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How to use the 123 strategy effectively

  • #801
  • Jan 6, 2011 6:13am Jan 6, 2011 6:13am
GU long 1.5484
EU long 1.3111
  • #802
  • Jan 6, 2011 6:57am Jan 6, 2011 6:57am
e/u long stopped out -5%. down 10% today
  • #803
  • Jan 6, 2011 7:05am Jan 6, 2011 7:05am
Quoting bubola
e/u long stopped out -5%. down 10% today
It seems as if 1 and 3 were forming double bottom as opposed to higher low.

Was this true on your chart?
Regards
  • #804
  • Jan 6, 2011 7:09am Jan 6, 2011 7:09am
Quoting howard
It seems as if 1 and 3 were forming double bottom as opposed to higher low.

Was this true on your chart?
hi howard... have a difference of 1.5 pips..maybe not enough
  • #805
  • Jan 6, 2011 7:17am Jan 6, 2011 7:17am
Quoting bubola
hi howard... have a difference of 1.5 pips..maybe not enough
Hi

That is true not enough, Paulus had a losing trade the other day with near double bottom like this one and decided that 3 must be a visible higher low, a real 3.
Regards
  • #806
  • Jan 6, 2011 7:22am Jan 6, 2011 7:22am
Quoting howard
Hi

That is true not enough, Paulus had a losing trade the other day with near double bottom like this one and decided that 3 must be a visible higher low, a real 3.
makes sense, i'll adjust trading plan

UPDATE: g/u long hit tp +5%
  • #807
  • Jan 6, 2011 7:25am Jan 6, 2011 7:25am
Its just one of those things, eur did nothing all day and an hour before news it could do anything.

At times like that if you are to take trade re-consider 5% unless you are mentally very strong to take a 10% hit in a day. I know I'm not that way inclined.

Hopefully you stayed in gu trade and got some back. Ok I see you did.
  • #808
  • Jan 6, 2011 7:26am Jan 6, 2011 7:26am
Quoting howard
Hi

That is true not enough, Paulus had a losing trade the other day with near double bottom like this one and decided that 3 must be a visible higher low, a real 3.
Double bottoms work fine. IMHO.
  • #809
  • Jan 6, 2011 7:31am Jan 6, 2011 7:31am
Quoting Vantage
Its just one of those things, eur did nothing all day and an hour before news it could do anything.

At times like that if you are to take trade re-consider 5% unless you are mentally very strong to take a 10% hit in a day. I know I'm not that way inclined.

Hopefully you stayed in gu trade and got some back. Ok I see you did.
hi vantage...i'm demoing and risking 5% for all trades, just to be consistent. when i'll go live i'll start with a lower %, and then increase it gradually as i gain experience and confidence. by the way, i follow your thread every day, and i do take H/L entries as well. my regards to mrs V
  • #810
  • Jan 6, 2011 7:39am Jan 6, 2011 7:39am
Quoting bubola
hi vantage...i'm demoing and risking 5% for all trades, just to be consistent. when i'll go live i'll start with a lower %, and then increase it gradually as i gain experience and confidence. by the way, i follow your thread every day, and i do take H/L entries as well. my regards to mrs V
Cheers b.

Ok but I'd always recommend trading demo in the same manner you want to trade live.
  • #811
  • Jan 6, 2011 8:14am Jan 6, 2011 8:14am
so, since london open we had only one valid set up? (by Paulus rules)
  • #812
  • Jan 6, 2011 8:17am Jan 6, 2011 8:17am
long e/u triggered
  • #813
  • Jan 6, 2011 8:19am Jan 6, 2011 8:19am
Second trade of the day... this one a winner bringing me back to even for the day.
Attached Image
Today's zone = Tomorrow's opportunity!
  • #814
  • Jan 6, 2011 8:25am Jan 6, 2011 8:25am
3rd Trade (well sort of)... I took this set-up at same time as USDCHF as when I see one or the other setting up I check the opposite pair as I find they share movements at times. +5% for the day.
Attached Image
Today's zone = Tomorrow's opportunity!
  • #815
  • Jan 6, 2011 8:36am Jan 6, 2011 8:36am
I have avoided both the EURUSD and GBPUSD today as I just don't like the looks of the set-ups that have been forming. Took a look a minute ago at the GBPUSD 5 min chart and ever since that big news spike drop it's almost as if the chart is smiling at us
Attached Image
Today's zone = Tomorrow's opportunity!
  • #816
  • Jan 6, 2011 9:01am Jan 6, 2011 9:01am
maybe it will smile for me... there is also eurusd entry as well but market has moved too fast to show it
Attached Image (click to enlarge)
Click to Enlarge Name: jan0611 1-2-3.gif Size: 28 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #817
  • Jan 6, 2011 9:06am Jan 6, 2011 9:06am
stopped out again on e/u long -5%...but already short on a/u and e/u continuation 123 short. i did not enter short on g/u, as from point 1 to point 2 i like to see more than 1 candle in between
  • #818
  • Jan 6, 2011 9:07am Jan 6, 2011 9:07am
Quoting ChinaWombat
maybe it will smile for me... there is also eurusd entry as well but market has moved too fast to show it
Yes I see (and missed) that quick short entry that appear and has already cashed out on the EURUSD.
Attached Image
Today's zone = Tomorrow's opportunity!
  • #819
  • Jan 6, 2011 9:08am Jan 6, 2011 9:08am
Quoting ChinaWombat
maybe it will smile for me... there is also eurusd entry as well but market has moved too fast to show it
both done.... really have to be on your toes for these 5 min markets!
Catching a falling knife, no, I'm just trading the Gartley!
  • #820
  • Jan 6, 2011 9:10am Jan 6, 2011 9:10am
Quoting ChinaWombat
both done.... really have to be on your toes for these 5 min markets!
Yes and I missed them both... Any idea what caused the sudden USD surge? Don't see any news on the docket?
Today's zone = Tomorrow's opportunity!
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