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  • #3,561
  • May 12, 2008 4:28pm May 12, 2008 4:28pm
Quote
while the drought of entries the past few weeks i did some back testing using the 5 minute charts i used the 15 min to see the swings and when price got to the right level for 123 i would drop down to the 5 minute chart and looked for them there with indicator confirmation. this year alone with the gbpusd and eurjpy it was going at 80% i used those 2 because of spread since we are going off 5 minute charts so it would be ok to also include the eurusd jpyusd then look to audjpy and gbpjpy last for obvious reasons. the targets and risks since they are the same ranged from 15-30 if over 35 i wouldnt take trade

Just answered my question as regards to spreaf, GY and the time frame. i intend trading only GU and EU and with this lastest development, i think might be good for my new trading setup

thanks
  • #3,562
  • May 12, 2008 4:52pm May 12, 2008 4:52pm
Quoting harold4x
while the drought of entries the past few weeks i did some back testing using the 5 minute charts i used the 15 min to see the swings and when price got to the right level for 123 i would drop down to the 5 minute chart and looked for them there with indicator confirmation. this year alone with the gbpusd and eurjpy it was going at 80% i used those 2 because of spread since we are going off 5 minute charts so it would be ok to also include the eurusd jpyusd then look to audjpy and gbpjpy last for obvious reasons. the targets and risks since they are the same ranged from 15-30 if over 35 i wouldnt take trade

Hi harold,

Do you use the 15 min as a higher time frame confirmation along with the 5 min setups with indicator confirmation and daily trend direction?

OR - just the 5 min setups with indicator confirmation and daily trend direction?

Thanks in advance
  • #3,563
  • May 12, 2008 6:40pm May 12, 2008 6:40pm
we are looking at the 15 minute swings and when there is a shift in swings to possibly setup a 123 we crank down to 5 to look for entry
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  • #3,564
  • May 13, 2008 7:39am May 13, 2008 7:39am
i just completed this trade with audjpy remember if risk is more than 30 pips dont take trade there was a 123 short for gbpjpy but it was 31 pips i didnt take it even though it would have won you must stick to your rules
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  • #3,565
  • May 13, 2008 7:54am May 13, 2008 7:54am
Harold,
Thanks for the examples. They are very useful.
Thanks, Dave
  • #3,566
  • May 13, 2008 8:37am May 13, 2008 8:37am
hey ozzie you busy now
  • #3,567
  • May 13, 2008 11:47am May 13, 2008 11:47am
Quoting harold4x
tonite at about 10 pm est i will share in the tradingroom key to the mint a little tweaking to the 123 setup entry which shows enormous potential hope to see you guys there
What's the new tweak? I was camping and missed it. I see your chart has zig zag of 5,5,0 is that what were using now?

Anyone know of another indicator that will scream the 123 pattern at me, I tend to notice it only after a move.
  • #3,568
  • May 13, 2008 3:41pm May 13, 2008 3:41pm
Quote
tonite at about 10 pm est i will share in the tradingroom key to the mint a little tweaking to the 123 setup entry which shows enormous potential hope to see you guys there

Hello harold, can we have a redo of the teaching sametime during the week?

naijafx
  • #3,569
  • May 13, 2008 10:18pm May 13, 2008 10:18pm
ok here it goes no i am using 5 5 3 for zig zag and as i have said before its just for visual and nothing more. we still get trend direction off daily chart. we then go to 15 minute chart and lets saytrend is down and the previous day price moved down we draw a fib and when price comes back to 50% area we then go to 5 minute chart and look for 123 once we get it we want to make sure when it takes out the 2 point that indicators confirm this to bad nobody was in room tonite there was a nice 123 that just hit my target 5 minutes ago before this post
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  • #3,570
  • May 13, 2008 10:23pm May 13, 2008 10:23pm
Quoting harold4x
ok here it goes no i am using 5 5 3 for zig zag and as i have said before its just for visual and nothing more. we still get trend direction off daily chart. we then go to 15 minute chart and lets saytrend is down and the previous day price moved down we draw a fib and when price comes back to 50% area we then go to 5 minute chart and look for 123 once we get it we want to make sure when it takes out the 2 point that indicators confirm this to bad nobody was in room tonite there was a nice 123 that just hit my target 5 minutes ago before this post
I got in on that one too!!! sorry i missed you in the room
  • #3,571
  • May 13, 2008 10:54pm May 13, 2008 10:54pm
My current schedule will keep me from being in the trade room for the next week. So don't think that I have no interest in either the forum or trading room. Just will be absent for a while.

Good luck to all in trading and be careful out there.

Jorene
  • #3,572
  • May 14, 2008 3:16am May 14, 2008 3:16am
I have been studying charts using this system and i saw that the system will be very profitable riding the trend instead of just scalping 30-50pips.... Anyone ever thot of this too?
  • #3,573
  • May 14, 2008 2:00pm May 14, 2008 2:00pm
Hello everyone. I am new to this strategy, sort of. Back when it was new I was interested in it, and started learning it, then my brother introduced me to a strategy that I put my own twist on and did that for a while. I started out careful and slow, but eventually I turned a $250 account into $2000 in 9 days of trading, with out a single loss. However it was only because I was lucky, and risking a lot. I got too greedy and refused to take a loss, and it ended up costing me almost all of that $2000 I had earned. And it wasn't a demo. To make a long story short, I realize how stupid I was and am looking for a solid system, and am willing to learn, and work to achieve my goals. I am just looking for some leadership. And harold, you seem pretty smart. And something about your thread caught my eye, back when this thread was new, so I came back looking for it, and am glad to see how it has grown. I have looked at the post on page 232. Is there anything new to your method since then? Thanks
  • #3,574
  • May 14, 2008 7:04pm May 14, 2008 7:04pm
we are using 5 minute charts for entry see this chart of what we do before we go to 5 minute chart
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  • #3,575
  • May 14, 2008 9:59pm May 14, 2008 9:59pm
Harold, what time frame do we draw the fib on, the 15m? Maybe you could just show an example? Thanks
  • #3,576
  • May 14, 2008 10:22pm May 14, 2008 10:22pm
15 min chart
  • #3,577
  • May 15, 2008 8:58pm May 15, 2008 8:58pm
hi harold....kinda quiet
  • #3,578
  • May 15, 2008 10:06pm May 15, 2008 10:06pm
unfortunatley noone in room and i put on trade and it won thats 7 wins 1 loss in last 8 trades all 3% wins + 18%
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  • #3,579
  • May 15, 2008 10:10pm May 15, 2008 10:10pm
Quoting harold4x
unfortunatley noone in room and i put on trade and it won thats 7 wins 1 loss in last 8 trades all 3% wins + 18%

why not go back to posting them here like before?
Don't chase the market, Let the market come to you
  • #3,580
  • May 15, 2008 10:56pm May 15, 2008 10:56pm
i thought i just did lol
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