the key to the mint

This is an excellent strategy, cuts down on indecision. my trade for today

i dont see 123 setup there bill but here was one during asian session

I didn't enter based on a 1-2-3 movement. I entered based on your first set of rules. When Stoch is crossed in direction of daily, and RSI is below 50.I wait till it is below 45 then I scale down to the 15 minute chart and exact the entry........

hey dollar that was never my rules

Even though I don't post as much I once did in this thread it is still my favorite. It's the first I check on almost every day and I still trade using harold's great method.

Just wanted to wish everyone here a HAPPY AND PEACEFUL holiday season, and a prosperous 2009. Merry Christmas.

The only thing I noticed wrong with Dollar was RSI set to 21 - Otherwise why are the rules off? Daily signal then follow hrly. When did the 123 and the 15 minute chart come in to play?

merry christmas

Merry Christmas to you too Harold and thankyou.

Merry Christmas Harold and everyone else.

Merry Christmas To Everyone,thank You Harold For Sharing Your Knowledge!!!

Merry Christmas & Happy Holidays to everyone here.

Especially you Harold. You are giving help & hope to many struggling traders (like me) and I applaud you for that.

Here's a small gift for everyone:
It's a youtube video called "The Whipsaw Song" by trading legend Ed Seykota.
It's not new -- it's been here before -- but it's funny and it's something to keep you entertained while you wait for the next trade. I hope you enjoy it.



Best wishes,
PistolDave

planning the trade
as we begin a new year i would like those that have been following this thread as well as everyone out there who is seeking ways to make money trading the forex to think about a few things. i know i havent posted much lately holidays,market thinning out etc and i have a new project starting the begining of the year. With that said let me discuss a few things. the title of this message is planning the trade. planning the trade has a few aspects to it not just putting some indicators on a charts and say ready set go.the goal obvious in trading is making money that concept might seem redundent but if you dont have a viable money management sceme in place YOU WILL NOT MAKE MONEY!!!!! It is true that 95% of traders lose and the reason is money management. I have been at this thing for 8 yrs and in my findings i have not found a daytrading method that can consistently be traded to get a 3 or 4 to 1 risk to reward. Long term yes short term no. Remember i said consistently. So then a 1 to 1 risk should be your goal. So now you need something that historically can give at least 51% winners. Historiclly doesnt mean taking a few indicators putting them on a chart while the pair is in a trend and say wow look what i found. Consistenly means what did it do in 1999 2001 etc. also what did method do when it wasnt trending did you get whipsawed to death. To all of those who search this and other forums in search of that combination of indicators or that special indicator that someone made this important message is for you there is no magic bullit!!! Every indicator known to man gives you info after the price has already moved so with that knowledge stop looking for the fortune telling indicator it does not nor ever will exsist. Think about it the word indicator means some that indicates a change but no guarentees. So then what is a trader to do? Well daytraders are technical in there approach which is to say they interpet charts and there patterns. So if we have higher highs and higher lows we have an uptrend. See yoiu can figure that out without any indicators. Now indicators can be used to confrim price action and thats about it. i use 2 ema's ( or as i look at them moving trendlines) because they show the price being contained by them just like a straight trendline. I use an rsi to show if momentum is being indicated. and the stoch shows me if price is in over bought or over sold conditions. this gives you a complet picture of the market. Now i know some who read this will say too much work for me i won't believe so i will search and find well thank you because it will be your money that ends up in my pocket do as you will. Back to money management it is used not for the wins but for the losses heres and example if i have 10000 and i risk 3% of account that risk is 300 if i lose i now have 9700 now heres a question students what should be the risk on next trade? well if you said 291 well you are wrong and heres why if i trade that amount and win account only goes back to 9991 so i have 1 win and 1 loss and i end up losing 9 dollars it may not be much but when you get up in the big numbers it mounts up so the answer is to trade the next trade at same risk the only time risk increases is when new highwater mark is reach so back to example 1 loss 1 win brings account back to 10000 and next win brings account to 10300 so now my risk is309. remember we sell when price trends up first that why its sell high reverse for buys which are when trends are down so we buy low. My hope is whoever reads this will stop and think and plan the entire trade there are some other things while in the trade but i will just say manage the trade have a prosperous 2009 my posts will be few but i will still posts some charts

eurjpy and eurusd longs and gbpusd shorts

The post on planning the trade was great. Thanks again, harold.

hi harold.

many thanks for your continued postings. and happy new year

your thread is gold.

