123 Method by lgtj | Page 4 | Forex Factory

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123 Method by lgtj

  • #61
  • Sep 28, 2010 6:15am Sep 28, 2010 6:15am
PERFECT LGTJ
  • #62
  • Sep 28, 2010 6:27am Sep 28, 2010 6:27am
Quoting porfirio
PERFECT LGTJ
Thank you!
  • #63
  • Sep 28, 2010 6:51am Sep 28, 2010 6:51am
i remember when i first started trading i checked out 123. Didn't do anything for me.
  • #64
  • Sep 28, 2010 7:15am Sep 28, 2010 7:15am
Good strategy you have here and more true of its effectiveness on higher time frames.

I trade a similar method on 4hr tf [ I call it Change in orientation point..CIOP] and i use the RSI instead..i also trade the retracement of a CIOP at 618 fib. and its been a good method..so am sure your approach is good too....i agree totally with you that this requires PATIENCE and DISCIPLINE [2 words that has made or mar Fx traders].

I will be looking at this thread from time to time and hopefully put in my 2 cents too


If i may ask why limit yourself to the few pairs you trade...have you tested other pairs and found them not suited to this strategy?

I trade my approach on 25 pairs.... so just wondering the few pairs in yours..perhaps i might gain an insight from you...

Many thanks.....
God's Love For You Is Sure Never You Doubt It
  • #65
  • Sep 28, 2010 7:58am Sep 28, 2010 7:58am
Quoting fxvoilaaa
i remember when i first started trading i checked out 123. Didn't do anything for me.
Hello fxvoilaaa and welcome. Maybe you weren't patient enough with the 123 strategy. Follow along and you'll see how effective this method really is.
  • #66
  • Sep 28, 2010 8:09am Sep 28, 2010 8:09am
Quoting D liberators
Good strategy you have here and more true of its effectiveness on higher time frames.

I trade a similar method on 4hr tf...
Hello Dliberators and welcome. I'm honored to have you post on my thread. I've learned a lot from your threads and your contributions on other threads. Your 2 cents is welcomed. I only trade these pairs because from my experience, they have the best trends, volatility, and their spreads are reasonable. Also with this method, there will be multiple entries on just one pair. If I were to trade this method across many more pairs, I would have too many trades open at once. So I'll just stick to these pairs for now. I might add a few more in the future.
  • #67
  • Sep 28, 2010 9:29am Sep 28, 2010 9:29am
Hi Igtj,

According to the entry rules:
1. If entry base on D1, 123 is determined from Weekly chart and fib draw from Weekly chart too. Confirm MACD from Monthly, Weekly and Daily.

2. If entry base on H4, 123 is determined from Daily chart and fib draw from Daily chart too. Confirm MACD from Weekly, Daily and H4.

Please correct me if am wrong.
  • #68
  • Sep 28, 2010 9:34am Sep 28, 2010 9:34am
Quoting Kasapreko
Hey Sam,
what reason should make you enter earlier when price hasnt breached the high swing on the weekly chart
and again,whats up with the 5m chart at the right end corner of your chart? is there anything youre amplyfing
ciao!
Hi Kasapreko,

M5 chart is just my habit to place on chart which I used to determine my entry base on it previously. I may not need it for this thread.
  • #69
  • Sep 28, 2010 10:01am Sep 28, 2010 10:01am
Can you give us an idea on Money Management.
I ask this cause I know a trade can take up 20days to hit its target,so during this time we see more signals;do we take them instead a waiting a month for 1 or two trades that are on that might eventally go against us?
Im just asking for help how one can best manage trades using this method
  • #70
  • Edited 10:59am Sep 28, 2010 10:44am | Edited 10:59am
Quoting lgtj
Hello Dliberators and welcome. I'm honored to have you post on my thread. I've learned a lot from your threads and your contributions on other threads. Your 2 cents is welcomed. I only trade these pairs because from my experience, they have the best trends, volatility, and their spreads are reasonable. Also with this method, there will be multiple entries on just one pair. If I were to trade this method across many more pairs, I would have too many trades open at once. So I'll just stick to these pairs for now. I might add a few more in the future....
Ok sir.

Just some questions......1. Do you look at the previous closed candle or at the present ongoing open candle when you want to confirm MACD direction on the higher time frames.

2. When you use the 123 entry, do u look at the MACD and or Moving averages?

3. If we are to wait for 123 on say weekly to plot fib on 1-2 and wait for retrace, then we wont have the retrace to watch on daily, because this implies that it would have happened for us to know its a 123 hence no rertrace to watch...Will i be right then to say we anticipate 123 on an opposite trend, pull fib on the present opposite wave and anticipate it to fail?

