here's an entry i took 11 min ago at 10 am est, i exited when it bounced down from the 161.8. i settled for 17 pips.
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How to use the 9/20 EMA setup effectively 162 replies
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DislikedI'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
Disliked++++++++++++++++++++++++++++++++
Hi FX1962, This is THX1138.. (kidding )
I'm trying to figure out if I've been up to long, or are you drawing your fibs upside down?
I saw that on Paulus charts alot too, but he said it was a mistake, but then he kept it up. If this is intentional, why not just draw the fibs the normal way and call it a 38% retrace?
ThanksIgnored
DislikedHi diamond,
I know what you're saying about fibs, for me this is just the easiest way to read them and find profit targets, it all comes to the same thing, you just need to know which way you're plotting them.
Nice move on the H1 CADCHF here.Ignored
DislikedHi All
have quickly read through the thread during the early hours of this morning and looking at my charts i found a setup which looks good after the fact,
my question is though the asian session was effectively flat, how do i determine if i am looking for longs or shorts first in such cases.
Using the Paulus original method first described in the thread.
EU 5m chart - Broker time GMT
p.s. the 3 although it looks close to the 1 level, is actually 2 pips above it so valid according to Paulus rules
I have marked on the chart what i think is...Ignored
DislikedSorry to ask, but I think I have now got the main parts of the original method of Paulus, but was wondering if someone could ensure that I am understanding it correctly.
EU 5m GMT broker time
Color Coding - Red Dash Line - SL...Ignored
DislikedSorry to ask, but I think I have now got the main parts of the original method of Paulus, but was wondering if someone could ensure that I am understanding it correctly.
EU 5m GMT broker time
Color Coding - Red Dash Line - SL...Ignored
Dislikedin the EU shorttrade there was only one bar between 2 and 3, so no valid trade even it would have been a nice profit.Ignored
DislikedOn FXPro there were 2 bars as the 13.10 and 13.15 (GMT) bars had the same high. Just shows how different brokers can affect the setups.Ignored
DislikedBack to your question about what whether you are looking for a long or a short at the start of the London, with my method I'm looking long and I believe Paulus uses the end of the Asian session to determine direction so in this case you'd also be looking longIgnored
DislikedHi Sean,
so it appears you use the 1m chart to determine the direction, ie. look at a setup on 1m chart (without trading it??) and then switch to 5m chart to look for the opposite direction as normal.
IE. in your picture there was a 1m short setup, which means that as we are alternating the next correct setup on 5m should be long?
For me, it seems the most confusing thing is starting the count correctly at the beginning of each day, once I have the count no problems.
Regards
JohnIgnored
DislikedHi Diamond
so if i understand your philosophy correctly, we take the High / Low of the AS, if after the AS the High is broken, then we assume the AS was in uptrend and mark the broken high as 1 and are looking for shorts.
if after the AS the Low is broken then we assume the AS was in downtrend, mark the broken low as 1 and are now looking for longs
If the rule really is that mechanical, i think i might actually understand it finallyIgnored