Hi harold or others,

I do occasionally trade using key to the mint.
I felt it required alot of patience and discipline.
No doubt that the trade taken is most of the time
turn out positive trade. I had to asked a few more questions.

q1) While waiting for the trade setup to occur. It always come so close and then turn out not valid. But, once you go for dinner or rest for a 30-40 minutes. Upon coming back, you found out you missed the trade. Very frustrating. Do you guys alway monitor at the computer screen? or sometimes watch online movies while waiting. or totally focused?

q2) My second problem is i closed my profit too early. I normally buy/sell lot size of 0.5. evertime, the price went past the point 2 of the 123 setup. And normally evertime it went positive for about 5-6 pips. It doesnt move much for a while. I always closed 0.3 lot. And always upon i closed the lot size, it burst up alot. am i closing too early? because it doesnt sense if i risking 24pips to capyure my 5-6 pips?

q3) Is the paltakscene still going on? i already created a user. my user name is vincentlim

q4) Is the chart i attached a valid 123 setup. i looking for long on eur/usd.
Still got problem identifying those.


Thanks
rregards
vin

Yo Vincent...

Here are my possible ans for ya!!
I typed them in Blu

Sonic

q1) While waiting for the trade setup to occur. It always come so close and then turn out not valid. But, once you go for dinner or rest for a 30-40 minutes. Upon coming back, you found out you missed the trade. Very frustrating. Do you guys alway monitor at the computer screen? or sometimes watch online movies while waiting. or totally focused?

I guess the TF that u r trading on is too fast for ya..In stead of M5, example u can try trade on H1 or H4..or even D1 TF...
By going the higher TF, u will noticed that a lot of noise (up/down) are canceled,, and see the trend clearly.. The only draw back for higher TF is its R/R.. Your SL can't be too tight..if the risk it too much for u, you can reduce ur risk by lowering ur lot size or ur leverage..

But another importance point is whatever TF u r in (be it M5 or D1)... wait until the candle close....that is the minimum patience needed to be a successful trader..

q2) My second problem is i closed my profit too early. I normally buy/sell lot size of 0.5. evertime, the price went past the point 2 of the 123 setup. And normally evertime it went positive for about 5-6 pips. It doesnt move much for a while. I always closed 0.3 lot. And always upon i closed the lot size, it burst up alot. am i closing too early? because it doesnt sense if i risking 24pips to capyure my 5-6 pips?

I think it is something to do with TP.. The easiest and no brainer way to keep ur money safe and let ur profit ride is using Trailing Stop.

An experience trader will use possible PPZ(Pivot Point Zone) to set his TP... It need the understanding of Support and Resistance level...He will decide on SL and possible TP at the time of the entry.
Many of the systems here fail on that... Most only teach about entry point and SL..no one tell u much about TP..U can learn much of this style from "Jame16 or No brainer Threads"


q3) Is the paltakscene still going on? i already created a user. my user name is vincentlim

q4) Is the chart i attached a valid 123 setup. i looking for long on eur/usd.
Still got problem identifying those.

As u can see in ur RSI ... u shd be constantly looking for LONG...
123 set up is just another name of abc or Higher Low for Long and Lower higher for Short...I will Long at 1.4175, it I were u...

Vincent,

Sonic is a great guy always wanting to help others , but he is not answering from the point of view of the key to the mint method, which I will attempt to do :

q1) That is day trading : you will inevitably miss LOTS of trades, but there will always be another one. Harold sometimes goes for days without a trade.... but look at his results. ALL trading requires patience & discpline and you say you "sometimes" trade key to the mint. You have to find a method and stick to it : don't do anything else until you are profitable (but of course you have to find a method you can actually trade).

q2) Write out the rules and stick to them : easier said than done, of course. There have been several posts on this in recent weeks. I read my rules out loud before trading every morning and after every losing trade (to refocus my positive intent). Read all you can about trading psychology and learn methods to deal with your emotions to stop fear of loss from sabotaging your trading.

q3) Don't know about paltalk situation .... Harold ?

q4) Looks like the valid trade entry was 8 or 9 bars earlier than your number 1 bar (I'm not trading this week, so my platforms are staying closed) - Harold has posted lots of charts : read all his posts, think about why he keeps repeating himself over and over, and study his charts. Think about what is preventing you from following his simple rules.

The road to trading success is very similar to the path to spiritual enlightenment : very, very simple, but mostly appearing almost impossibly difficult.

But appearances can be deceptive...

HAPPY NEW YEAR to all the KTMers out there and one last HUGE THANK-YOU to Harold4X .

I am training a very small group from next week in "my" slightly modified way of trading Harold's method, so will not be posting much here or anywhere else for the foreseeable future.... hey, while I'm at it, thanks also to ozziedave, whose posts on this thread were very helpful to me (he posted some GREAT charts some months back), Vantage for his HLLH thread, and Newtron Bomb for the best, clearest description of the serious way to trade breakouts (on his thread).

Peace & love to one and all.

hi harold,

would you also trade this?
Daily short on gbdusd.

The rsi is at 48.5 at the close of that candle.
I forgot to check whether did it cross when it pass point 2

regards
vin

good post jtrade and for this trade vincente if the rsi crossed 50 at break of point 2 and the ema and stochs did to its a go i personally stopped trading till jan 5 markets to thin i written a post a few back titled planning the trade you need to read it and think about it. if a trader cant develop disipline and patience and pacient to be disiplined he might as well hang them up because all he will do is give his money away to brokers