the key to the mint

This is a smaller tradable123 within a larger untradable 123 since it is greatter than 24 pips. There were actually three 123 patterns greatter than 24 pips before this tradable pattern formed; it went down 27 pips to hit the Key to the Mint target of 23 pips.

I would be interested in Harold's comments about the support to the left. It seems most trades have alot of support to plow thru making for risky trading lately.

Steve

hey steve,

thanks for posting ur trade mate.
it was obviously a winner but it had already established a downtrend,in other words u werent selling @ the top of the trend.
thanks again steve,but i will wait 4 harolds comments as well.

cheers andrew

andrew i am extremely happy that you picked that up steve remember sell high buy low look where you are selling from almost the bottom if the 123 is to large we want to look for a smaller 123 within the larger one here is a chart to show you what i mean i am in room now also

Thanks guys; helps alot.
Steve

Well Another Profitable Month With 9 Wins And 5 Losses For A 12% Gain In Acct Monday Begins New Month And Is Labor Day In Usa But I Will Trade Sunday Night A Big Congrats To Joel Who Had A 12 Win 4 Loss Month Which In My Book Would Have Been A 24% Increase All Pairs Are Still Down See You In Room Sunday

123 and target marked with green lines. Trade developed after a higher high and a higher low

Entry=1.4738.

123=20 pips

SL=1.4758+1+spread=1.4760

Entry=1.4738-1 pip=1.4737

Target= 23 pips=1.4714

Price came within 5 pips of target but stopped at support to the left.

My question is: Would you take this trade?

Should it have been entered with immediate support at 1.4732 so close?

If so would you move tp to 1.4720 where the support exists to the left?

Would you close at stoch turning or price closing above 8ema?

How would you mange this trade?

Thanks for your help.

Steve

Steve - my 2c as follows :

After 1.4737 entry, price got to within 5 pips of your target; so far so good. If you had drawn a thick green line at 1.4732 support, like ozziedave does -check the chart on his post #3144 (amongst many great charts he has posted), you would then have been lookng to see that this support now turned into resistance. After the first long blue retracing candle, you then had 3 blue candles, ie. 15 minutes, while price straddled this S/R line, to make the decision to move your stop to b/e or not; that was the time to have your finger on the exit button. When the high of the fourth blue candle was broken with RSI crossing above 50, you could have exited at b/e.

But easy to write all that with hindsight...

J.

Thanks jtrade;

Harold was in chat room last night; first, he said it was a valid trade

he said he would have moved sl=b/e as you suggested;

we did not discuss the 3 blue candles significance so maybe when he reads your post he'll comment on that.

I recall in chat last week he said:

q RSI past 50 level shows strength
q Stoch shows cycles within trading day
q MA’s crossed show initial trend direction

Maybe Harold can comment on if and how he uses indicators for exiting trade.

stevewide

i am in trading room now but wont be for us session because of labor day

Unfortunately, it won't validate my password. trying to login now to the trading room...want to learn this system

just sign up and download trading rooms

Ah...just realized I have not yet received the activation link...not validated yet. Resigned up, should work hopefully

well done joel on the this months trading.

andrew

well hope you labor day will be a blast there were a few signals last night all winners i had one nice start to month here are some charts

I spot the same cable trade at 10:10. Thanks for the chart. It gave me validation that my trade was correct with the system.

The rsi was crossed down at 11:30 GMT entry today but uncrossed immediately after I entered. The stoch was sideways before it crossed down.

I thought as price broke point#2 of the 123 marked in green on attached chart that it was safe to assume it would break the support to the left. Wrong...

Why did my trade fail?

Thanks,

Stevewide

i see your trade but point 2 was never triggered

well, thank you andrew.... for the compliment

hey steve,
i was watching that trade as well,but i thought that it was in consolidation,it would have been better if it had of taken out point 2 quicker,maybe around 11gmt.
maybe harold can comment on that but it just looked like it was undecicded where it was going.

but keep trying mate we will all get there.

cheers andrew.

Eu made a higher high and a higher low, formed a 123 but was greatter than 24 pips.

Next it formed a lower low and a lower high formed a 123 which was 24 pips including 1 pip spread with indicators confirming entry at white arrow.

moved stop loss to break even as price tested support 8 pips below. Stopped out at break even.

Any suggestions?

Steve