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the key to the mint

  • #4,461
  • Dec 8, 2008 7:57pm Dec 8, 2008 7:57pm
I saw this trade on the GU, but I did not take it because of the strong support at the question marks. I was afraid that if I took the trade and it did not break the support, it would lose.

Obviously this trade worked out.

My question is - should I have taken the trade understanding that there was strong support before I would have reached the target?
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 30 KB
  • #4,462
  • Dec 9, 2008 3:49am Dec 9, 2008 3:49am
Quoting wiseachoo
Hi Harold,

I've only managed to make it through this thread to page 75 or so (reading at every chance I can get). Still working my way through it since it's HUGE . I assume the revamped 123 method is explained as I make my way up to the current page of this thread?

Thanks for the confirmation on the "old" method nevertheless, as I found it to be quite straightforward and logical.

Chris
Chris - fast fwd to Post 3778 and then read on from there.
  • #4,463
  • Dec 9, 2008 3:58am Dec 9, 2008 3:58am
Quoting aboutusnow
I saw this trade on the GU, but I did not take it because of the strong support at the question marks. I was afraid that if I took the trade and it did not break the support, it would lose.

Obviously this trade worked out.

My question is - should I have taken the trade understanding that there was strong support before I would have reached the target?
aboutusnow - if that is the entry bar at 0215 CET (0115 GMT), then the 3 point is higher than the 1 point on both my platforms (I do not use MT4, so I cannot check the data exactly, but on your chart image it also looks higher), which makes it a no trade.

However, to answer your question, IF the trade had been vaild, I certainly would have taken it, but as Harold posted recently, I would have been alert to a retrace at the support you identified, ie. I would have held a small retracement, but not back beyond b/e.

HTH.
  • #4,464
  • Dec 9, 2008 7:46am Dec 9, 2008 7:46am
Quoting jtrade
aboutusnow - if that is the entry bar at 0215 CET (0115 GMT), then the 3 point is higher than the 1 point on both my platforms (I do not use MT4, so I cannot check the data exactly, but on your chart image it also looks higher), which makes it a no trade.

However, to answer your question, IF the trade had been vaild, I certainly would have taken it, but as Harold posted recently, I would have been alert to a retrace at the support you identified, ie. I would have held a small retracement, but not back beyond b/e.

HTH.
Thanks....I will take the trade next time. I mean, what do I have to lose in demo?

Points 1 and 3 both had highs of 1.4889 - so it was a valid trade. I just didn't take it.
  • #4,465
  • Dec 9, 2008 8:08am Dec 9, 2008 8:08am
Hi Guys

123 method of entry is new to me so I'm having a look around and practising identifying them. I think I'm getting better at it. Can someone confirm that the attached is indeed a valid 123 pattern.

Thanks
Highlanderx
Attached Image
  • #4,466
  • Dec 9, 2008 8:18am Dec 9, 2008 8:18am
Highlander Thats Not A 123 What You Look For Is If You Are Going Long Based On Daily Chart You First Have To Have A Downtrend Then Wait For A 123 Remember Buy Low Sell High HERES A CHART OF A TRADE LAST NIGHT I MISSED I ENDED UP TAKING A EURUSD TRADE AND LOSS
Attached Image (click to enlarge)
Click to Enlarge Name: 1.GIF Size: 41 KB
  • #4,467
  • Dec 9, 2008 8:21am Dec 9, 2008 8:21am
Hi Harold

Thanks for your input, point taken and appreciated. I will
continue to practice.

Highlanderx
  • #4,468
  • Dec 9, 2008 8:52am Dec 9, 2008 8:52am
Harold, I understand there's a trading/chat room. I'd like
to have a look if that's ok with you. Is it possible to have details of
how to get there and login?

Many Thanks
Highlanderx
  • #4,469
  • Dec 9, 2008 1:46pm Dec 9, 2008 1:46pm
Can anyone advise me of the appropriate settings for the zig zag indicator
in a 1 minbute time frame to identify 123 patterns.

Thanks in advance

Highlanderx
  • #4,470
  • Dec 9, 2008 4:25pm Dec 9, 2008 4:25pm
After having read through the revised 123 approach and comparing its complexity to the original approach in this thread, I find myself more drawn to the original approach and half-wish that this new approach had been introduced on a separate thread so that those of us using the original approach would still have a dedicated thread.

Are there many of you out there who still prefer the original approach Harold introduced us to or am I alone on this one? I find that the original approach was a bit easier on my brain.
  • #4,471
  • Dec 9, 2008 8:16pm Dec 9, 2008 8:16pm
Eurusd Long Gbpusd And Eurjpy Short
  • #4,472
  • Dec 9, 2008 8:50pm Dec 9, 2008 8:50pm
Eurjpy And Gbpusd Setting Up
  • #4,473
  • Dec 9, 2008 8:56pm Dec 9, 2008 8:56pm
Lay Off Eurjpy Over Sold
  • #4,474
  • Dec 9, 2008 9:23pm Dec 9, 2008 9:23pm
Hi Harold,

What's up with the chat room, it's closed?
LR
  • #4,475
  • Dec 9, 2008 10:01pm Dec 9, 2008 10:01pm
Quoting wiseachoo
Hi Folks,

This was the first thread that actually made me want to sign up with the forums. I made my first demo trade using the rules defined throughout the pages. I was hoping I could get some confirmation that my trade was made correctly and cleanly.

Entries are defined by the vertical green bar, exits by the vertical red bar. I used a bit of my own discretion for the exit, as we were approaching a resistance point on the hourly's in combination with the stochastics and RSI heading south.

Please refer to the attached image.

Many thanks...
Welcome, Chris.

I agree, the 1-2-3 system is little tougher to trade than one like a MA cross system. It requires more judgement. It is very profitable, though. I was doing well with it when I could trade it, but due to my work schedule I can't trade every day during the Asian session when most of the setups occur. And there aren't many at other times (that I have noticed.)

I wish you good luck trading it. Harold is the best at helping you learn. The best I have met here - by far.

By the way, what charting platform are you using?

Dave
  • #4,476
  • Dec 9, 2008 10:01pm Dec 9, 2008 10:01pm
Is it considered oversold if both the slow and fast stoch are below 20 or just if the fast stoch is below 20?
  • #4,477
  • Dec 9, 2008 11:00pm Dec 9, 2008 11:00pm
Could someone help me out by posting here, or pm me about how to get into the chat room? I have Paltalk and have logged in and tried to find it a few times lately with no luck.

I guess I have the wrong room name or something.

Thanks,
Dave
  • #4,478
  • Dec 9, 2008 11:11pm Dec 9, 2008 11:11pm
Is it still
key to mint or harold4x123
  • #4,479
  • Dec 9, 2008 11:50pm Dec 9, 2008 11:50pm
Quoting willc9009
Is it still
key to mint or harold4x123
Thanks buddy.
  • #4,480
  • Dec 10, 2008 12:24am Dec 10, 2008 12:24am
Quoting harold4x
Lay Off Eurjpy Over Sold
Thanks Harold, Just finished reading and been practicing as I have been going along. I like your system a lot and hope to learn more!!!!
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