• Home
  • Forums
  • Trades
  • News
  • Calendar
  • Market
  • Brokers
  • Login
  • Join
  • User/Email: Password:
  • 11:13pm
Menu
  • Forums
  • Trades
  • News
  • Calendar
  • Market
  • Brokers
  • Login
  • Join
  • 11:13pm
Sister Sites
  • Metals Mine
  • Energy EXCH
  • Crypto Craft

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

How to use the 9/20 EMA setup effectively 162 replies

Why not 123 strategy? What are Advantages and Disadvantages! 5 replies

How To Effectively Trade In Both Range And Trending Market By A Single Method 39 replies

Scalping the EUR/GBP effectively - Forturama 158 replies

  • Trading Discussion
  • /
  • Reply to Thread
  • Subscribe
  • 735
Attachments: How to use the 123 strategy effectively
Exit Attachments
Tags: How to use the 123 strategy effectively
Cancel

How to use the 123 strategy effectively

  • Last Post
  •  
  • 1 6768Page 697071 85
  • 1 68Page 6970 85
  •  
  • Post #1,361
  • Quote
  • Mar 1, 2011 6:53am Mar 1, 2011 6:53am
  •  birdland
  • Joined Aug 2010 | Status: GU only | 3,848 Posts
Quoting simpletrades
Disliked
i didnt mean the long from a 1-2-3 point of view, although the entry from looking back now was close. The break of 2 was the 3:45 am EST bar and the point 1 bar was the 2:55 am bar which technically wasnt London but was 55 min after germany. That aside, i was actually referring to Paulus' other thread-Trend Magic which i watch more more around London's open since it doesnt require a minimum of 30 minutes (6 5min bars) to pass between point 1 and an entry on or after point 3 (which can be the retrace to 61.8 on one end and the break of point 2 at...
Ignored
thank you simpletrades!
thats an interesting point, i will watch the thread you mentioned.
I know that you and I know nothing...and don't think!
 
 
  • Post #1,362
  • Quote
  • Mar 1, 2011 7:09am Mar 1, 2011 7:09am
  •  simpletrades
  • | Joined Sep 2009 | Status: Member | 141 Posts
Quoting birdland
Disliked
thank you simpletrades!
thats an interesting point, i will watch the thread you mentioned.
Ignored
right, 3 am EST is tough on you in Antigua, too.
he had 2 threads on it, the first he ended because people kept going off topic with posts and shots of other indicators, then he moved it to a new thread last august, if you need the link you can pm me.
 
 
  • Post #1,363
  • Quote
  • Mar 1, 2011 7:37am Mar 1, 2011 7:37am
  •  birdland
  • Joined Aug 2010 | Status: GU only | 3,848 Posts
i think we have now two valid shorts on both EU and GU.
I know that you and I know nothing...and don't think!
 
 
  • Post #1,364
  • Quote
  • Mar 1, 2011 8:51am Mar 1, 2011 8:51am
  •  simpletrades
  • | Joined Sep 2009 | Status: Member | 141 Posts
Quoting birdland
Disliked
i think we have now two valid shorts on both EU and GU.
Ignored
just killed my pending gu entry when it reversed again.
i noticed the would be entry area has been strong support 4 times since last evening.
 
 
  • Post #1,365
  • Quote
  • Mar 1, 2011 9:40am Mar 1, 2011 9:40am
  •  sean007
  • | Joined Jan 2009 | Status: Member | 46 Posts
Quoting simpletrades
Disliked
just killed my pending gu entry when it reversed again.
i noticed the would be entry area has been strong support 4 times since last evening.
Ignored
I'm guessing you mean 1.6255 area. This is last Thursday high (3DH). I've mentioned this before but the previous 4 days lows and highs are very good levels of support and resistance and worth marking on your charts
Dream big, start small. Have it all
 
 
  • Post #1,366
  • Quote
  • Mar 1, 2011 9:57am Mar 1, 2011 9:57am
  •  birdland
  • Joined Aug 2010 | Status: GU only | 3,848 Posts
Quoting simpletrades
Disliked
just killed my pending gu entry when it reversed again.
i noticed the would be entry area has been strong support 4 times since last evening.
Ignored
yes, me too. tough day
I know that you and I know nothing...and don't think!
 
