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123 Method by lgtj

  • #141
  • Sep 30, 2010 12:34pm Sep 30, 2010 12:34pm
Quoting D liberators
wao!!! nice trade you've got.....are you still in GJ long?
No. I bailed out early with a small loss because price action wasn't looking too good.
  • #142
  • Oct 1, 2010 3:49am Oct 1, 2010 3:49am
Price has reached my BE point on eurusd. I'm currently over 350 pips in profit on this pair.
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  • #143
  • Oct 1, 2010 4:22am Oct 1, 2010 4:22am
Quoting lgtj
Price has reached my BE point on eurusd. I'm currently over 350 pips in profit on this pair.
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Nice one...

So this is a new month and time to fish for new opportunities....
Here's what i'm expecting.....

First ...USDCAD
Monthly tf, the Macd is down
Weekly tf....Macd is down, and 123 is in the making...this will be
confirmed when there's a HH,HL at the close of a week's
candle.

Daily tf......When you pull fib on points 1-2 on the wekly, it appears as
shown in the chart on the daily tf....

Going by the rules, i believe we start looking for trades only when there's a valid 123 on the weekly.

I'll be watching this closely and try posting updates here..

Any comments/corrections/observations please?...I'm learning too..
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  • #144
  • Edited 5:35am Oct 1, 2010 5:24am | Edited 5:35am

Another pair of interest to me is the AudJpy..

Entries 1 and 2 and 3 is given[shown on the first 3 charts]..but i'll look for a retrace and mark new 123 points on the weekly following the zig-zag indicator [or use your naked eyes..zig zag is just to highlight waves]...shown on chart no 4

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God's Love For You Is Sure Never You Doubt It
  • #145
  • Oct 1, 2010 5:26am Oct 1, 2010 5:26am
Another candidate may be EUR/CHF, weekly is in buy mode however we should wait for a fractal bar to form on weekly to confirm the fib levels and then wait for the daiy to retrace to around 50% level and turn into buy mode.
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Regards
  • #146
  • Oct 1, 2010 5:28am Oct 1, 2010 5:28am
Quoting D liberators
Nice one...

So this is a new month and time to fish for new opportunities....
Here's what i'm expecting.....

First ...USDCAD
Monthly tf, the Macd is down
Weekly tf....Macd is down, and 123 is in the making...this will be...
This is one pair that I stay away from because I don't like the erratic price action. Look at my charts. As you can see, the monthly is in sell mode, the weekly is in sell mode, and the daily is currently in buy mode and appears to be going into sell mode. But look at the price action on the weekly and daily charts. There are no real 123 patterns because price action is too choppy. I personally would just ignore this pair.
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  • #147
  • Oct 1, 2010 5:43am Oct 1, 2010 5:43am
Quoting D liberators

Another pair of interest to me is the AudJpy..

Entries 1 and 2 and 3 is given[shown on the first 3 charts]..but i'll look for a retrace and mark new 123 points on the weekly following the zig-zag indicator [or use your naked eyes..zig zag is just to highlight waves]...shown on chart no 4

Audjpy monthly is in buy mode. The weekly is in buy mode and point 1 has been established. We must wait for price to retrace at this point in order for point 2 to be established. If you look at your daily chart, the macd is turning south which could mean that point 2 is about to be established. We must wait and see.
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  • #148
  • Oct 1, 2010 5:48am Oct 1, 2010 5:48am
Here's audjpy daily. We may have a retracement in process.
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  • #149
  • Oct 1, 2010 5:50am Oct 1, 2010 5:50am
Quoting howard
Another candidate may be EUR/CHF, weekly is in buy mode however we should wait for a fractal bar to form on weekly to confirm the fib levels and then wait for the daiy to retrace to around 50% level and turn into buy mode.
Hello Howard and welcome. I have to go to work now, but I'll comment about your post with charts when I get home later on. Stick around.
  • #150
  • Oct 1, 2010 6:26am Oct 1, 2010 6:26am
Quoting lgtj
This is one pair that I stay away from because I don't like the erratic price action. Look at my charts. As you can see, the monthly is in sell mode, the weekly is in sell mode, and the daily is currently in buy mode and appears to be going into sell mode. But look at the price action on the weekly and daily charts. There are no real 123 patterns because price action is too choppy. I personally would just ignore this pair.
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Yes lgtj, no 123 yet and thats why i said its forming....i've checked and seen that it works well on this pair too as it does for most if nt all pairs as well...

Howard, i dnt know why, but the revious closed week on my charts shows Chf weekly macd in sell mode, but am positive it will cross to buy mode by this week's close, so i'll be watching....

GJ is still valid for Long when 4hr macd heads up...will post charts as soon as i can.....

Well done guys..i see great potential in this thread...
God's Love For You Is Sure Never You Doubt It
  • #151
  • Edited 7:02am Oct 1, 2010 6:49am | Edited 7:02am
Quoting D liberators
Yes lgtj, no 123 yet and thats why i said its forming....i've checked and seen that it works well on this pair too as it does for most if nt all pairs as well...

