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  • #3,601
  • May 20, 2008 10:16pm May 20, 2008 10:16pm
Quoting harold4x
When Daily Says Its An Up Day And Previous Day Price Was Down We Dont Need A Fib Since We Want To Buy Low And Sell High In The Case Of The Eurusd Trade Price Was Already Down So At 00 Gmt Time We Look For 123's On 5 Min Chart

I been trading Daily Charts for years eurusd has started a uptrend if it helps.
My Email For Help: [email protected]
  • #3,602
  • May 21, 2008 7:34am May 21, 2008 7:34am
well sometimes its better to be lucky than good i put trade on last night eurjpy and it was a loser i decided to stay awake to 2 am the lastest to see if the eurjpy or audjpy would setup since the others we not even close to setting up and the audjpy set up at 130 and it just hit target on the nose so record over the last 12 trades 9 wins 3 losses hey joel we got to fix the losses we have had together lol
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  • #3,603
  • May 21, 2008 5:16pm May 21, 2008 5:16pm
Quoting harold4x
When Daily Says Its An Up Day And Previous Day Price Was Down We Dont Need A Fib Since We Want To Buy Low And Sell High In The Case Of The Eurusd Trade Price Was Already Down So At 00 Gmt Time We Look For 123's On 5 Min Chart
Harold ok

but on what type of days is the fib used?
  • #3,604
  • May 21, 2008 7:38pm May 21, 2008 7:38pm
Harold,
please, how did you computed the target on the last chart?
It's obviously bigger then 2-3 difference.
The same "long" target appears on charts in posts #3597, 3578 and 3569.

Anyway, I played with 123 pattern settups a couple of years ago and I remember I found interesting rule. The target very often was on fibonacci 161.8 drawn between 2 and 3. Very often on point accuracy. And second rule was, that the 3 should not be higher then fib. 23.6 drawn between 1 and 2. (= the weaker 3, the stronger move after breakout of 2). But this actually was tested on eur/usd only.
Not sure if this will be interesting or helpful for you, anyway thanks for answering my question about your targets.
  • #3,605
  • May 21, 2008 8:12pm May 21, 2008 8:12pm
the answer to question 1 i thought i explained it the principle is buy low and sell high. so if we have an up day we look at prevoius day and if price went up draw a fib from bottom to top and when price comes back thats when you look for 123's to take it up now if price came down in prevoius day we dont need a fib because its at lows where we want it so at 00gmt start looking for 123's on 5 min question 2 the entry is always point 2 and the stop is the low of point three i use the distance between the 2 plus the spread to determine target
  • #3,606
  • May 22, 2008 5:08am May 22, 2008 5:08am
anyone any trades today?..

was watching tis carefully last week but been a busy to follow until now
  • #3,607
  • May 22, 2008 5:35am May 22, 2008 5:35am
finally joel we get a win together 10 wins 3 losses in last 13 trades
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  • #3,608
  • May 22, 2008 7:27am May 22, 2008 7:27am
harold,
sure, I understand your explanation. I know you teach that the target is 2-3 difference, added to point 2.
But on your charts the targets are obviously farther then 2-3 diff. So thats what is my question.
  • #3,609
  • May 22, 2008 7:53am May 22, 2008 7:53am
Quoting harold4x
finally joel we get a win together 10 wins 3 losses in last 13 trades

yes finally, and to be honest, i wasn't the cause of the fall of the roman empire.....oh ya and the trade began setting up around midnight est...
  • #3,610
  • Edited 8:07am May 22, 2008 7:55am | Edited 8:07am
no they are not let take todays trade with eurjpy the # 2 point is 162.44 and the # 3 point is 162.30 so we are looking to go long. our entry is 162.45/48 ( dont forget to include spread for the target) our stop is 1 pip below point #3 which would be 162.29 so heres what target is the difference between the 162.48 and the 162,29 that totals 19 pips so taget is 162.67 understand? also conserning the audjpy chart the high was 9902 the low was 9892 so entry was 9903/07 the stop at 9891 that makes a target of 17 pips so add 17 to 9907 and you have 9924 and it hit 9925
  • #3,611
  • May 22, 2008 7:57am May 22, 2008 7:57am
what about the roman greco affair was that you? i will check out the time elemet to see if it helps
  • #3,612
  • May 22, 2008 8:26am May 22, 2008 8:26am
Quoting harold4x
what about the roman greco affair was that you? i will check out the time elemet to see if it helps