 
  • Post #1,367
  • Quote
  • Mar 1, 2011 9:59am Mar 1, 2011 9:59am
  •  birdland
  • Joined Aug 2010 | Status: GU only | 3,848 Posts
Quoting sean007
Disliked
I'm guessing you mean 1.6255 area. This is last Thursday high (3DH). I've mentioned this before but the previous 4 days lows and highs are very good levels of support and resistance and worth marking on your charts
Ignored
i know, i watch this "ross areas" also.
but when you trade the main idea, S&R has no value here and is not included in making the decision.
we take it black or white
I know that you and I know nothing...and don't think!
 
 
  • Post #1,368
  • Quote
  • Mar 1, 2011 5:19pm Mar 1, 2011 5:19pm
  •  simpletrades
  • | Joined Sep 2009 | Status: Member | 141 Posts
Quoting sean007
Disliked
I'm guessing you mean 1.6255 area. This is last Thursday high (3DH). I've mentioned this before but the previous 4 days lows and highs are very good levels of support and resistance and worth marking on your charts
Ignored
yes i did mean that area, although i was only counting my 4 tests from 6 pm EST last night right up thru the 8:40 EST reversal again this morning, although looking back now it failed a whole bunch more times near there on the 5 min since that time.
 
 
  • Post #1,369
  • Quote
  • Mar 2, 2011 5:56am Mar 2, 2011 5:56am
  •  forex1962
  • | Joined Jan 2011 | Status: Member | 390 Posts
I'm using my own modified version of the 123 based on Cubby's original, (Profit all day thread) if anyones interested this is my setup.
I only ever use the H1 or above as I find the lower time frames just too unreliable.
I'm only looking for a 123 reversal.
There must be at least 2 bars between 1&2 and 2&3.
I use Fibonacci for 2 indications, at least a pull back to the 61.8 level (using 1 as the 0% and 2 as the 100%) and also for profit levels, I'm looking for a 200% up from the original swing (100% profit from entry point 2), if the 200% (from point 1) is hit and the trends looking strong I move up my stop and let it ride.
I want to see the CCI below or above the 90/-90 at the point of entry and ideally a cross of the ADX in the direction of the trade and between the 20/40 level although this is flexible, if it looks near I'll take it.
I also want the ma's looking in the right direction (because I'm trading on a reversal I'm not looking at the ma's in the higher time frame).
If all these conditions are met I feel pretty confident of a 100% profit, using 1 as the stop (+/- 3 points and spread)
Attached an ideal trade (notice how the price pulls back to nearly touch the 61.8 then carries back down)
All comments welcomed!
Attached Image (click to enlarge)
Click to Enlarge

Name: 123.gif
Size: 27 KB
 
 
  • Post #1,370
  • Quote
  • Mar 2, 2011 7:20am Mar 2, 2011 7:20am
  •  birdland
  • Joined Aug 2010 | Status: GU only | 3,848 Posts
Quoting forex1962
Disliked
I'm using my own modified version of the 123 based on Cubby's original, (Profit all day thread) if anyones interested this is my setup.
I only ever use the H1 or above as I find the lower time frames just too unreliable.
I'm only looking for a 123 reversal.
There must be at least 2 bars between 1&2 and 2&3.
I use Fibonacci for 2 indications, at least a pull back to the 61.8 level (using 1 as the 0% and 2 as the 100%) and also for profit levels, I'm looking for a 200% up from the original swing (100% profit from entry point 2), if the 200% (from...
Ignored
very interesting comment!
how long have you been trading this setup ?
I know that you and I know nothing...and don't think!
 
