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123PatternsV6 revisited

  • #261
  • Dec 14, 2011 3:45pm Dec 14, 2011 3:45pm
Hi rob
What determines the length of the horizontal lines blue and red from the candle some are short and some are long
Hope this hasnt already been answered
  • #262
  • Dec 14, 2011 3:54pm Dec 14, 2011 3:54pm
Quoting sako
What determines the length of the horizontal lines blue and red from the candle some are short and some are long
The lines keep printing until a new signal prints, the new signal then 'takes over' the lines at the new level.

Sometimes I will draw a rectangle to extend out the zone further to see what happens later on.
  • #263
  • Dec 15, 2011 2:20am Dec 15, 2011 2:20am
hi,
please show me bearish 1,2,3 points in this box?
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  • #264
  • Dec 15, 2011 2:45am Dec 15, 2011 2:45am
Just playing around with this in demo
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Pivot Boss in the making~
  • #265
  • Dec 15, 2011 3:31am Dec 15, 2011 3:31am
Quoting jurn_e
Just playing around with this in demo
Hi Jurn_e,

I see you use a fixed target (like I''ve seen you doing before in another thread), do you also use a fixed stop in testing?

pbb
  • #266
  • Dec 15, 2011 3:52am Dec 15, 2011 3:52am
Quoting jurn_e
Just playing around with this in demo
hi
do u set SL=10 and TP=10?
  • #267
  • Dec 15, 2011 3:59am Dec 15, 2011 3:59am
Maybe the high low of the second leg (3) will do?

pbb
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  • #268
  • Dec 15, 2011 4:00am Dec 15, 2011 4:00am
Quoting pbb
Hi Jurn_e,

I see you use a fixed target (like I''ve seen you doing before in another thread), do you also use a fixed stop in testing?

pbb
Nope. I don't have a fix stop.
We can discuss it in the other thread on stops.
Pivot Boss in the making~
  • #269
  • Dec 15, 2011 4:52am Dec 15, 2011 4:52am
OK, can discuss it there. Let me just share yesterday's session (around London opening). Normally I woudn't trade a 1:1 or lower RR and the question in the long run is: what is the hitratio/reliability for this 123pattern. I've seen chart examples for larger swing trades using fibo, I see you using your favorite 10pips and for me the stoploss is important and in that sense also the RR. I usually pick the last swing h/l for my SL... In the attached picture the SL (red) and Target (green) are set 1:1. Sure, yesterday was a nice chart to pick and what would we do with reversing signals, close and reverse?

I like this 123pattern in combination with the aggressive v7. Will demo it for now. Thanks again rob!
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  • #270
  • Dec 15, 2011 5:05am Dec 15, 2011 5:05am
I like this system very much - I'm using v6 and v7 beta.
  • #271
  • Dec 15, 2011 11:16am Dec 15, 2011 11:16am
EURUSD
Before London, Asia found support along 1.2980 (50 fibo)
London Open picked up the bullish push at 1.3000
This lasted only 1/2 an hour reversing at 1.3035 (fibo target)
Four hours of battle found support on 1.2990 (another 50 fibo)

Attached Image (click to enlarge)
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I did not have confidence in the bulls.
I found two small bearish 123-breaks that I could sell with V7 (called 'sell' above).
  • #272
  • Dec 15, 2011 3:30pm Dec 15, 2011 3:30pm
My chart is a bit different to yours - different broker perhaps but I have a red candle followed immediately by a blue sempahore 3 which I don't see on your chart.

http://i42.tinypic.com/xqmbsy.jpg
  • #273
  • Dec 15, 2011 4:45pm Dec 15, 2011 4:45pm
hello robdee. nice system. were there some longs there? it was a positive session for euro

are you waiting for the break of 2 low, or going in a bit earlier with better risk reward
  • #274
  • Dec 15, 2011 4:53pm Dec 15, 2011 4:53pm
Hey Rob,

Thanks for your efforts I´m following this thread since the beginning.

I would like to suggest you to put a vouch filter on it to avoid the noise, it seems like a lot of people just don´t get that this is about testing an Indicator. Not sharing a system.

Cheers.

Red.
  • #275
  • Dec 15, 2011 4:53pm Dec 15, 2011 4:53pm
Quoting Musashi
You answered your own question in your question.... downtrend... do not go long in a downtrend... very low probability
hi musashi, actually counter trend rallies are noted for their ferocity and speed, as well as catching those short very well. counter trend rallies can be the most powerful of all moves in the financial market.
  • #276
  • Dec 15, 2011 6:17pm Dec 15, 2011 6:17pm
Quoting handy148
My chart is a bit different to yours - different broker perhaps but I have a red candle followed immediately by a blue sempahore 3 which I don't see on your chart.
Hi handy, the (3) dots show me you are using the original V7 beta. That original used zigzagdepth=1, a cci filter, and (3) dots. That older version can be found in post #202.

The newer heavily modified version (no zigzag, no cci filter, no (3) dots) can be found in post #235.

I think that explains the difference in our charts.

Robdee
  • #277
  • Dec 15, 2011 6:32pm Dec 15, 2011 6:32pm
Quoting Halba
were there some longs there? it was a positive session for euro
Welcome Halba, good questions, yes I agree there are longs, if I had more confidence in the bulls I would have been buying right on the 50 fibos. I use V6 dots to draw the fibos from point 1 to 2. I then look for price action to show respect to the 50 fibo.

Quote
are you waiting for the break of 2 low, or going in a bit earlier with better risk reward

With V7 beta there will be times when the entry shows before the break of 2. That is OK, that is how it is designed. Just need to make sure that all three points are visible 1 2 3, then V7 painted candle, enter the trade. It is also OK if the entry appears after the break of 2. The R:R will not be quite so good but it is still a valid entry imo.

I gave up trying to get the indicator to number the dots because there is so much overlap, bulls vs bears, and true vs distorted. This means it is actually better for the operator to figure out where the 123 price points are. I label them manually as the intraday chart unfolds. V6 gives a good hint because it drops coloured dots on the more obvious 123s.

Hope that helps. Trade well.

Robdee
  • #278
  • Dec 16, 2011 12:39am Dec 16, 2011 12:39am
Hi rodbee and every body
you allow point 2 break and retrace to fibo 50 and then inter or before 2 point break u input in point 3(fibo 50)?
  • #279
  • Dec 16, 2011 1:08am Dec 16, 2011 1:08am
Thanks for that.

One thing I noticed this morning (just now in fact) is that a short red line suddenly extended across 4 further candles and a red down arrow appeared 4 candles back.
  • #280
  • Dec 16, 2011 1:35am Dec 16, 2011 1:35am
Is this analyse correct?
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