great see ya later
  • #3,613
  • Edited 9:18am May 22, 2008 9:00am | Edited 9:18am
I've been following Harold's system since the beginning, and I must say these are some very good ideas. I had to take a break for a couple of months, so I'm still trying to digest the latest modifications.

So, just a question... the entry comes simply on a break of the #2 point, right? (doesn't have to be a 5min candle close)

Also, how would you consider, for example... if in the previous daily candle all indicators were crossed up (5 and 8, rsi, stoch, etc.), but the daily candle was down (bearish candle). Would you treat the next day any differently?

Thanks in advance!

Edit: One other question. In the last EURJPY chart you showed, would you have taken the previous loser trade at 02:15GMT (since it broke the previous zigzag #2 at 162.43)? If not, why not? Thanks again!
  • #3,614
  • May 22, 2008 2:18pm May 22, 2008 2:18pm
Quoting harold4x
the answer to question 1 i thought i explained it the principle is buy low and sell high. so if we have an up day we look at prevoius day and if price went up draw a fib from bottom to top and when price comes back thats when you look for 123's to take it up now if price came down in prevoius day we dont need a fib because its at lows where we want it so at 00gmt start looking for 123's on 5 min question 2 the entry is always point 2 and the stop is the low of point three i use the distance between the 2 plus the spread to determine target
Harold,

Thank you for clarifying the setups.

Cheers
  • #3,615
  • May 22, 2008 5:01pm May 22, 2008 5:01pm
harold,
you are right, sorry, my mistake, I fall to optical illusion on these small charts.
Did you saw World's Simplest System thread here on forex factory?
Same approach as yours and winning too. 200EMAs on 3 time frames, the EMA on the smallest TF should turn against two higher EMA (against main trend) and the trigger is 123 pattern in direction of the main trend.
  • #3,616
  • May 22, 2008 7:56pm May 22, 2008 7:56pm
hi lazy i determine trend by the 5 and 8 cross and only the rsi crossing in same direction i pay no attention to the candle as for the eurjpy trade there was no other 123 setup before that one also when price breaks the 2 point the indicators must also cross to validate the signal
  • #3,617
  • May 22, 2008 9:56pm May 22, 2008 9:56pm
Hi Harold,

A couple questions:

1. Do you have a signal alert for MT4 for when EMA's 5 & 8 cross that can be turned off and on, so if you happen to step away form the ole PC, for a nap?

2. How long have you been with ODL? I see they offer decent spreads, and have the same MT4 platform as FXDD (My current broker) and IBFX. Just wondering if you have had any major problems with the platform, and most importantly have you had any issues getting your funds when requested?

Sorry don't mean to distract to far off the beaten path...
  • #3,618
  • May 22, 2008 10:54pm May 22, 2008 10:54pm
i dont use odl i use rjofx i just use odl to post charts
  • #3,619
  • May 23, 2008 1:40am May 23, 2008 1:40am
hi harold st a qiuck question for u,i keep missing u @ the trading rooms.

do u still take trades of the 15 min charts if they look good??or just the 5min?

i will catch up with u in the room mate.

thanks
Survive & Preserve
  • #3,620
  • May 23, 2008 2:32am May 23, 2008 2:32am
Thanks for the reply! Wow, really, now I really notice I saw a 1-2-3 where there was none. Still learning! Thank you again for the answer.
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