How to use the 123 strategy effectively

Nice chriss...what type of leverage are you using? I am in USA so I am capped at 50:1. I need a lot of points to get to 10%, or a really highly leveraged position.

We will see what wall street brings soon. So far, yesterday's mid level is holding as resistance, where it was support during London. We will want and let them tell us.

Well, that was quick....yesterdays mid level is bust, looking bullish now... let's see how the daily pivot holds. Beware of 10 EST ben speak.

my leverage is 500 as i'm trading with alpari (uk)... i did reach 10% because i did enter earlier and could reach 2xTP.

Very often i'm searching for 123-pattern on m15 and m5, then i enter on m5. I'm watching always at london open and DOW opening for these patterns, as there is a higher probability to get a runner, which puts the risk-reward more into my direction.
Additionally i'm watching for 123-pattern around fibo area of 61.8 and 76.4 of the last m15 swing.

These are my main entry's and often these position can be hold very good... for example like yesterday, i got 110 pips from the london opening after 123-pattern :-)


I'm still short biased, and i'm speculating that ben will speak about the good economy data, so hopefully more down for eur/usd...

Regards...

So Ben is speaking and E/U is spiking...

Started new counting, i will add shorts, if setup is given...



DOW wants to go down... let's close Europe and started down maybe...


Regards...

eurusd closed in profit - the next trade is in preparation.

papilio

Good Morning @ all,

nice setup papilio, this one brought my floating sell into green again and i was able to close it. So, should be greens for you also :-)

Next Setup activated, and Frankfurt did open... i'm looking for more pips.




Today is NFP Day, so maybe crazy price action possible... SL needs to be in place all time!


Regards

Chriss

A great 2b played out on EU.

Hi capstone,

this is a nice entry, if nfp will result down... your reward will be beautiful today :-)


Regards

With NFP and unemployment out today, I am already out of this position. I would rather bank a few on a day like today.

I suppose this is the last chart as this thread appears to have reached its economic life.... good luck all. Lots of gems in this thread. It definitely helped me understand price action better than any other source. Thanks again Paulus.

The best part of this trade was that M1, M5, and M15 timeframes all matched up for sell. Also, notice the Mid Level lines for yesterdays range and for this 123....EU really respects the 50% Fib. If it is broken before the 123 is set, i will not take the trigger until it retests the 50% and holds.

which model FIB is used in the graphs ? Tank

could you share your indi ? i mean the indi shows some TF

thx b4

hi,great thread,,,thx mr.paulus for your thread.....is it right 123 pattern ?, i combined with Supply Demand concept, please advice

http://img27.imageshack.us/img27/437...0430145926.png

Easy 1-2-3 setup and trade. No sweating here :-)

Love the mechanical part of this method.

Here we go.

for the record..

Up +12 pips so far but still about 10 or so to go to get to my TP1.

Take profit reached!

JDCompute, thanks for posting your trades. Could you comment on the timeframe you like to trade. Do you simply scan a number of pairs at various tf's and then watch for a setup? Do you find certain pairs more susceptible to reversals with this pattern that have enough momentum to be profitable. Thanks for your comments. Lynn