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  • #161
  • Jul 18, 2011 4:52pm Jul 18, 2011 4:52pm
Quoting puppypippy
... it is easy to back test the 123 and you don't need point and figure.
Well look at the 1 2 3 pattern below for example (it is happening right now on the EUR/USD), can you identify point 2 and point 3 without a doubt?

You see, we the traders need to define these points objectively (using point and figure to speed up things) before we can even think of testing this pattern.
Attached Image (click to enlarge)
Click to Enlarge Name: 123.png Size: 71 KB
  • #162
  • Jul 18, 2011 6:43pm Jul 18, 2011 6:43pm
Hello traders,



If I may humbley add to your thread, 1-2-3 tops and bottoms are best for determining a trend change and are deadly on the big charts.

Look for extreme highs or extreme lows and mark them on your watchlist.

The 50% pullback would be the central target.

Like pippy said, you do need a trend line break...so mark all on your charts.

If your trading intraday...I would not play a trade unless you have a 1-2-3 T/B at a significant point and only would trade in direction of big trend.

Watch weekly charts and mark your 1-2-3's and you will have a huge trend to trade and much time to pull the trigger.



Good hunting,



golferfx
  • #163
  • Jul 18, 2011 8:52pm Jul 18, 2011 8:52pm
Quoting Mr Breakout
Well look at the 1 2 3 pattern below for example (it is happening right now on the EUR/USD), can you identify point 2 and point 3 without a doubt?

You see, we the traders need to define these points objectively (using point and figure to speed up things) before we can even think of testing this pattern.
I can tell you where points 123 are. Exactly where you placed them
  • #164
  • Jul 18, 2011 8:55pm Jul 18, 2011 8:55pm
Quoting Arnold49
New trade in EU, AU still open

Attachment
That looks promising
  • #165
  • Jul 18, 2011 9:00pm Jul 18, 2011 9:00pm
Quoting AlexC
A note about the 3 level zz semafor, it repaints.
Thanks for this heiken ashi indicator.
Hi Alex I have not bothered with this up until now because I read it repaints. Does anyone know to what extent it repaints? I mean I guess I will find out sooner or later as I just put it on my charts. But was just wondering if it repaints are the entire points 1 2 and 3 or jst the latest point or what because clearly looking at my charts now I can see the the number 3 of this indicator tells you clearly where the number 1 of the 123 pattern is.
  • #166
  • Jul 18, 2011 9:01pm Jul 18, 2011 9:01pm
Quoting puppypippy
Hi Alex I have not bothered with this up until now because I read it repaints. Does anyone know to what extent it repaints? I mean I guess I will find out sooner or later as I just put it on my charts. But was just wondering if it repaints are the entire points 1 2 and 3 or jst the latest point or what because clearly looking at my charts now I can see the the number 3 of this indicator tells you clearly where the number 1 of the 123 pattern is.
And from what I can work out the number 3 of this indicator represents the third wave?
  • #167
  • Jul 18, 2011 9:11pm Jul 18, 2011 9:11pm
Quoting puppypippy
And from what I can work out the number 3 of this indicator represents the third wave?
From using it in the past, big #3 kept moving to the latest higher hi or lower low. I figure I can see that with my eyes.
  • #168
  • Jul 18, 2011 9:38pm Jul 18, 2011 9:38pm
Quoting puppypippy
I can tell you where points 123 are. Exactly where you placed them
Just curious, would you have bought after the break of the first 2 ? The second one? Where would you have put your stops? Note that in both cases we also have a break of the down trend lines, which is another confirming signal you seem to be looking for with this type of pattern, if I understand you correctly.
(Notice that either trade would have been profitable, too bad I was following other trade setups )
Attached Image (click to enlarge)
Click to Enlarge Name: pattern1.png Size: 82 KB
  • #169
  • Jul 18, 2011 10:06pm Jul 18, 2011 10:06pm
any takers?
.
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  • #170
  • Jul 18, 2011 10:23pm Jul 18, 2011 10:23pm
Quoting PeterE
any takers?
.
What currency is that? Timeframe?
  • #171
  • Jul 18, 2011 10:25pm Jul 18, 2011 10:25pm
I'm aready in the EUR as per chart
Attached Image (click to enlarge)
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  • #172
  • Jul 18, 2011 10:27pm Jul 18, 2011 10:27pm
Quoting Mr Breakout
Just curious, would you have bought after the break of the first 2 ? The second one? Where would you have put your stops? Note that in both cases we also have a break of the down trend lines, which is another confirming signal you seem to be looking for with this type of pattern, if I understand you correctly.
(Notice that either trade would have been profitable, too bad I was following other trade setups )
Yes because TL was broken at that point. My stop would have been under number one so I would be in profit on that trade
  • #173
  • Jul 18, 2011 10:30pm Jul 18, 2011 10:30pm
If you look at the last chart I posted Mr Breakout you will see that I took the first 123 pattern. It was too late to take the second 123 (can you that 2nd 123?) because I was already in the trade after the original no. 2 point was breached.
  • #174
  • Jul 18, 2011 10:33pm Jul 18, 2011 10:33pm


Quoting puppypippy
What currency is that? Timeframe?
.
Attached Image
  • #175
  • Jul 18, 2011 10:37pm Jul 18, 2011 10:37pm
Quoting PeterE




.
Is that AUD/CAD ? I can see its a 60 min chart
  • #176
  • Jul 18, 2011 10:38pm Jul 18, 2011 10:38pm
yes AUDCAD
  • #177
  • Jul 18, 2011 11:31pm Jul 18, 2011 11:31pm
Quoting puppypippy
If you look at the last chart I posted Mr Breakout you will see that I took the first 123 pattern. It was too late to take the second 123 (can you that 2nd 123?) because I was already in the trade after the original no. 2 point was breached.
Yes that happens quite frequently, our system gives another signal while our first trade is still in progress. In that case I ignore the second signal and stick with the original signal.

Australia eh? Well say hello to that crazy Mick Dundee for me will you mate
Attached Image
  • #178
  • Jul 18, 2011 11:40pm Jul 18, 2011 11:40pm
Quoting Mr Breakout
Yes that happens quite frequently, our system gives another signal while our first trade is still in progress. In that case I ignore the second signal and stick with the original signal.

Australia eh? Well say hello to that crazy Mick Dundee for me will you mate
LOL He lives in LA now ha ha ha
  • #179
  • Jul 19, 2011 12:40am Jul 19, 2011 12:40am
Target Reached! So far I think the semafor indicator is amazing! Even though it repaints. It seems to only repaint the last flag which is fine because the number 3 on this semafor which is also the number 1 of my 123 pattern remained constant giving me confidence trade would succeed
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  • #180
  • Jul 19, 2011 1:14am Jul 19, 2011 1:14am
Quoting puppypippy
Target Reached!
Well done Puppypippy.

At that means the next round of Foster's is on you!
Attached Image
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