 
  • Post #1,371
  • Quote
  • Mar 2, 2011 7:52am Mar 2, 2011 7:52am
  •  simpletrades
  • | Joined Sep 2009 | Status: Member | 141 Posts
Quoting forex1962
Disliked
I'm using my own modified version of the 123 based on Cubby's original, (Profit all day thread) if anyones interested this is my setup.
I only ever use the H1 or above as I find the lower time frames just too unreliable.
I'm only looking for a 123 reversal.
There must be at least 2 bars between 1&2 and 2&3.
I use Fibonacci for 2 indications, at least a pull back to the 61.8 level (using 1 as the 0% and 2 as the 100%) and also for profit levels, I'm looking for a 200% up from the original swing (100% profit from entry point 2), if the 200% (from...
Ignored
is my math wrong or were you in the trade for 2 days for 45 pips?
i know i would have typically bailed during some of those retraces back towards 61.8 even if it were a 5 min chart not an hrly one.
 
 
  • Post #1,372
  • Quote
  • Mar 2, 2011 7:55am Mar 2, 2011 7:55am
  •  pres78
  • Joined Sep 2010 | Status: I'm not here... or am I? | 3,990 Posts
Quoting forex1962
Disliked
I'm using my own modified version of the 123 based on Cubby's original, (Profit all day thread) if anyones interested this is my setup.
I only ever use the H1 or above as I find the lower time frames just too unreliable.
I'm only looking for a 123 reversal.
There must be at least 2 bars between 1&2 and 2&3.
I use Fibonacci for 2 indications, at least a pull back to the 61.8 level (using 1 as the 0% and 2 as the 100%) and also for profit levels, I'm looking for a 200% up from the original swing (100% profit from entry point 2), if the 200% (from...
Ignored
Glad it works for you but it's too complicated looking for my liking.

Best of luck.
Today's zone = Tomorrow's opportunity!
 
 
  • Post #1,373
  • Quote
  • Mar 2, 2011 9:04am Mar 2, 2011 9:04am
  •  forex1962
  • | Joined Jan 2011 | Status: Member | 390 Posts
Not really complicated, once you have the basic strategy worked out it runs like clockwork.
Yes that trade was a slow burner, I used this one as an illustration as it was a very clear chart, profits can be good, especially on the higher time frames.
You can use the 61.8 as an exit if you're a more conservative trader or worried about the trend weakening.
I've tried so many different systems all with varying degrees of success, or failure, but none that really have the consistency of this.
 
 
  • Post #1,374
  • Quote
  • Mar 2, 2011 9:06am Mar 2, 2011 9:06am
  •  pres78
  • Joined Sep 2010 | Status: I'm not here... or am I? | 3,990 Posts
Quoting forex1962
Disliked
Not really complicated, once you have the basic strategy worked out it runs like clockwork.
Yes that trade was a slow burner, I used this one as an illustration as it was a very clear chart, profits can be good, especially on the higher time frames.
You can use the 61.8 as an exit if you're a more conservative trader or worried about the trend weakening.
I've tried so many different systems all with varying degrees of success, or failure, but none that really have the consistency of this.
Ignored
Well as long as it's consitant for you then that's all that matters.
Today's zone = Tomorrow's opportunity!
 
 
  • Post #1,375
  • Quote
  • Mar 2, 2011 9:09am Mar 2, 2011 9:09am
  •  FOURX
  • | Joined Feb 2007 | Status: Member | 1,477 Posts
Quoting forex1962
Disliked
I'm using my own modified version of the 123 based on Cubby's original, (Profit all day thread) if anyones interested this is my setup.
I only ever use the H1 or above as I find the lower time frames just too unreliable.
I'm only looking for a 123 reversal.
There must be at least 2 bars between 1&2 and 2&3.
I use Fibonacci for 2 indications, at least a pull back to the 61.8 level (using 1 as the 0% and 2 as the 100%) and also for profit levels, I'm looking for a 200% up from the original swing (100% profit from entry point 2), if the 200% (from...
Ignored

