I Do Share It In Traderooms I Dont Remember Seeing You There There Were A Few Winning Signals Last Night And A Losing One Here Are Some Charts I WILL BE THERE AROUND 9 PM EST
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
Ignored
ALSO MAKE SURE TARGET AND STOP ARE NO MORE THAN 24 PIP TOTAL
I have two questionsfrom your last post.
So no matter what the range is between points 2 & 3
the target and stop is always no more then 24 pips?
Does the 24 pips apply to all 3 pairs?
Thanks
I found the guy who keeps losing me money. Its "ME" SHOOT HIM!
I think that if the range between points 2 and 3 is greater than 24 pips Harold says not to take the trade. Actually, 24 pips including the spread, so the range between 2 and 3 would be less than 24 pips. I believe this is for all three pairs. (eur/usd, gpd/usd, eur/jpy)
Can you take a look at this 123 pattern from today and let me know if this was a good or bad entry. i entered and as you can see price went against me. This was this morning on the cable at around 11am uk time.
Can you also try to explain the 123 patterns to avoid and the ones that you would look for.
Also when it comes to overbought oversold - do you have a rule for that regarding entry. So if you are about to enter but price is overbought or oversold by a certain value would you avoid the trade?
Any chance of being in the trading room earlier today for the UK traders! 1130 or 12pm would be great if at all possible? I know graham stayed up last night but he is a walking zombie today!!!!
The gbp/usd trade that you entered was right before a British news release. Harold recommends not placing trades right before a news release. Also, as Gtrades pointed out, you should look to buy at a swing low at the resumption of the trend. Your entry was after the trend was already back underway making it more of a continuation 1-2-3 pattern. No big deal though, we are all learning and making our fair share of mistakes. I hope this helps.
when looking for a long trade you want price to have trended down FIRST (buy low) before looking for 123 setup when looking for a short you want price to have trended up FIRST (sell high) before looking for 123 setup
I think graham confused the issue by posting a 15 mins chart. I still would like to understand if this was a good entry. Price came down on the 5 minute by 40 pips. (I WAS TRADING THE CABLE AND THE DAILY WAS UP)So at this point its ok to look for longs.
I saw this 123 set up. Point 2 in the diagram was taken out so I entered long. I checked the news for red flags on FF. Should I take notice of any news regardless of red flags?
