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  • #3,421
  • Apr 6, 2008 6:45pm Apr 6, 2008 6:45pm
hey guys i am over at the trading room
  • #3,422
  • Apr 7, 2008 4:59am Apr 7, 2008 4:59am
here is a perfect setup where the 200 ema acts as support and when point 2 is broken it will be above daily pivot and 60 ema
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Click to Enlarge Name: 1.GIF Size: 44 KB
  • #3,423
  • Apr 7, 2008 6:37am Apr 7, 2008 6:37am
I have been foowing this thread for the past few days now,it has been intresting but i have a question i want to ask is that how can i get to the trading room.I am newbie
  • #3,424
  • Apr 7, 2008 8:09am Apr 7, 2008 8:09am
tradingrooms.com sign up then go to community then key to the mint
  • #3,425
  • Apr 7, 2008 8:59am Apr 7, 2008 8:59am
Quoting smartearn
I have been foowing this thread for the past few days now,it has been intresting but i have a question i want to ask is that how can i get to the trading room.I am newbie
Hey Smartlearn (and all newcomers) IMO you will be doing yourself a favour reading through the thread first (if you haven't already) before going straight to trading room... You might not get much out of the trading room otherwise.

You don't have to read the whole thing just from about p.g 200 something where the new method kicks in. It might seem like a hard task but trust me it will be harder to understand if you dont't

hope to see you in the trade room

Mr C
Time hides Nothing
  • #3,426
  • Apr 7, 2008 10:59am Apr 7, 2008 10:59am
let me share a few findings first the 60 and 200 ema and the pivots are being used as nothing more that support and resistence spring boards where 123's can be taken in other words if price has drifted down we are looking to to long not short we want to buy low and sell high not buy higher sell lower . when these 3 get close to one another and you get a 123 formed and when price takes out the 2 point it also clears the 2 emas as well as a pivot level in my opinion you have a solid trede as now you have 3 different pieces of support or resistence. also here is a little twist for last 2 days i have been showing charts maybe 100 or so and they have been seen buy at least 20 to 30 of you guys of just looking at 15 minute charts and not even looking at daily trend. joe ross the author of the law of the charts as well as many others dont look at daily to determine trend they play strict price action for 123's and all use some sort of filter to enter. well after going through 100 or so charts we discovered that when price went lower and we looked for 123 to go long or when price went higher and we looked to short we looked for the areas to find the bounce whether it was a pivot level or ema or trend line or all of the above the findings were unbelievable maybe 10 losses out of about 100 trades the most telling point is never was there two losses in a row sooooooooooo!!!! i and contemplating trading this way as it makes sense since we are trading price action off of various s@r levels . REMEMBER BUY LOW SELL HIGH!!!!!!!!!!!!!
  • #3,427
  • Apr 7, 2008 11:31am Apr 7, 2008 11:31am
Quoting harold4x
let me share a few findings first the 60 and 200 ema and the pivots are being used as nothing more that support and resistence spring boards where 123's can be taken in other words if price has drifted down we are looking to to long not short we want to buy low and sell high not buy higher sell lower . when these 3 get close to one another and you get a 123 formed and when price takes out the 2 point it also clears the 2 emas as well as a pivot level in my opinion you have a solid trede as now you have 3 different pieces of support or resistence. also here is a little twist for last 2 days i have been showing charts maybe 100 or so and they have been seen buy at least 20 to 30 of you guys of just looking at 15 minute charts and not even looking at daily trend. joe ross the author of the law of the charts as well as many others dont look at daily to determine trend they play strict price action for 123's and all use some sort of filter to enter. well after going through 100 or so charts we discovered that when price went lower and we looked for 123 to go long or when price went higher and we looked to short we looked for the areas to find the bounce whether it was a pivot level or ema or trend line or all of the above the findings were unbelievable maybe 10 losses out of about 100 trades the most telling point is never was there two losses in a row sooooooooooo!!!! i and contemplating trading this way as it makes sense since we are trading price action off of various s@r levels . REMEMBER BUY LOW SELL HIGH!!!!!!!!!!!!!
Could you please elaborate on what you mean by when the price went lower you looked for the 123. Im not sure if you are referring to the price going lower that the ema's or what. Thanks. And does that mean you may do away with the daily as a filter. Thanks again.
Live today as if you will stand before God tomorrow.
  • #3,428
  • Apr 7, 2008 12:12pm Apr 7, 2008 12:12pm
When Price Trends Down Look To Buy At The Low Area And Visa Versa For Highs
  • #3,429
  • Apr 7, 2008 2:17pm Apr 7, 2008 2:17pm
concerning 123 pattern, do you enter at 3 or when the price breaks 2?
  • #3,430
  • Apr 7, 2008 2:50pm Apr 7, 2008 2:50pm
That's nice, one of the prettiest charts I've ever seen. Well done. I'm gunna check it out.
  • #3,431
  • Apr 7, 2008 3:00pm Apr 7, 2008 3:00pm
Your Kidding Right? Entry Is Always At Break Of Point 2 With Stop Below Point 3
  • #3,432
  • Apr 7, 2008 3:15pm Apr 7, 2008 3:15pm
watchout4me. there is some really good reading about the Key to the Mint on page 219, post # 3285. It'll give you a good feel for whats going on.
Hej.
  • #3,433
  • Apr 7, 2008 4:36pm Apr 7, 2008 4:36pm
Quote
Originally Posted by harold4x http://www.forexfactory.com/images/buttons/viewpost.gif
let me share a few findings first the 60 and 200 ema and the pivots are being used as nothing more that support and resistence spring boards where 123's can be taken in other words if price has drifted down we are looking to to long not short we want to buy low and sell high not buy higher sell lower . when these 3 get close to one another and you get a 123 formed and when price takes out the 2 point it also clears the 2 emas as well as a pivot level in my opinion you have a solid trede as now you have 3 different pieces of support or resistence. also here is a little twist for last 2 days i have been showing charts maybe 100 or so and they have been seen buy at least 20 to 30 of you guys of just looking at 15 minute charts and not even looking at daily trend. joe ross the author of the law of the charts as well as many others dont look at daily to determine trend they play strict price action for 123's and all use some sort of filter to enter. well after going through 100 or so charts we discovered that when price went lower and we looked for 123 to go long or when price went higher and we looked to short we looked for the areas to find the bounce whether it was a pivot level or ema or trend line or all of the above the findings were unbelievable maybe 10 losses out of about 100 trades the most telling point is never was there two losses in a row sooooooooooo!!!! i and contemplating trading this way as it makes sense since we are trading price action off of various s@r levels . REMEMBER BUY LOW SELL HIGH!!!!!!!!!!!!!