Howard, i dnt know why, but the revious closed week on my charts shows Chf weekly macd in sell mode, but am positive it will cross to buy mode by this week's close, so i'll be watching....

GJ is still valid for Long when 4hr macd heads up...will post charts as soon as i can.....

Well done guys..i see great potential in this thread...
Hi

Last week's close was in fact in sell mode, but this week's close which is today will turn it into buy mode if the bar closes around where it is now.
Regards
  • #152
  • Edited 9:57am Oct 1, 2010 7:39am | Edited 9:57am
Here's what i see on GJ....Monthly is in buy mode....
There was an ealier entry which actually gave 100+ pips before retracing...but i believe we still may have an opportunity to go long again...
On the weekly,......a break of 135.758 should give us a long entry...

On the daily.......a possible 123 again may give entry on the 4 hr tf

Will watch closely and try to post updates here....
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  • #153
  • Oct 1, 2010 9:55am Oct 1, 2010 9:55am
Though i dont have this pair on my live acct, i just couldn resist posting it for those who have it..i'll trade it on my demo platform to see hw it goes..

Explanations are on the charts.....

I've realised that when entry has been preceded by the right wave/trend orientation, price moves well in the entry direction b4 it retraces....

What i mean is this.....here for instance, we had a long entry, price was making HH, HL [complete ABCD] on the daily before the entry, and it moved well before retracing....

If you check the GJ long entry, price was not yet making a ABCD and it stalled for a while....perhaps more stop loss was needed for the present retracement and should not have been a lost trade....

Hope i'm making a point....simple and clear enough..dont want to sound too techy like the 'professionals'' do...lol
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God's Love For You Is Sure Never You Doubt It
  • #154
  • Oct 1, 2010 3:28pm Oct 1, 2010 3:28pm
Quoting howard
Another candidate may be EUR/CHF, weekly is in buy mode however we should wait for a fractal bar to form on weekly to confirm the fib levels and then wait for the daiy to retrace to around 50% level and turn into buy mode.
Ok howard I'm back now. There are two possible scenarios that I see for this pair. First scenario: The monthly macd is in sell mode. The weekly macd just closed in buy mode. The daily chart macd has been in buy mode for a while and has stalled at the weekly trendline. Also, if price touches that trendline, it will be the third touch. Usually when price retraces and touches a trendline the third time during a strong trend, price will bounce off of the trendline and continue in the original direction. This could be a retracement in the monthly downtrend. Look at the charts below.
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  • #155
  • Oct 1, 2010 3:34pm Oct 1, 2010 3:34pm
Second scenario: This also could be a continuation of the previous 123 pattern. Price has stalled at the weekly trendline and the 23.6% fib of the previous 123 pattern. Also, when price touches the trendline, it will be the third touch as I explained in my last post. So I wouldn't expect to go long with this pair just yet. Look at the charts below.
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  • #156
  • Oct 1, 2010 3:49pm Oct 1, 2010 3:49pm
Quoting D liberators
Here's what i see on GJ....Monthly is in buy mode....
There was an ealier entry which actually gave 100+ pips before retracing...but i believe we still may have an opportunity to go long again...
On the weekly,......a break of 135.758 should give us a long entry...

On the daily.......a possible 123 again may give entry on the 4 hr tf

Will watch closely and try to post updates here....
Gbpjpy daily macd went back into sell mode yesterday. Although the weekly macd is still in buy mode, it is showing weakness. I'll be on the sidelines with this pair for now.
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  • #157
  • Oct 2, 2010 7:33am Oct 2, 2010 7:33am
Quoting lgtj
Gbpjpy daily macd went back into sell mode yesterday. Although the weekly macd is still in buy mode, it is showing weakness. I'll be on the sidelines with this pair for now.
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Sure lgtj....will only trade if the set up is there...
God's Love For You Is Sure Never You Doubt It
  • #158
  • Oct 7, 2010 7:05am Oct 7, 2010 7:05am
Quoting lgtj
Look at these charts of gbpusd. First, the monthly chart macd is in buy mode. Second, the weekly chart macd is in buy mode and formed a 123 pattern. Third, price retraced, and the macd went into sell mode on the daily chart. Fourth, the macd went back into buy mode. I'm currently in entries 1 and 2, and I'm patiently waiting on entry 3.

Entries on the daily chart:
1) early entry
2) add-on entry
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Simple method, but very powerful!!!
Time for entry 3?
God's Love For You Is Sure Never You Doubt It
  • #159
  • Oct 7, 2010 7:18am Oct 7, 2010 7:18am
Quoting D liberators
Time for entry 3?
Yes. I placed a buy order 1 pip above the high last nite. Let's see what happens. I can't post a chart because I'm at work.
  • #160
  • Oct 7, 2010 9:00am Oct 7, 2010 9:00am
EUR-GBP... W1-D1-H4
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