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How to use the 123 strategy effectively

  • #821
  • Jan 6, 2011 7:13am Jan 6, 2011 7:13am
Quoting pres78
Yes and I missed them both... Any idea what caused the sudden USD surge? Don't see any news on the docket?
i didn't see any news out ....in fact the only reason i looked at cable was because of your funny picture and then the set-up was there.... so i owe you a cold beer for that headsup!
Catching a falling knife, no, I'm just trading the Gartley!
  • #822
  • Jan 6, 2011 7:17am Jan 6, 2011 7:17am
Quoting ChinaWombat
i didn't see any news out ....in fact the only reason i looked at cable was because of your funny picture and then the set-up was there.... so i owe you a cold beer for that headsup!
No problem... always nice to help out a fellow trader even if completely without knowing it. That is the problem with part time trading... If the set-up is not apparent when I pop my charts up to take a quick look and the set-up happens and triggers quickly while I am busy working at my actual full time job I miss some nice quick market snipes.

Glad you caught it though...
Today's zone = Tomorrow's opportunity!
  • #823
  • Jan 6, 2011 7:25am Jan 6, 2011 7:25am
Quoting pres78
No problem... always nice to help out a fellow trader even if completely without knowing it. That is the problem with part time trading... If the set-up is not apparent when I pop my charts up to take a quick look and the set-up happens and triggers quickly while I am busy working at my actual full time job I miss some nice quick market snipes.

Glad you caught it though...
yes, i can't spend too much time watching 5 mins either so hence why i like to have a bit longer time frame to look at... was just watching the gbpchf and usdcad (both trader Vic set-ups) then the eurusd and gbpusd just clicked

btw, have you read Suri Duddella's "Trade like the Pro's"... his ABC trade set-ups are similar to yours...very neat
Catching a falling knife, no, I'm just trading the Gartley!
  • #824
  • Jan 6, 2011 7:27am Jan 6, 2011 7:27am
Quoting ChinaWombat
yes, i can't spend too much time watching 5 mins either so hence why i like to have a bit longer time frame to look at... was just watching the gbpchf and usdcad (both trader Vic set-ups) then the eurusd and gbpusd just clicked

btw, have you read Suri Duddella's "Trade like the Pro's"... his ABC trade set-ups are similar to yours...very neat
No I haven't seen that book... will have to do a search online and check it out.
Today's zone = Tomorrow's opportunity!
  • #825
  • Jan 6, 2011 7:31am Jan 6, 2011 7:31am
Quoting ChinaWombat
yes, i can't spend too much time watching 5 mins either so hence why i like to have a bit longer time frame to look at... was just watching the gbpchf and usdcad (both trader Vic set-ups) then the eurusd and gbpusd just clicked

btw, have you read Suri Duddella's "Trade like the Pro's"... his ABC trade set-ups are similar to yours...very neat
What is trader Vic set-ups? Is that another thread here on FF?
Today's zone = Tomorrow's opportunity!
  • #826
  • Jan 6, 2011 7:35am Jan 6, 2011 7:35am
I got the same GBP trade as you CW but missed the earlier one as it all looked a bit messy. EUR also didn't look good and I ended up with 2 losers (both long). The short that you just showed Pres looked much cleaner and we had also hit a TL on the hourly. I had a look at AUDUSD yesterday from 1st Dec and it looks pretty good. What seems to work is taking alternating long and shorts like Paulus does but you can do it 24hrs rather than avoiding Asian session. That means to decide direction, just look back for a successful setup and then trade the opposite direction. Will do more rigorous backtesting and report back . . . I'm still in AUDUSD short so see how that goes.
Dream big, start small. Have it all
  • #827
  • Jan 6, 2011 7:36am Jan 6, 2011 7:36am
ok, didn't play this right...closed early both e/u and a/u shorts for +2.5% each, and my bottom line for today is a big BE.
  • #828
  • Jan 6, 2011 7:36am Jan 6, 2011 7:36am
watching this possible set-up.
Attached Image
Today's zone = Tomorrow's opportunity!
  • #829
  • Jan 6, 2011 7:38am Jan 6, 2011 7:38am
Quoting bubola
ok, didn't play this right...closed early both e/u and a/u shorts for +2.5% each, and my bottom line for today is a big BE.
BE is better than being in then red at the end of the day. I look at many of my BE days as being both a learning experience and a victory.
Today's zone = Tomorrow's opportunity!
  • #830
  • Jan 6, 2011 7:53am Jan 6, 2011 7:53am
Quoting sean007
I got the same GBP trade as you CW but missed the earlier one as it all looked a bit messy. EUR also didn't look good and I ended up with 2 losers (both long). The short that you just showed Pres looked much cleaner and we had also hit a TL on the hourly. I had a look at AUDUSD yesterday from 1st Dec and it looks pretty good. What seems to work is taking alternating long and shorts like Paulus does but you can do it 24hrs rather than avoiding Asian session. That means to decide direction, just look back for a successful setup and then trade the...
Yep the GBPUSD bounce right off that resistance trend line from yesterday's high to today's high. All 3 1hr candles that touched that line were very bearish as well.
Attached Image
Today's zone = Tomorrow's opportunity!
  • #831
  • Jan 6, 2011 7:55am Jan 6, 2011 7:55am
Quoting pres78
What is trader Vic set-ups? Is that another thread here on FF?
He is (was) one of the original guru traders, you can google Victor Sperandeo'' and/or his book, Trader Vic--Methods of a Wall Street Master.

