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How to use the 123 strategy effectively

  • #921
  • Jan 10, 2011 7:58pm Jan 10, 2011 7:58pm
Couldn't resist such a nice 50% retrace... Also nice bounce off the 200EMA.

PA tonight is CRAZY!!! Early trade so I used 100 for SL and -100 for TP. Up 7.5% today and off to bed now.
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Today's zone = Tomorrow's opportunity!
  • #922
  • Jan 11, 2011 9:05am Jan 11, 2011 9:05am
3 trades today with 3 wins... up 12.5%.
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Today's zone = Tomorrow's opportunity!
  • #923
  • Jan 11, 2011 9:15am Jan 11, 2011 9:15am
Also currently in this trade (what a DUMMY I am getting into opposing trades on the EUR... long EUR against CHF and short against USD). Will this trade work out? Who knows. Once I cleared -50% fib I moved the trade to BE (part of my new trading plan MM when going for full 100% fib trades). I just can't trade as black and white as some of you and hate to see profitable trades turn into a loss. If price moves all the way to 50% of it's targeted move that's enough for me to say I will now take this free trade which will either hit TP or BE.
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Today's zone = Tomorrow's opportunity!
  • #924
  • Jan 11, 2011 10:00am Jan 11, 2011 10:00am
Quoting pres78
Also currently in this trade (what a DUMMY I am getting into opposing trades on the EUR... long EUR against CHF and short against USD). Will this trade work out? Who knows. Once I cleared -50% fib I moved the trade to BE (part of my new trading plan MM when going for full 100% fib trades). I just can't trade as black and white as some of you and hate to see profitable trades turn into a loss. If price moves all the way to 50% of it's targeted move that's enough for me to say I will now take this free trade which will either hit TP or BE.
Closed this trade when it retraced above and then back down to -50% fib (terrible looking PA and candles)... out for 2.5% giving me 15% for the day... No more trading today. I hope tommorows PA is a little cleaner looking.
Today's zone = Tomorrow's opportunity!
  • #925
  • Jan 11, 2011 10:00am Jan 11, 2011 10:00am
1. usd/jpy 15mn 123 long +4.1% net

2. eur/usd 15 mn 123 short: closed manually at +1.6% after tp was not filled by 2 pips
Attached Image(s) (click to enlarge)
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  • #926
  • Jan 11, 2011 10:14am Jan 11, 2011 10:14am
Quoting pres78
Closed this trade when it retraced above and then back down to -50% fib (terrible looking PA and candles)... out for 2.5% giving me 15% for the day... No more trading today. I hope tommorows PA is a little cleaner looking.
great trading, pres...congratulations
  • #927
  • Jan 11, 2011 11:10am Jan 11, 2011 11:10am
Quoting bubola
great trading, pres...congratulations
Thanks... you too! Tough PA today to pull anything out of.
Today's zone = Tomorrow's opportunity!
  • #928
  • Jan 11, 2011 11:14am Jan 11, 2011 11:14am
Quoting pres78
Closed this trade when it retraced above and then back down to -50% fib (terrible looking PA and candles)... out for 2.5% giving me 15% for the day... No more trading today. I hope tommorows PA is a little cleaner looking.
So after I closed my short earlier I changed to 5min and saw a possible set-up to go long... I set a pending buy and it was hit while gone for lunch and so was my take profit . Up 20% today no more pushing my luck. I am done.
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Today's zone = Tomorrow's opportunity!
  • #929
  • Jan 11, 2011 11:35am Jan 11, 2011 11:35am
Wow pres.....
At this rate you should have doubled you account by now.... WTG

I have not done nearly as well, I also have a business to run which definitely splits my concentration. I will be SOOOOO glad when I can sell this place.
  • #930
  • Jan 11, 2011 11:43am Jan 11, 2011 11:43am
Quoting tradestar1
Wow pres.....
At this rate you should have doubled you account by now.... WTG

I have not done nearly as well, I also have a business to run which definitely splits my concentration. I will be SOOOOO glad when I can sell this place.
Yes it has been a good start to 2011... I work fulltime but have the flexibility to have MT4 open while at work so I can check charts and take some trades but that does have it's risks too as I get called into meeting etc... and lose track of trades. I would love to be able to trade fulltime but I am not confident enough yet to take that risk nor do I have a big enough account to make the kind of daily returns I would need to replace my current income.

I am actually expecting my second child this February and had to clean out most of my FX account to help offset my wifes lost income this upcoming year while being out on maternity leave. I actually contiplated stopping all together and may still do so after a little more financial review.

