important fact about this 123 trading...

Over the past couple of weeks going live with this method I have had some good wins but also some losses (too many) and today I realised why this is...

Obviously we are going to have losses but I was getting frustrated as I would miss or sit out on these ripping trades that break the point 2 and sail to the target and then I would take a trade that would just go no where or struggle its way to a more dismal profit

I was begginning to think the market had it in for me. I also noticed that some other fellow traders were having the same problems but Harold summed it up beutifully today...

"The best trades are taken after the end of a trend" - which is why knowing the daily trend is so important.

What I was doing wrong was waiting for a new trend on the 15 min to be established before i would start looking for a set up. Sub conciously my mind was telling me not to bet down after such a strong move up or visa versa.

But this is the best time to get in - as long as you are going with the flow of the daily chart. I can't stress this enough.

So basically the best thing to do is to go with that trend reversal pattern in conjunction with the daily trend...

It takes more patience but as a famous trader once said "It's the sittin and the waitin that makes the money"

Let me know if you need any visual examples cause i don't know if I explained that very well.

Mr C

please do send the visual have been having the same problem
  • #3,365
  • Apr 1, 2008 7:01am Apr 1, 2008 7:01am
hi guys unfortunatley i went to bed just a little to early last nigh i saw market was not moving so i went to bed an hour earlier than usual and heres what happened
Attached Image (click to enlarge)
Click to Enlarge Name: 1.GIF Size: 44 KB
  • #3,366
  • Apr 1, 2008 8:43am Apr 1, 2008 8:43am
Harold, I got into that trade you refer to after you left the trading room, and gained 39 pips on the gbp/jpy. Also the night before on the same pair gained 38 pips. Thanks Harold for all your coaching.
  • #3,367
  • Apr 1, 2008 8:51am Apr 1, 2008 8:51am
Quoting ericoco
please do send the visual have been having the same problem
Here ya go the trade was taken after the move up stopped making higher highs and higher lows - hence a possible trend reversal when we get a LH and a LL (points 2 and 3 of the 123 swing)

The 123 in this case would of looked a lot clearer on the 5 min chart

http://picnac.com/images/7009pic.gif
Time hides Nothing
  • #3,368
  • Apr 1, 2008 8:54am Apr 1, 2008 8:54am
Is it just me or are the charts I post really massive??
Time hides Nothing
  • #3,369
  • Edited 9:07am Apr 1, 2008 8:59am | Edited 9:07am
MrC, good chart, a little on the large size but perfectly OK. Bob
Hej.
  • #3,370
  • Apr 1, 2008 9:05am Apr 1, 2008 9:05am
Ok sorry not sure how to change that
Time hides Nothing
  • #3,371
  • Apr 1, 2008 7:02pm Apr 1, 2008 7:02pm
3 things to remember: 1: determine daily trend and trade in that direction only. 2. if daily trend is up look for 1 2 3"s after a down trend (buy low) if daily trend is down look for 1 2 3"s after uptrend (sell high) 3. dont deviate from the plan print this out and put on your computers to guide you lest you for get
  • #3,372
  • Apr 1, 2008 8:26pm Apr 1, 2008 8:26pm
Quoting harold4x
3 things to remember: 1: determine daily trend and trade in that direction only. 2. if daily trend is up look for 1 2 3"s after a down trend (buy low) if daily trend is down look for 1 2 3"s after uptrend (sell high) 3. dont deviate from the plan print this out and put on your computers to guide you lest you for get

Hello Harold,

Just wanted to clarify, we are still using the original method of determining the daily trend ie 2 ema, and rsi? No using the 60ema (as suggested by innosan) to determine if trend is up or down?

Regards,
K/
  • #3,373
  • Apr 1, 2008 9:28pm Apr 1, 2008 9:28pm
yes no 60 ema they are there to fid confluence on 15 min chart for the 123 setups
  • #3,374
  • Apr 1, 2008 11:43pm Apr 1, 2008 11:43pm
Like your large and clear chart. Easy on the eyes.
Thanks,


jht


Quoting CindyXXXX
Ok sorry not sure how to change that
  • #3,375
  • Apr 3, 2008 3:59am Apr 3, 2008 3:59am
Hey Harold,

Could you please take a look at my charts here. I understand the theory that you are teaching and so far i thinks it great. I just need a little help in identifying the main trend so i can trade in the right direction..

Jords
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBP.jpg Size: 572 KB
Click to Enlarge Name: GBP.JPY.jpg Size: 592 KB
  • #3,376
  • Apr 3, 2008 6:15am Apr 3, 2008 6:15am
hey jords i dont trade the gbpchf but for educational purposes if rsi is below 50 but ema's are crossed up you have no signal they have to go in same direction the gbpjpy is correct
  • #3,377
  • Apr 3, 2008 8:36am Apr 3, 2008 8:36am
hi Harold i have been away for a while but the last i know you were trading the GBPCHF is there any changes to your trading pairs, would you plz list them , thanks.
  • #3,378
  • Apr 3, 2008 1:06pm Apr 3, 2008 1:06pm
Quoting CindyXXXX
Is it just me or are the charts I post really massive??
I like'em ..... Big and Clear.

MG
  • #3,379
  • Apr 3, 2008 4:19pm Apr 3, 2008 4:19pm
Quoting Jords
Hey Harold,

Could you please take a look at my charts here. I understand the theory that you are teaching and so far i thinks it great. I just need a little help in identifying the main trend so i can trade in the right direction..

Jords
Hi Jords,

On the G/J Daily the CCI is well above the zero line, RSI above 50 and EMA's crossed to up side. So this is a long trend at the moment. On the other chart, EMAs crossed to upside so it's undecided.
  • #3,380
  • Apr 3, 2008 7:55pm Apr 3, 2008 7:55pm
Hi Harold,

Can you please post ur charts that all were winners yesterday as u mentioned in trading room?.

I had some problem in identifying false 123 setup after the trend reversal. I observed in all my winning trades, there was a formation of head and shoulder and if we take trade at the second shoulder, it has high success. Sometimes before price clears the low of second shoulder, there may be some small 123, i think those are not valid signals.

Thanks in advance.
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