i'm not sure if i can post the links here but for a simple overview see below.

http://gugukforex.blogspot.com/p/vic...-breakout.html

http://gugukforex.blogspot.com/p/vics-2b-topbottom.html

but many people have them on their sites

I really like the 2B set-ups (which are very complimentary to Paulus method, you can still use Paulus profit target but you may end up with a better entry and thus will have a better R:R though I'm reluctant to use it on 5 min charts).

there are a number of threads on FF about them, and other styles of 1-2-3's and they all seem to die out after about 15-30 pages as people get comfortable with the method, or they believe it's too easy and then feel the need to get a colourful whizz bang MACD, stoch, or other screen clutter
Catching a falling knife, no, I'm just trading the Gartley!
  • #832
  • Jan 6, 2011 7:58am Jan 6, 2011 7:58am
Quoting pres78
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.
Jumped in on a 123 continuation trade... TP hit at -61.8, SL at 61.8. +10% on the day. I am done for the day will watch for set-ups but not trading anymore.
Attached Image
Today's zone = Tomorrow's opportunity!
  • #833
  • Edited 8:19am Jan 6, 2011 8:08am | Edited 8:19am
Quoting sean007
I got the same GBP trade as you CW but missed the earlier one as it all looked a bit messy. EUR also didn't look good and I ended up with 2 losers (both long). The short that you just showed Pres looked much cleaner and we had also hit a TL on the hourly. I had a look at AUDUSD yesterday from 1st Dec and it looks pretty good. What seems to work is taking alternating long and shorts like Paulus does but you can do it 24hrs rather than avoiding Asian session. That means to decide direction, just look back for a successful setup and then trade the...

yes there is a lot of logic in Paulus's methodology and I believe he emphasis's it as well, alternating long positions and then short positions....and allowing that trends occur less than 20-30% (according to market lore) of the time then why not make money in the other 70% of time just going back and forth.
Catching a falling knife, no, I'm just trading the Gartley!
  • #834
  • Jan 6, 2011 8:48am Jan 6, 2011 8:48am
Quoting ChinaWombat
He is (was) one of the original guru traders, you can google Victor Sperandeo'' and/or his book, Trader Vic--Methods of a Wall Street Master.

i'm not sure if i can post the links here but for a simple overview see below.

http://gugukforex.blogspot.com/p/vic...-breakout.html

http://gugukforex.blogspot.com/p/vics-2b-topbottom.html

but many people have them on their sites

I really like the 2B set-ups (which are very complimentary to Paulus method, you can still use Paulus profit target but you may end up...
That's great I will check this out tonight.
Today's zone = Tomorrow's opportunity!
  • #835
  • Edited 10:28am Jan 6, 2011 8:53am | Edited 10:28am
GU Long

edit - failed trade
Attached Image (click to enlarge)
Click to Enlarge Name: 123.gif Size: 30 KB
  • #836
  • Edited 10:27am Jan 6, 2011 9:00am | Edited 10:27am
EU Long. Target nearly reached.

edit - failed trade after nearly reaching target.
Attached Image (click to enlarge)
Click to Enlarge Name: 123.gif Size: 23 KB
  • #837
  • Jan 6, 2011 10:30am Jan 6, 2011 10:30am
Quoting ChinaWombat
yes, i can't spend too much time watching 5 mins either so hence why i like to have a bit longer time frame to look at... was just watching the gbpchf and usdcad (both trader Vic set-ups) then the eurusd and gbpusd just clicked

btw, have you read Suri Duddella's "Trade like the Pro's"... his ABC trade set-ups are similar to yours...very neat
http://www.tradechartpatterns.com/ You may have know this but Suri also has his own blog, some neat information on it with regards to pattern trading.
Today's zone = Tomorrow's opportunity!
  • #838
  • Jan 6, 2011 11:17am Jan 6, 2011 11:17am
Potential long set-up
Attached Image (click to enlarge)
Click to Enlarge Name: 123.gif Size: 19 KB
  • #839
  • Jan 6, 2011 12:38pm Jan 6, 2011 12:38pm
A little late in the session I think, normally we would wait for the asian session to be over before entering now.
  • #840
  • Jan 6, 2011 1:19pm Jan 6, 2011 1:19pm
Quoting tradestar1
A little late in the session I think, normally we would wait for the asian session to be over before entering now.
Yes, I agree. I normally trade just London session.
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