the key to the mint

Harold,

Sorry I missed out on the trading room the last couple days. I have went two and one over the last couple days so, it is moving in the right direction. Thanks for the continued help.

hey steve,
looking @ that trade mate,the low was 47 & high was 70,so 23 pips +spread 1 & 1 pip either side of points 2 & 3 so that 26 pips which is too much.

but when i look 4 1,2,3s i like it to form quicker,as in this case it had dropped from a high of 92 & u are getting in @ 46 ,so to me it has dropped too much.i would have preferred an entry around 70ish.

thats just my take on it steve & i am learning like the rest of us.
hopefully harold can shed some light on it

cheers andrew

your right; I see my errors now. I got really confused. But I'm going to get this soon. Harold was very helpful in chat today.

Thanks again,

Steve

How did I do on this trade?

The 123 was interesting since the 3 was only 1 pip higher than the previous candle while the 2 stopped at the last swing low forming a double bottom. When price broke it went immediately to target.

There was 7 more pips past the target to first support but I didn't take a larger profit as a newbie to this method and needing a win to build confidence. Harold4x taught today in chat that its smart to increase target to first support when you get this great opportunity.

Thanks,

Steve

way to go steve you follow the price action the first 123 was 2 big the next one broke the 2 but indicator didnt confirm then you enter the 3rd one which was inside the original one but less pips i dont know if the stoch was oversold at time on entry i wasnt watching but if it was ok you did great you dont have to get anymore than you need to make 3% per trade i didnt put any on tonite i took a little breather here are 2 charts of A+ 123 setup that happened back to back

Hi Harold

Thanks for a very well worked out plan.Keep up the good work

Here is a 13 pip 123 within the first 123 I traded for 17 pips.

You had to be there to believer the RSI cross the 50 as it triggered. It shot back up, tested the stoploss and then paid.

Any suggestions?

Thanks,

Steve

target reached EURUSD

Picked up a winner on the cable this afternoon. I have not had a lot of time to trade...between work and my wife and I having our first child. Harold, what trading platform do you use? I am considering switching due to slow executions on a couple recent trades...cost me 3-4 pips several times in a row.

Good Trade Mj And Hunter I Use Rjofx To Execute Trades Instant In And Out I Am In Trading Room Now

Got this one guys, take a look eur/usd Sept. 10/08 9.15pm eastern 5 min.

the only problem tccm is that eurusd has been in a down trend so we look for shorts only. i know i havent posted charts in awhile i have put up so many well here are the 3 trades that took place tonite so if you werent in the room for this live here is the video tape replay the 3 setups saw the big 123 have a small 123 within it so thats the one we took

i took this eurusd, after news. The points 1 and 2 are quite long but the trend was still down and the distance to point 3 was ônly 16 pips.
For me, to start with harold and the others at 2gmt is quite hard. It is deep night here at that time and even if i'm awoke, i still be very tired. Not to good for trading if you are almost asleep. i missed an eurJPY this mornig cause of breakfast. terrible..........
So i'm glaad i managed this EU in time.

lost 12 pips on Gu short at 15:37 GMT; sitting here for over an hour, bored, must have weakened me into trading into 00's, daily open and suppport to the left without enough room to move sl=b/e before testing it.

Seems when I pass on a questionable trade it wins and when I take a chance I usually lose. I need to convince myself to only take perfect trades knowing I'll miss lots of trades waiting.

As I get the art of "feel" perhaps I can expand and take more risk.

Thought I should post my mistake hoping it helps others.

Steve

Hi, Steve, I'll comment if I may.

For me, the best thing about this thread is the way Harold4X has defined very clear and simple rules that have evolved over the course of the thread (I say "evolved", which is diferent from "constantly being changed and "improved"" !) combined with his unerring execution EXACTLY according to his rules. He's demonstrated this so well in his trading room and I have found this a great help to improve my own trading discipline.

Time to reread "Trading in the Zone" by Mark Douglas. I'd suggest to forget about perfect trades, just take all the setups as they come - the rules are simple enough - and as Douglas suggests, make a commitment to take 20 trades in a row. Reduce you trade size to microlots if necessary so that financial loss is not an issue. This exercise is a confidence building exercise.

As I mentioned in the room (portfofino1), I have added aspects of KTM to my own trading style and have just completed my first 30 trade sequence over the last 10 trading days. Exactly 60% winners and +336 pips. I make notes on every trade : 6 of the 30 were NOT striclty according to my rules and 5 of those were losers (-136 pips). My two most common errors are impatience and entering before the trade has actually triggered correctly and exiting trades early, usually because I have moved my stop to breakeven too soon. Btw, I had 5 losers in a row at one point... an uncomfortable experience, but one day I will probably have 10 in a row...


Douglas makes the point that we can NEVER know the outcome of our trade in advance and WE DO NOT NEED TO (assuming we have a valid edge). Supposing you make a picture-perfect entry, short EURJPY, with a tight 13 pip stop... 5 seconds after your fill, a hedge fund in a far away land decides to balance its currency exposure - nothing to do with market direction at all - and buys €500m... ping, your stop is hit... and probably the trade goes in your direction 1 minute later. The point is we cannot know these things, but if we have a method with an edge, over a large number of trades, we will do well, just like a casino. H4X is showing the way in this regard.

My 2pips, as usual with the benefit of hindsight...



J.

well said jtrade
trading in the zone is a great book along with emotion free trading,as they say to not take a trade is also trading,sitting on ur hands is a great asset to have in the trading game & to have someone like harold teaching us all is one thing i m very grateful for.

cheers andrew

hi steve,
sorry i dont understand ure chart, where is the entry, where is point 3?
i usually dont trade GU but looking at my chart i cannot find a loosing trade.
what is yout time? mine is CET

Thanks for helping me improve my trading...

"Trading in the Zone" is a great book. I may reread it over the weekend. I was following Harold's suggestion to make 10 trades and try to get them right which is what I call "perfect" and then evaluate my performance.

Mjurbin: time is GMT; entry=1.7494; point 3=1.7508. It paid 10 pips toward a 18 pip target.

Steve

Hi Guys, Just want to clear this up. When the candle that breaks the Point
2 of the 1,2,3. and the RSI is over 50 and the EMAS are crossed.
and Stoch. crossed same direction.
Do you wait for the next open of the next candle to enter the
trade. Thanks

Tcmm,
Enter as soon as it breaks point 2. If you wait for the candle to close it may have moved too far.