the key to the mint

Harold,

Thank you for another great session in the trading room. It is very kind of you to help us.http://www.forexfactory.com/images/icons/icon7.gif

Thanks,
Dave

Great to see this thread cranking again

Thank you for the answers in tradingrooms this morning

Dhalsim

Dhalsim,
I miss ur journal update!!

sonic

Hello Harold

Nice thread and great to see people getting results from your strategy...

Can you help me with the 123 pattern. I am missing good trades I think.

1 - I wait for a retrace (dip) then look for a 123 pattern. I seem to either miss the subtle ones 7,8,9 pips or by the time I spot them price has broken through and I have missed the trade!

Or

2 - I tend to avoid the bigger 123 moves that are over 30 pips - Is there a rule about this? Do you trade any size of 123 pattern after a retrace?

3 - Once price moves in the daily trend direction I am not sure at which point I can keep looking for 123 patterns or wait for another retrace etc. Is there a rule about this? So for example: Price retraces and I miss the entry and then the price moves up to the zero line on the fib.
A - Do you continue to look for 123 patterns past the zero line?
B - Do you wait for price to retrace again after another move up?

4 - When price takes a dip to the 38.2% fib - Do you look for 123 patterns there? I found a 123 pattern at this point and took an entry, however price was bobbing up and down between the 38.2 and the 61.8% fibs and my entry took a loss as price retraced further etc. Is there a rule for this? Or just from experience what is the best way to tackle this?

I am generally confused and your help would be awesome.

Also, I downloaded the software for the trading room but I could not find a way to enter. Is the trading room still going?

It would be great to see you take a trade so I can visually see how to do it.

Thx in advance for your help.

Lawrence

hi lawrence

at least with the tradingroom i can help you
its the Key to the Mint and its active as you can see

i will try and answer you question lawrence. try and find 123's where target and stop is say no more than 25 pips anything less is great since we are on 5 minute charts. first you look at daily and see where ema's are crossed if up then rsi must also be above 50 level once you have got the direction go to 5 minute charts and look for price to have trended in opposite direction of daily then look for 123's to go in direction of daily its that simple here is a chart first price trended down then a 123 formed and that was a winner notice the second 123 it came down and formed the set then within the setup a smaller 123 took place and thats the one you take even though both ended up winning see the chart i dont use fibs i just look at chart and see price trending down or some call it a pullback its the same thing

If price has not hit target after an hour or two and then the 5m stoch and rsi cross against it, do you close trade? How do you manage this?

Thanks,

Steve

once i am in trade i leave it alone and let it play out i am in tradingroom now for a couple of minutes if you want to join me

Thanks Harold,

That was a quick response. Haroldfx says set and forget....stay in trade and you will win most.

After 6 wins in a row I thought I might learn how to avoid a loss but he says take setups and statistics will make you a winner. So I will.

Thanks again for great chat room response.

Steve

at 0 GMT the GBP/USD Day chart had both the 5 and 8 ema touching but not crossed at 1.9970 and the rsi above the 50 level.

Does this mean trade long all day today or does ema's touching but not crossed mean look for a better pair to trade today?

Thanks,

Steve

i will be in tradingroom.com tonite around 8 pm or in 1 hour

last night very slow there was only i trade last night unfortunatrly i was asleep when it happened

Hi Harold,

Are you in the trading room tonight Thurs 24/7?

Gray.

i am in tradingrooms.com now

i hope someone out there made money last night there was at least 3 setups each on gbpusd and eurusd all wins i forgot to post charts here is just the eurusd trades there was also 3 setups with gbpusd but you get the idea look at these setups

Harold, I made some money on eur/usd....

to avoid repete questions to new comers i will post the entire method here. for those who want to continue to trade the original mint trade thats on post 1 this method in my opinion and experience does better than that one. the key to trading is to have a well thought out plan which includes entry exit stoploss and target areas. next you must have a money management in place because we are trading to MAKE MONEY. thirdly we must have a logical mental psycology in place also. with that said here is THE METHOD:
i trade the gbpusd,eurusd and the eurjpy thats it. can you trade other NO i wouldnt you can but that would be another method .i begin trading at 00 gmt (beginning of asian session ) i would stop trading at 1400 gmt or 10am est. the chart indicators are as follows 5 ema of close 8 ema of open rsi set at 13 and a 50 level a dinapoli stochastic which you can get on post 1 or for those who trade wireless they can use the relative vigor index set at 7 it seems to be extremely close to the stoch. these indicators are the filter to confirm the entry and nothing more. they indicate something and nothing more than that. ok the trade setup is go to daily chart and at the close of a daily candle see if emas are crossed and if rsi has crossed the 50 level. DO NOT LOOK AT STOCH ON DAILY CHART!!! for example purposes lets say we are looking at the eurusd and we see the ema's are crossed to the downside and the rsi is below the 50 level like on thursdays close beginning thurday night 00gmt time we begin to look for the 123 patternon the 5 minute chart. the 123 pattern in reality is the right shoulder of a head and shoulders pattern. what we want to see is price to trend in the opposite direction of the daily trend which in this example is up since the daily is down. this is what is meant to sell high or to buy low once we see this trend up we look for the 123 pattern i will enclose charts so dont worry. once we have the setup we will enter on a break of the #2 point only if the ema's have crossed and the rsi has crossed the 50 level as well as the cross of the stoch if only 2 of the 3 have crossed dont enter. if they are enter with a market order then you can put in the limt and stop.once in the trade go and do something else. thats the setup now onto money management: if you have a method that can give you consistently 60% or better over time then its all about wins and losses to make your money. i trade 3% of my acct per trade. here is and example if you have 5000 and trade 3% of that that would be 150 as your risk and target so if you have 15 trades a month at 60% means you have 9 wins and 6 losses for a +3 wins or 9% so in a little over 9 months you double your money. o by the way i have been trading at about 76% since january and have gone with out a loss this month so you do the math. the mosts trades i put on in a day is 2 if i have a win then its 1 if i have a loss then its 2. thats the money management part. the money management is the logical psycology if you see what i mean its all a mater of percentages. not traders intuition which there is no such thing. think about intuition is saying that you can know the future sorry but only GOD knows that kind of info we are looking for high probability setup that are consistent to making money. well thats it i will put charts up for you to see

the daily trends for tonite/tomorrow is eurjpy up and eurusd down no direction for the gbpusd since ema's are down but rsi closed above 50

Thanks Harold