Please forgive me and just refer to post no, if these questions have been previously answered.

Thank you.
God's Love For You Is Sure Never You Doubt It
  • #71
  • Sep 28, 2010 10:45am Sep 28, 2010 10:45am
Quoting lgtj
There's a set up happening now on gbpjpy daily. I'm in at 133.712. Let's see what happens. The monthly and weekly charts confirm the daily.
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Hi

I see 3 entries on your chart, the 2nd one is an add-on entry based on an IB, could you explain how the other 2 have been determined.

Thanks
Regards
  • #72
  • Sep 28, 2010 10:46am Sep 28, 2010 10:46am
Quoting sam2vt
Hi Igtj,

According to the entry rules:
1. If entry base on D1, 123 is determined from Weekly chart and fib draw from Weekly chart too. Confirm MACD from Monthly, Weekly and Daily.

2. If entry base on H4, 123 is determined from Daily chart and fib draw from Daily chart too. Confirm MACD from Weekly, Daily and H4.

Please correct me if am wrong.
That's correct!
  • #73
  • Sep 28, 2010 10:49am Sep 28, 2010 10:49am
Dear lgtj but the histogramm of MACD did not cross the zero line on montly and weekly charts on euro/usd,so how to buy euro?
  • #74
  • Sep 28, 2010 10:53am Sep 28, 2010 10:53am
Quoting Kasapreko
Can you give us an idea on Money Management.
I ask this cause I know a trade can take up 20days to hit its target,so during this time we see more signals;do we take them instead a waiting a month for 1 or two trades that are on that might eventally go against us?
Im just asking for help how one can best manage trades using this method
If you're fairly new to forex, I would suggest that you don't take no more than two entries per pair because there will be some draw down. And if you don't understand price action, you'll panic and exit your trades prematurely. When trading on the higher time frames, PATIENCE is needed. It takes time for the trades to develop, but eventually they will as long as you're trading with the trend.
  • #75
  • Sep 28, 2010 11:01am Sep 28, 2010 11:01am
Quoting lgtj
If you're fairly new to forex, I would suggest that you don't take no more than two entries per pair because there will be some draw down. And if you don't understand price action, you'll panic and exit your trades prematurely. When trading on the higher time frames, PATIENCE is needed. It takes time for the trades to develop, but eventually they will as long as you're trading with the trend.
thanks! point taken.
What I want to know is whats the highest amount of trades you can afford to have on at once?
  • #76
  • Sep 28, 2010 11:05am Sep 28, 2010 11:05am
Im currently buying gbpjpy live @ 132.54 SL 129.05 TP 135.03 (its a 4hr entry) Let me know if its a good trade Igtj
  • #77
  • Sep 28, 2010 11:52am Sep 28, 2010 11:52am
Quoting D liberators
Ok sir.

Just some questions......1. Do you look at the previous closed candle or at the present ongoing open candle when you want to confirm MACD direction on the higher time frames.

2. When you use the 123 entry, do u look at the MACD and or Moving averages?

3. If we are to wait for 123 on say weekly to plot fib on 1-2 and wait for retrace, then we wont have the retrace to watch on daily, because this implies that it would have happened for us to know its a 123 hence no rertrace to watch...Will i be right then to say we anticipate 123 on...
1. The previous closed candle.
2. The macd. I use the 21sma to show momentum and the 200ema for overall trend direction and s&r
3. I look at the weekly chart to see if there is a retracement in place. If there isn't, then I monitor the daily time frame. If there is a retracement on the weekly, then I draw my fibs to points 1 and 2 on the weekly and drop down to the daily to wait for an entry. I wouldn't anticipate an opposite trend and wait for a failure.
  • #78
  • Sep 28, 2010 11:55am Sep 28, 2010 11:55am
Quoting howard
Hi

I see 3 entries on your chart, the 2nd one is an add-on entry based on an IB, could you explain how the other 2 have been determined.

Thanks
The first one was an inside bar on the daily chart. The second one was an entry on the 4H chart when the macd went back into buy mode. The third one was another inside bar that formed yesterday.
  • #79
  • Sep 28, 2010 11:57am Sep 28, 2010 11:57am
Quoting lite27
Dear lgtj but the histogramm of MACD did not cross the zero line on montly and weekly charts on euro/usd,so how to buy euro?
Post a chart so that I can see your macd.
  • #80
  • Sep 28, 2010 11:59am Sep 28, 2010 11:59am
Quoting Kasapreko
thanks! point taken.
What I want to know is whats the highest amount of trades you can afford to have on at once?
It all depends on how many valid set ups that you see on any pair. On a previous post, I showed that eurusd had about 5 valid entries. Also it all depends on how much money you have in your account.
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