Why did you ignore the fractal between your point 1 and 2
 
 
  • Post #1,376
  • Quote
  • Mar 2, 2011 9:17am Mar 2, 2011 9:17am
  •  forex1962
  • | Joined Jan 2011 | Status: Member | 390 Posts
There must be at least 2 bars between 1&2

Quoting FOURX
Disliked
Why did you ignore the fractal between your point 1 and 2
Ignored
 
 
  • Post #1,377
  • Quote
  • Mar 2, 2011 9:32am Mar 2, 2011 9:32am
  •  birdland
  • Joined Aug 2010 | Status: GU only | 3,848 Posts
one loss, one win,
trying it again now short EU.
Attached Image (click to enlarge)
Click to Enlarge

Name: Bildschirmfoto 2011-03-02 um 15.31.15.png
Size: 33 KB
I know that you and I know nothing...and don't think!
 
 
  • Post #1,378
  • Quote
  • Mar 2, 2011 9:36am Mar 2, 2011 9:36am
  •  birdland
  • Joined Aug 2010 | Status: GU only | 3,848 Posts
Quoting forex1962
Disliked
Not really complicated, once you have the basic strategy worked out it runs like clockwork.
Yes that trade was a slow burner, I used this one as an illustration as it was a very clear chart, profits can be good, especially on the higher time frames.
You can use the 61.8 as an exit if you're a more conservative trader or worried about the trend weakening.
I've tried so many different systems all with varying degrees of success, or failure, but none that really have the consistency of this.
Ignored
i am curious, so may i ask you,

what is for you consistency and how long does the system work for you?
I know that you and I know nothing...and don't think!
 
 
  • Post #1,379
  • Quote
  • Mar 2, 2011 9:49am Mar 2, 2011 9:49am
  •  forex1962
  • | Joined Jan 2011 | Status: Member | 390 Posts
Quoting birdland
Disliked
i am curious, so may i ask you,

what is for you consistency and how long does the system work for you?
Ignored
I started using Cubby's method a couple of months ago but didn't have a lot of success, I found I was entering trades too late and the trend would would reverse on me.
After much thought and reading other 123 methods this is what I found works best for me, it can be tedious waiting for the entries but I have a price alert on potential trades which helps so you don't have to be glued to your computer
I now only use H1 or above for clearer signals.
Consistency for me is all about making a profit, most of these setups work for me, it's not a clear cut % as potential profits can vary enormously, I work on a 2-3% of bank risk, but if a trade runs and runs thats great.
 
 
  • Post #1,380
  • Quote
  • Mar 2, 2011 9:53am Mar 2, 2011 9:53am
  •  birdland
  • Joined Aug 2010 | Status: GU only | 3,848 Posts
Quoting forex1962
Disliked
I started using Cubby's method a couple of months ago but didn't have a lot of success, I found I was entering trades too late and the trend would would reverse on me.
After much thought and reading other 123 methods this is what I found works best for me, it can be tedious waiting for the entries but I have a price alert on potential trades which helps so you don't have to be glued to your computer
I now only use H1 or above for clearer signals.
Consistency for me is all about making a profit, most of these setups work for me, it's not a clear...
Ignored
thx for your comment, sounds good.
I know that you and I know nothing...and don't think!
 
 
  • Trading Discussion
  • /
  • How to use the 123 strategy effectively
  • Reply to Thread
    • 1 6768Page 697071 85
    • 1 68Page 6970 85
0 traders viewing now
  • More
Top of Page
  • Facebook
  • Twitter
About FF
  • Mission
  • Products
  • User Guide
  • Media Kit
  • Blog
  • Contact
FF Products
  • Forums
  • Trades
  • Calendar
  • News
  • Market
  • Brokers
  • Trade Explorer
FF Website
  • Homepage
  • Search
  • Members
  • Report a Bug
Follow FF
  • Facebook
  • Twitter

FF Sister Sites:

  • Metals Mine
  • Energy EXCH
  • Crypto Craft

Forex Factory® is a brand of Fair Economy, Inc.

Terms of Service / ©2023