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How to use the 123 strategy effectively

  • #741
  • Edited 12:16am Jan 5, 2011 12:03am | Edited 12:16am
Quoting en0x
Hi all,

Trying to get my head around this, can someone please post a comment if my 1 2 placements are correct, I am just practising here , 3 is still busy forming so I havent placed it, but does this look kinda right?

btw, its audusd on the 5min.

Thanks in advance
Chris
chris, add a 38,2% level to your fib tool. we need it because that's the minimum retrace we want to see: the number 3 count MUST touch at least the first retrace level of 38,2% to be a valid trade. your count looks fine to me, although the outcome was a loss: since it keeps making lower lows, we are looking for a counter long. paulus never ever trades during asia, and i see chinawombat on higher TF's, so you may want to switch to 30mn/h1, keeping same amount of risk % you're comfortable with and simply adjusting your load.

catch you later, mate
  • #742
  • Jan 5, 2011 12:48am Jan 5, 2011 12:48am
watching this one on longer time frame
Attached Image (click to enlarge)
Click to Enlarge Name: jan0511 1-2-3 60m.gif Size: 25 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #743
  • Jan 5, 2011 1:03am Jan 5, 2011 1:03am
is anyone using this show 123 indy or is everyone doing it by hand?
Attached File(s)
File Type: mq4 show123.mq4   17 KB | 801 downloads
  • #744
  • Jan 5, 2011 1:17am Jan 5, 2011 1:17am
potential set-up
Attached Image (click to enlarge)
Click to Enlarge Name: jan0511 1-2-3 5m london open.gif Size: 23 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #745
  • Jan 5, 2011 1:21am Jan 5, 2011 1:21am
Quoting tommbstone
is anyone using this show 123 indy or is everyone doing it by hand?
easier to do by hand i feel....as some of the indi signals need to be disqualified by eye anyway
Catching a falling knife, no, I'm just trading the Gartley!
  • #746
  • Jan 5, 2011 1:33am Jan 5, 2011 1:33am
mmm...getting busy
Attached Image (click to enlarge)
Click to Enlarge Name: jan0511 1-2-3 5m london open.gif Size: 25 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #747
  • Jan 5, 2011 1:35am Jan 5, 2011 1:35am
AUD USD, is this a little better placements of my 123?
Attached Image
Survive and Preserve
  • #748
  • Jan 5, 2011 1:43am Jan 5, 2011 1:43am
Quoting en0x
AUD USD, is this a little better placements of my 123?
Looks fine... GL with your trade.
Today's zone = Tomorrow's opportunity!
  • #749
  • Jan 5, 2011 1:57am Jan 5, 2011 1:57am
Quoting ChinaWombat
mmm...getting busy
mmm...not even enough time to make a coffee and it's done
Catching a falling knife, no, I'm just trading the Gartley!
  • #750
  • Jan 5, 2011 2:00am Jan 5, 2011 2:00am
Quoting ChinaWombat
mmm...not even enough time to make a coffee and it's done
Got to love the pre LO... When I can drag by ass out of bed
Today's zone = Tomorrow's opportunity!
  • #751
  • Jan 5, 2011 2:03am Jan 5, 2011 2:03am
Morning all

Apologies if this has been covered before, but how do you trade out of an Asian session which has been consolidating? Often there are fake breakouts and I am curious how others' handle these.

Good luck to all
  • #752
  • Jan 5, 2011 2:16am Jan 5, 2011 2:16am
Quoting Delite
Morning all

Apologies if this has been covered before, but how do you trade out of an Asian session which has been consolidating? Often there are fake breakouts and I am curious how others' handle these.

Good luck to all
If you are talking about gu this am, Frankies hour pre LO, that 80 pip move was completely out of the norm which is closer to 40/50.

If it does not have a 1 2 3 set up you'll need to look elsewhere, this am your 15 min chart would help, Eyevoltage type trade but its beyond scope of this thread.
  • #753
  • Jan 5, 2011 2:18am Jan 5, 2011 2:18am
Potential 1 2 3 sell setting up.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 15 KB
  • #754
  • Jan 5, 2011 2:28am Jan 5, 2011 2:28am
Quoting Delite
Morning all

there are fake breakouts
then they become 1
Catching a falling knife, no, I'm just trading the Gartley!
  • #755
  • Jan 5, 2011 2:48am Jan 5, 2011 2:48am
triggered short, risk= 5% TP +5%
Attached Image (click to enlarge)
Click to Enlarge Name: eur-chf_h1_short.png Size: 31 KB
  • #756
  • Jan 5, 2011 2:58am Jan 5, 2011 2:58am
5m set-up
Attached Image (click to enlarge)
Click to Enlarge Name: jan0511 1-2-3.gif Size: 27 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #757
  • Jan 5, 2011 3:36am Jan 5, 2011 3:36am
just triggered risk 5% TP +5%
Attached Image (click to enlarge)
Click to Enlarge Name: G-U_5mn_short.png Size: 34 KB
  • #758
  • Jan 5, 2011 6:24am Jan 5, 2011 6:24am
Quoting bubola
just triggered risk 5% TP +5%
I also took a GBPUSD short but took an earlier trade set-up... Followed up with a long set-up. Both had SL at 50 and TP at 50. Sorry for being quite late with the charts but I just got to work.

Short trade almost hit SL on that spike up...
Attached Images
Today's zone = Tomorrow's opportunity!
  • #759
  • Jan 5, 2011 8:15am Jan 5, 2011 8:15am
+ 5%
Attached Image (click to enlarge)
Click to Enlarge Name: G-U_5mn_short.png Size: 37 KB
  • #760
  • Jan 5, 2011 8:45am Jan 5, 2011 8:45am
I also caught it...on the 15 minute TF:

http://i13.photobucket.com/albums/a2...n520110001.jpg

....I'm only playing with 2% MM until I bolster my account...once I get up about 20%, I'll then try 5% MM (currently up 11%)...

Regards,

Jeff
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