I have even considered keeping just $500 which I can afford to lose in one of my overseas brokers (I am Canadian so I am not held under the same rules as US citizens) and seeing if I can make a consistant 5% per day growing the account to the point where I can start to pull off a supplimental income again by the end of July. I would risk the same 5% per trade as I do now just with much smaller goals at first.

Not sure what to do... so many decisions.
Today's zone = Tomorrow's opportunity!
  • #931
  • Jan 12, 2011 6:41am Jan 12, 2011 6:41am
Two trades from today... the EURCHF short hit TP so I am up 5% today. The AUDUSD long hit the 100% fib to the pip but with spread I needed it to go 3 pips further... This trade was set-up wrong (dumb mistake on my part) as I always build spread in so that once it hits 200% fib my trade is closed. This one was move to BE after it hit 150% so it is a free trade that will either hit TP or BE.
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Today's zone = Tomorrow's opportunity!
  • #932
  • Jan 12, 2011 7:48am Jan 12, 2011 7:48am
Quoting pres78
Two trades from today... the EURCHF short hit TP so I am up 5% today. The AUDUSD long hit the 100% fib to the pip but with spread I needed it to go 3 pips further... This trade was set-up wrong (dumb mistake on my part) as I always build spread in so that once it hits 200% fib my trade is closed. This one was move to BE after it hit 150% so it is a free trade that will either hit TP or BE.
TP hit finally on AUDUSD long... up 10% today.
Today's zone = Tomorrow's opportunity!
  • #933
  • Jan 12, 2011 8:43am Jan 12, 2011 8:43am
Have a look at the EU chart. There you see, that some 123s (the ones at S/R) are more often runners than the rest. The green ones are winners the red ones losers.
Often if there is a loser and after that a higher or lower setup - this is the runner - especially if this happens in the morning (GMT) or at US open.
The S/R zones on the chart are daily and weekly.

I caught the GU 123 at the daily low. This has potential (from the daily chart) - if we break the high - to move to 1.573x / 1.577x or maybe 1.59xx.
BTW. we bounced off the H4 200MA almost to the pip

Cheers

Thomas
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  • #934
  • Jan 12, 2011 11:05am Jan 12, 2011 11:05am
Chart speaks for itself... Took this as a trend continuation based on lack of selling interest during the retrace and the fact that we broke and tested succesffuly the Daily R1 level. Not the prettiest set-up but then again there haven't been many so far this year...
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Today's zone = Tomorrow's opportunity!
  • #935
  • Jan 12, 2011 11:27am Jan 12, 2011 11:27am
nice, you entered, when the M5 counter trend traders got stopped out...

Cheers
Thomas

Quoting pres78
Chart speaks for itself... Took this as a trend continuation based on lack of selling interest during the retrace and the fact that we broke and tested succesffuly the Daily R1 level. Not the prettiest set-up but then again there haven't been many so far this year...
  • #936
  • Jan 12, 2011 11:46am Jan 12, 2011 11:46am
look for a reversal in GU

we're in a nice area from the daily and H4

and 200% ext from yesterdays fib as well as weekly R2
  • #937
  • Jan 12, 2011 11:54am Jan 12, 2011 11:54am
Quoting tdeu
look for a reversal in GU

we're in a nice area from the daily and H4

and 200% ext from yesterdays fib as well as weekly R2
It has been moving up making HH's the last few hours also so some sort of retrace. Just be wary of the fact that we are late in the day and London has gone home so the markets may just range out for the day.
Today's zone = Tomorrow's opportunity!
  • #938
  • Jan 12, 2011 12:32pm Jan 12, 2011 12:32pm
Didn't take this trade but I hope someone caught it (Didn't even see it until now) Ah the pains associated with trying to trade from work...
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Today's zone = Tomorrow's opportunity!
  • #939
  • Jan 12, 2011 12:39pm Jan 12, 2011 12:39pm
you guys doing very well

had some good trades today giving results in lose win not pips as each win or lose is 5% for me

EU 5min L W currently looking for shorts
EU 1hour W on 2B trade currently looking for shorts
EU 4hour W currently looking for shorts
EU Daily still short from 23rd Nov up around 300 pips TP is 680 pips


GU 5min W ( 2B) W currently looking for shorts

Cheers

P
  • #940
  • Jan 12, 2011 12:41pm Jan 12, 2011 12:41pm
Quoting Paulus
you guys doing very well

had some good trades today giving results in lose win not pips as each win or lose is 5% for me

EU 5min L W currently looking for shorts
EU 1hour W on 2B trade currently looking for shorts
EU 4hour W currently looking for shorts
EU Daily still short from 23rd Nov up around 300 pips TP is 680 pips


GU 5min W ( 2B) W currently looking for shorts

Cheers

P
Was your 4hr a 123 trade?
Today's zone = Tomorrow's opportunity!
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