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the key to the mint

  • #3,441
  • Apr 10, 2008 7:13am Apr 10, 2008 7:13am
thanks scorpion i changed it
  • #3,442
  • Apr 10, 2008 7:23am Apr 10, 2008 7:23am
Harold, you did not mention the stochs on the 15 min chart. Are you still using them as an indicator?
  • #3,443
  • Apr 10, 2008 8:11am Apr 10, 2008 8:11am
yes joel when we take out the 2 point of the 123 we want to see the rsi cross the 50 level and the stochs cross also
  • #3,444
  • Apr 10, 2008 10:27am Apr 10, 2008 10:27am
harold, I think this new (old) way will work just fine. I got a lot out of your discussions about the different indicators and reading the charts, but to my way of thinking; SIMPLE IS GOOD!!! At least when it comes to charts. Anyway, thanks again for all your work and effort - I don't think I can say that enough. Have a great day. Bob
Hej.
  • #3,445
  • Apr 10, 2008 10:42am Apr 10, 2008 10:42am
Harold,Let me clear myself. Now we don't take support and resistance into consideration, no 60,200 ems, pivot s/r and no fibonocci tp.
  • #3,446
  • Apr 10, 2008 8:18pm Apr 10, 2008 8:18pm
hi forexmad read posr 3438 for the explanation
  • #3,447
  • Apr 11, 2008 2:46am Apr 11, 2008 2:46am
Here is a eur long trade from 11/4/08. See the 123 set up early in the day.Daily is up. Entered @ 1.5781 and exited at 1.5818 for 37 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: 110408 eru long t20.gif Size: 25 KB
  • #3,448
  • Apr 11, 2008 7:01am Apr 11, 2008 7:01am
hey dave nice score here is a gbpjpy i got last night
Attached Image (click to enlarge)
Click to Enlarge Name: 1.GIF Size: 41 KB
  • #3,449
  • Apr 11, 2008 5:57pm Apr 11, 2008 5:57pm
Hi I was wondering if there was any way to write a more detailed rules post on the front page, plus the invaluable indicators that you use along with your current setup templates. I saw this kind of setup on another system that I am testing, and found it to be very helpful to all newbies like me and also in case you switch computers or something like that. I didn't see hard defined exit rules as well on the main page, and am still reading looking for it.


If you have any advice for a newbie, please send me an email. It would be greatly appreciated!
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #3,450
  • Apr 11, 2008 6:32pm Apr 11, 2008 6:32pm
Eaglestar,
Look on page 219, post #3285. There is a pdf manual for the key to the mint rules. If you click on the paperclip icon on the top right corner of any page of this thread, you will get a list of the different indicators for your charts. I hope this helps. I would also like to thank Harold and everyone else that contributed to this thread. I have been reading it for two weeks, and it is very useful. Thanks everyone.
Dave
  • #3,451
  • Edited 6:47pm Apr 11, 2008 6:46pm | Edited 6:47pm
eaglestar, after you read post 3285 (page 219) you might want to check out post 3438 on previous page (230) for a little more insight. good trading.
Hej.
  • #3,452
  • Apr 12, 2008 8:33am Apr 12, 2008 8:33am
Quoting ozziedave
Here is a eur long trade from 11/4/08. See the 123 set up early in the day.Daily is up. Entered @ 1.5781 and exited at 1.5818 for 37 pips.
dave,
what order type u use for entry. is it market order or limit order?. because when i see the price breaks point 2, if i enter immedietly by market order, because of spread, i can't enter exactly at point 2. Thx in advance.
  • #3,453
  • Apr 12, 2008 5:04pm Apr 12, 2008 5:04pm
the best way is to enter with limit or stop order there is plenty of time in most cases when we see set up of point 1 and 2 we can setup order to enter and if the 3 point price is still mving we can adjust lot size as well as stop loss here are tomorrows trade directions the eurjpy and audjpy are up so look for 123 in the lower region to take it up and the gbpjpy and gbpusd are shorts so look for 123's in the higher region
  • #3,454
  • Apr 12, 2008 5:16pm Apr 12, 2008 5:16pm
Quote
here are tomorrows trade directions the eurjpy and audjpy are up so look for 123 in the lower region to take it up and the gbpjpy and gbpusd are shorts so look for 123's in the higher region

Buy low and sell high
  • #3,455
  • Apr 12, 2008 5:38pm Apr 12, 2008 5:38pm
Hello Harold,

I saw u online and thought it as a good opportunity for traders to meet in the tradingroom, if possible, for discussion about next week possible trades.

its cool learning and listening to your views
  • #3,456
  • Apr 13, 2008 4:25am Apr 13, 2008 4:25am
thanks for the prompt reply. i was wondering if anyone here has traded this on other currencies. I am getting started and think eur/usd would be better to learn trading for me. if anyone wants to be so kind as to let me know if there is a section where i can download necessities like trading journals, daily forex goal sheets and things like that or email me with them that would be awesome. Also if anyone here that trades full time and makes over 10k per month would like to give me detailed advice on what they have learned and books that they found to be most helpful, and their daily trading routine, that would be awesome. I have formed a group on google (link under my profile) to introduce people to forex and helping others, and would like to expand my knowledge in forex. i am studying/trading full time on demo accounts at the moment and am working about 60 hours per week on forex. God bless anyone who helps me out on this. Thank you in advance.
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #3,457
  • Apr 13, 2008 4:49am Apr 13, 2008 4:49am
Quoting forexmad
dave,
what order type u use for entry. is it market order or limit order?. because when i see the price breaks point 2, if i enter immedietly by market order, because of spread, i can't enter exactly at point 2. Thx in advance.
In this case I used a sell stop to enter. I use both limited orders and market orders. It's difficult to get it at exactly point 2 so a few pips one way or the other usually doesn't matter.
  • #3,458
  • Apr 13, 2008 6:42am Apr 13, 2008 6:42am
Quoting harold4x
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
Harold,

Thanks so much for your time and effort given here with your system.

Just some thoughts/questions/observations.

What times are you now trading?

Would it be wise to update post number 3006 since the very first page of this great thread refers to that post as the current rules and methodology rather than the above post with the revised system rules?

Just a thought here only - a second target could be the distance between point 1 and 2 (same risk (stop), same reward (target))


God bless and thanks
  • #3,459
  • Edited 2:36pm Apr 13, 2008 2:23pm | Edited 2:36pm
i began looking for setups at 00 gmt and stop looking at around 10 - 11 am est or 14-15 gmt sometimes setups happen before 00gmt and trigger just past that time basicly the 123 can happen anytime i am looking for those times where momentum would be the best as far as having a target 2 it realy isnt necessary and heres why since we have a target which is the distance between point 2 and 3 and we are trading in conjuction with mm in other words if we are trading 3% of acct using this as a basis point then if we have 10000 the risk and reward is 300 so if my stop is say 60 pips i would be trading at 5 mini lots to equal 300 risk. now when aprroaching target if we see price riding up or down the 5 ema we can stay in trade a little longer to grab some more but since this a win loss pct and its at least 70% if you just put them on an take profit and manage the monet you will do just fine here are 2 charts showing this
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.GIF Size: 41 KB
Click to Enlarge Name: 2.GIF Size: 41 KB
  • #3,460
  • Apr 13, 2008 3:47pm Apr 13, 2008 3:47pm
Hi Harold,

Sorry I haven't read the thread from front to back.... I tend to jump around.

I was wondering if you will trade your 1-2-3s going into news releases?

Thx.
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