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How to use the 123 strategy effectively

  • #901
  • Jan 10, 2011 6:46am Jan 10, 2011 6:46am
This one is still running... not looking too good. SL at point 1, TP at -100.
Attached Image
Today's zone = Tomorrow's opportunity!
  • #902
  • Jan 10, 2011 7:01am Jan 10, 2011 7:01am
Quoting pres78
Can you take a 2B short set-up using a higher high even when at the bottom of a down move?
depends if you consider it range bound or in a trend... if it's trending then the 2B doesn't need to be as 'significant looking' as it would in a range...

fridays NY low is here so longer time frame is a bullish 2B. Price is a bit messy so may need to let it sort itself out to determine where it needs to go..
Catching a falling knife, no, I'm just trading the Gartley!
  • #903
  • Jan 10, 2011 7:03am Jan 10, 2011 7:03am
Quoting pres78
This one is still running... not looking too good. SL at point 1, TP at -100.
SL hit... back to +5% for the day.
Today's zone = Tomorrow's opportunity!
  • #904
  • Jan 10, 2011 7:30am Jan 10, 2011 7:30am
2B setup
Attached Image (click to enlarge)
Click to Enlarge Name: jan1011 1h 2b.gif Size: 21 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #905
  • Jan 10, 2011 7:34am Jan 10, 2011 7:34am
possible 123 set-up but coming into strong resistance
Attached Image (click to enlarge)
Click to Enlarge Name: jan1011 1h 123.gif Size: 24 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #906
  • Jan 10, 2011 7:44am Jan 10, 2011 7:44am
In this 2B trade... I haven't decided which TP to go for. First one is 1:1 and has proven to be a conjestion area / support today... TP 2 would be 1.7:1 and was also an area of conjestion / support.
Attached Image
Today's zone = Tomorrow's opportunity!
  • #907
  • Jan 10, 2011 7:46am Jan 10, 2011 7:46am
Vic123....
Attached Image (click to enlarge)
Click to Enlarge Name: jan1011 vic 123 30m eurusd.gif Size: 25 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #908
  • Jan 10, 2011 7:47am Jan 10, 2011 7:47am
Since the risk per trade is the same amount on either I would take the closest TP setup.
As for me I wouldn't take the trade at all.
  • #909
  • Jan 10, 2011 8:40am Jan 10, 2011 8:40am
Quoting tradestar1
Since the risk per trade is the same amount on either I would take the closest TP setup.
As for me I wouldn't take the trade at all.
Well then it's a good thing you didn't.
Today's zone = Tomorrow's opportunity!
  • #910
  • Jan 10, 2011 8:44am Jan 10, 2011 8:44am
Quoting pres78
In this 2B trade... I haven't decided which TP to go for. First one is 1:1 and has proven to be a conjestion area / support today... TP 2 would be 1.7:1 and was also an area of conjestion / support.
Set it for TP2 when I left for lunch and it was hit. Risked 18 pips and collected 31. I traded this one for pips not % of account... the math worked out that risked around my normal 5% if the SL was hit but collected 8.5% since it was a successful trade.
Today's zone = Tomorrow's opportunity!
  • #911
  • Jan 10, 2011 8:46am Jan 10, 2011 8:46am
Quoting pres78
Set it for TP2 when I left for lunch and it was hit. Risked 18 pips and collected 31. I traded this one for pips not % of account.
nice trade...and nice stretch of the RR... i was going sugest bank half, and aim for .9910
Catching a falling knife, no, I'm just trading the Gartley!
  • #912
  • Jan 10, 2011 8:50am Jan 10, 2011 8:50am
2B set-up & last one tonight...set-up under the rules on the 30M
Attached Image (click to enlarge)
Click to Enlarge Name: jan1111 2b h1 uschf.gif Size: 18 KB
Catching a falling knife, no, I'm just trading the Gartley!
  • #913
  • Jan 10, 2011 9:05am Jan 10, 2011 9:05am
Quoting ChinaWombat
2B set-up & last one tonight...set-up under the rules on the 30M
Why did you not sell at the bottom of the green up bar since it was the one the broke the previous high?
Today's zone = Tomorrow's opportunity!
  • #914
  • Jan 10, 2011 9:32am Jan 10, 2011 9:32am
Quoting pres78
Set it for TP2 when I left for lunch and it was hit. Risked 18 pips and collected 31. I traded this one for pips not % of account... the math worked out that risked around my normal 5% if the SL was hit but collected 8.5% since it was a successful trade.
Way to go......
  • #915
  • Jan 10, 2011 9:37am Jan 10, 2011 9:37am
Quoting tradestar1
Way to go......
Thanks... my first attempt at one of those 2B trades.
Today's zone = Tomorrow's opportunity!
  • #916
  • Jan 10, 2011 4:18pm Jan 10, 2011 4:18pm
Quoting pres78
Why did you not sell at the bottom of the green up bar since it was the one the broke the previous high?
the set-up was on the 30 minutes, with the entry at the low of the second red bar that had closed below the prior high, and you're correct for the entry based on hourlys, should have posted the 30M chart to avoid the confusion..
Catching a falling knife, no, I'm just trading the Gartley!
  • #917
  • Jan 10, 2011 4:56pm Jan 10, 2011 4:56pm
I am in this trade... target is DPV line. 15m trade so it is more risky than higher TF obviously. Only risking 2.5%...
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 37 KB
Today's zone = Tomorrow's opportunity!
  • #918
  • Jan 10, 2011 5:52pm Jan 10, 2011 5:52pm
Well that little spike up was exciting......
  • #919
  • Jan 10, 2011 5:54pm Jan 10, 2011 5:54pm
Quoting pres78
I am in this trade... target is DPV line. 15m trade so it is more risky than higher TF obviously. Only risking 2.5%...
TP hit
Today's zone = Tomorrow's opportunity!
  • #920
  • Jan 10, 2011 5:55pm Jan 10, 2011 5:55pm
Quoting tradestar1
Well that little spike up was exciting......
Very...
Today's zone = Tomorrow's opportunity!
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