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How to use the 123 strategy effectively

  • #1,281
  • Feb 18, 2011 12:31pm Feb 18, 2011 12:31pm
[quote=pres78;4410368]I have been away from trading the last week and a half with the birth of my newest daughter

CONGRATULATIONS PREZ! That's your second... or third?

Take care,

Joe
  • #1,282
  • Feb 18, 2011 12:37pm Feb 18, 2011 12:37pm
[quote=jsmanuse;4411811]
Quoting pres78
I have been away from trading the last week and a half with the birth of my newest daughter

CONGRATULATIONS PREZ! That's your second... or third?

Take care,

Joe
Second... my first daughter will be 8 this year... crazy to be back into diapers after being away for so long.
Today's zone = Tomorrow's opportunity!
  • #1,283
  • Edited 5:48pm Feb 19, 2011 3:58pm | Edited 5:48pm
Possible 123 forming on GU 15m?
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  • #1,284
  • Feb 19, 2011 7:58pm Feb 19, 2011 7:58pm
Quoting forex1962
Possible 123 forming on GU 15m?
you could enter here based on paulus' advanced strategy on post 106.
but not recommended into a sunday open which probably will gap somehow.
  • #1,285
  • Edited 6:26am Feb 20, 2011 2:20am | Edited 6:26am
Yes, I wasn't thinking of entering until the break (on monday?) but thought it looked ok, thank you.
  • #1,286
  • Feb 20, 2011 7:37pm Feb 20, 2011 7:37pm
Quoting forex1962
Possible 123 forming on GU 15m?
if you're following Paulus method then you are the wrong way around....he trades long,short,long,short...

you would be following a successful long with another long which he has mentioned a number of times he doesn't do. Your 2 point should be your 1 point for the start to look for a sell set-up
Catching a falling knife, no, I'm just trading the Gartley!
  • #1,287
  • Feb 20, 2011 7:41pm Feb 20, 2011 7:41pm
Quoting simpletrades
you could enter here based on paulus' advanced strategy on post 106.
but not recommended into a sunday open which probably will gap somehow.
suggest you go and re-read Paulus's strategies again...he sells tops, and buys bottoms, he doesn't buy tops
Catching a falling knife, no, I'm just trading the Gartley!
  • #1,288
  • Feb 21, 2011 6:44am Feb 21, 2011 6:44am
Quoting ChinaWombat
suggest you go and re-read Paulus's strategies again...he sells tops, and buys bottoms, he doesn't buy tops
agreed on that point, but not so sure his long/short/long/short concept on the 15 min or 5 min carries from fri to sunday. i know his 1 hr would though.
  • #1,289
  • Feb 21, 2011 8:51am Feb 21, 2011 8:51am
Not sure if anyone is pattern trading today with the US Holiday but there was a nice short set-up on EURUSD with exactly 2 bars on the retrace.
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Today's zone = Tomorrow's opportunity!
  • #1,290
  • Feb 21, 2011 9:12am Feb 21, 2011 9:12am
I took this one and wishing I had stayed out today.
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  • #1,291
  • Feb 21, 2011 9:17am Feb 21, 2011 9:17am
Quoting puntalara
I took this one and wishing I had stayed out today.
Yes this late in the day with London 2 hrs from going home it could be tricky... The only reason I even looked at the first one is because it was only 22 pips from point 1-2...
Today's zone = Tomorrow's opportunity!
  • #1,292
  • Feb 21, 2011 9:28am Feb 21, 2011 9:28am
Last week was a struggle but ended with a small profit. This week is not off to a good start with 2 losses already
  • #1,293
  • Feb 21, 2011 9:49am Feb 21, 2011 9:49am
I am out with a couple of pips - got in to late as you said.
  • #1,294
  • Feb 21, 2011 9:51am Feb 21, 2011 9:51am
Quoting puntalara
I am out with a couple of pips - got in to late as you said.
Bank holidays if I trade I look for trades with small scalp like TP's amounts... (prefer 20 pips and less)... Who knows where PA will go after London closes... make drift higher or lower with no real pressure or could just range out the remainder of the day.
Today's zone = Tomorrow's opportunity!
  • #1,295
  • Feb 21, 2011 5:14pm Feb 21, 2011 5:14pm
Quoting pres78
Not sure if anyone is pattern trading today with the US Holiday but there was a nice short set-up on EURUSD with exactly 2 bars on the retrace.
it worked because of the 4am EST eurozone releases, but it actually didnt meet paulus' specs--there was 1 bar too little between the 2 and 3 and the 3 never reached 61.8 which isnt to say there werent other reasons to take the entry.
  • #1,296
  • Edited 5:44pm Feb 21, 2011 5:30pm | Edited 5:44pm
Quoting simpletrades
it worked because of the 4am EST eurozone releases, but it actually didnt meet paulus' specs--there was 1 bar too little between the 2 and 3 and the 3 never reached 61.8 which isnt to say there werent other reasons to take the entry.
Well then it's a good thing that I don't trade Paulus's rules... I trade my own system for 123's that I have presented many times in this thread. Paulus didn't start this thread he is like anyone else here a poster whom has presented his method to trade 123's for others to view and if they wish follow. I am very successful trading my method as Paulus method works for some but not for me. To say it worked because of a news release is absolutely rediculous since 6 of 7 EUR based news releaes today printed as good as if not better than expected which would normally be bullish for EUR not bearish so to say that good EUR news help my EURUSD short is just plain nonsense.

The trade set-up was taken as a nice retrace on a bad trading day with the USD holiday and point 1-2 were only 22 pips apart giving me a nice tight target. It seems to me that all you do is critisize others trades and make excuses why the set-up was not right or how it only worked because of news... We don't all trade the same way as Paulus and the sooner you learn to make a method your own the better you will be.

Oh and if you think news drives all the trades then you better trade only Asain session so that no news interferes with your trades since most London / US sessions are full of releases on most days... Oh and by the way posted / scheduled news is for the most part already built into the charts well ahead of the actual release.
Today's zone = Tomorrow's opportunity!
  • #1,297
  • Feb 21, 2011 7:10pm Feb 21, 2011 7:10pm
Quoting pres78
Well then it's a good thing that I don't trade Paulus's rules... I trade my own system for 123's that I have presented many times in this thread. Paulus didn't start this thread he is like anyone else here a poster whom has presented his method to trade 123's for others to view and if they wish follow. I am very successful trading my method as Paulus method works for some but not for me. To say it worked because of a news release is absolutely rediculous since 6 of 7 EUR based news releaes today printed as good as if not better than expected which...
i wasnt criticizing--like i had said "which isnt to say there werent other reasons to take the entry."
  • #1,298
  • Feb 22, 2011 5:26am Feb 22, 2011 5:26am
hey guys, dont waste your energy about quareling who is right or wrong.

a wise and good trader shows because he doesnt argue with others.
he has only to argue with him, no matter what others think or say.
trading is like dancing, don't think and just listen to the music!
  • #1,299
  • Feb 22, 2011 5:29am Feb 22, 2011 5:29am
a very nice trade this morning on EU.
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trading is like dancing, don't think and just listen to the music!
  • #1,300
  • Feb 22, 2011 8:05am Feb 22, 2011 8:05am
Quoting birdland
a very nice trade this morning on EU.
you do like to make it hard on yourself...what was wrong with the 1.3255 entry for your 2 point... you gave a lot of the potential upside away as risk?

or maybe i should preface that question with, which strategy are you using, so that "simple'' doesn't jump on and flame me?
Catching a falling knife, no, I'm just trading the Gartley!
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