pastor harold, I think this makes more sense to me.......................... I concur and i love it

Bro. mike
  • #3,434
  • Edited 8:09am Apr 8, 2008 7:30am | Edited 8:09am
Quoting harold4x
let me share a few findings first the 60 and 200 ema and the pivots are being used as nothing more that support and resistence spring boards where 123's can be taken in other words if price has drifted down we are looking to to long not short we want to buy low and sell high not buy higher sell lower . when these 3 get close to one another and you get a 123 formed and when price takes out the 2 point it also clears the 2 emas as well as a pivot level in my opinion you have a solid trede as now you have 3 different pieces of support or resistence. also here is a little twist for last 2 days i have been showing charts maybe 100 or so and they have been seen buy at least 20 to 30 of you guys of just looking at 15 minute charts and not even looking at daily trend. joe ross the author of the law of the charts as well as many others dont look at daily to determine trend they play strict price action for 123's and all use some sort of filter to enter. well after going through 100 or so charts we discovered that when price went lower and we looked for 123 to go long or when price went higher and we looked to short we looked for the areas to find the bounce whether it was a pivot level or ema or trend line or all of the above the findings were unbelievable maybe 10 losses out of about 100 trades the most telling point is never was there two losses in a row sooooooooooo!!!! i and contemplating trading this way as it makes sense since we are trading price action off of various s@r levels . REMEMBER BUY LOW SELL HIGH!!!!!!!!!!!!!
Thx for your update. 10 loss out of 100 is great to have which is 90%.
But it is my fault that i could not maintain that percentage. I see ema support, pivot, 123's but i don't see buy at low,sell at high.
How do we determine what is high and low. Is it determined based on difference between prevoius day's high/low and currnet high/low.
Thanks in advance
  • #3,435
  • Apr 8, 2008 9:54pm Apr 8, 2008 9:54pm
take a look at gbpjpy price came down yesterday and made a low of 201.13 now coming into today at 00 gmt price has moved up to a high of 202.27 that might not look like a trend up but it is 113 pip upmove the high was just under todays pivot and 200 ema that formed point 1 as we look for short setup which we did get and entry also is below 60 ema
Attached Image (click to enlarge)
Click to Enlarge Name: 1.GIF Size: 41 KB
  • #3,436
  • Apr 9, 2008 12:06am Apr 9, 2008 12:06am
Harold do we or do we not look at the daily any more cuz i think that the daily GJ would say no trade today as in the pic. attached also couple of weeks you said that you minimized your trading pairs which and its now GU GJ EJ and GCHF and couple of days back you answered one of the guys that you don't trade GCHF any more, so would you please tell me what are the trading pairs now and do we still use the same criteria for the daily 5,8 MAs and RSI is there any thing else. thanks
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  • #3,437
  • Apr 9, 2008 5:11am Apr 9, 2008 5:11am
for about 2 months i havent used gbpchf its eurjpy gbpjpy audjpy gbpusd
  • #3,438
  • Edited Apr 10, 2008 5:13am Apr 9, 2008 10:17pm | Edited Apr 10, 2008 5:13am
i would like to apoligize to all who have been following this thread in the last few weeks i like so many authors got drawn into making changes by adding this and adding that when none of that is what i was doing before. again i apoligize for that i got distracted so here are the concrete rules of my method we use a 5 ema(close) and 8 ema(open) rsi 13 for the daily when they cross the same way thats the next day trend so we will only look for trades in that direction we then go to 15 min chart and look for the potential trend change to the direction of the daily chart. so if trend is up we want price to be making LL LH then stop making LL this is a possible trendchange this is the old 123 pattern when point 2 is taken out we want the ema's to have crossed with the rsi over or under 50 and the stoc 8 3 3 to have crossed also the target is the same as risk which is derived from the distance between point 2 and 3 again sorry for all the mass confusion
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  • #3,439
  • Apr 10, 2008 3:24am Apr 10, 2008 3:24am
Good Stuff Harold - Back to basics that's good news for a lot of people who have missed the trading room sessions and have been a little confused.
Time hides Nothing
  • #3,440
  • Apr 10, 2008 3:49am Apr 10, 2008 3:49am
Harold, good to see you back on track, you've posted the daily chart twice instead of the daily and the 15 min.
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