123PatternsV6 revisited | Page 23 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Inside Bar Trading Revisited 871 replies

123patternsv6 no longer works on MT4 - updated version? 3 replies

News straddling with Amazing EA, revisited 11 replies

Newcomb’s paradox revisited? (Trading context) 2 replies

Attachments: 123PatternsV6 revisited
Exit Attachments

123PatternsV6 revisited

  • #441
  • Jun 19, 2013 9:16am Jun 19, 2013 9:16am
Quoting dee50
{quote} Last loser was here. http://www.forexfactory.com/showthre...62#post6706262. I used to have lots of losses, years ago, I believed the crap that losses are part of trading and you should accept them, but I wasn´t making any money with that attitude, now, I do not like losses!! I close for B/E or a small loss, if I have to, and then re enter if price turns and continues. I see no need to hold a trade until my stop loss is hit, I actually think that that is one of the most stupid things to do in trading. If my entry is...
Thanks dee50. Hope you don't mind my asking, do you day-trade alongside another job or trade for a living, or just trade for 'fun'?

When do you typically move your SL to B/E to 1/. minimise losses on a 'bad' entry and 2/. reduce risk on a 'good' trade?

Many thanks for your replies so far! Really useful
  • #442
  • Jun 19, 2013 10:07am Jun 19, 2013 10:07am
Quoting sidefx
{quote} Thanks dee50. Hope you don't mind my asking, do you day-trade alongside another job or trade for a living, or just trade for 'fun'? When do you typically move your SL to B/E to 1/. minimise losses on a 'bad' entry and 2/. reduce risk on a 'good' trade? Many thanks for your replies so far! Really useful

Trade for a Living.

For your second question I am going to be cheeky and use one of your responses from another thread "on a ranging day like this i need to reduce/remove risk as soon as price action says it is reasonable to do so" I surmise from your response that you already know how to do this, so I would only be teaching you to suck eggs. Which is a very strange statement because you do not suck eggs you blow them!
Cut your Losers short and let your Winners run.
  • #443
  • Jun 19, 2013 10:38am Jun 19, 2013 10:38am
Quoting dee50
{quote} Trade for a Living. For your second question I am going to be cheeky and use one of your responses from another thread "on a ranging day like this i need to reduce/remove risk as soon as price action says it is reasonable to do so" I surmise from your response that you already know how to do this, so I would only be teaching you to suck eggs. Which is a very strange statement because you do not suck eggs you blow them!
sure, i'm always humbled by what i learn here. I once traded for a living, gave it 12 months but wasn't successful enough.
  • #444
  • Jun 19, 2013 11:23am Jun 19, 2013 11:23am
Quoting sidefx
{quote} sure, i'm always humbled by what i learn here. I once traded for a living, gave it 12 months but wasn't successful enough.
For the first 2 years I was shit. Then the next 2 years I improved. The last 3 years I have really made money and each year I have gotten better.

Some people come into trading and are making money after a few months (I really hate them), the rest of us have to put in 1,000s of hours of screen time, go bald and develop a paunch and eventually retire before we become profitable. 12 months is not long enough.
Cut your Losers short and let your Winners run.
  • #445
  • Jun 19, 2013 11:41am Jun 19, 2013 11:41am
Quoting dee50
{quote} For the first 2 years I was shit. Then the next 2 years I improved. The last 3 years I have really made money and each year I have gotten better..
What was your Aha! moment. What was your turning point in other words what started making your trading better.
  • #446
  • Jun 19, 2013 12:40pm Jun 19, 2013 12:40pm
hi robdee and everyone...
i'm newbie here and very interested in 123 pattern...

but i'm still confuse about entry point...if i could give some idea to robdee, what if you make an ebook about your 123pattern system, so i can learn from beginning

and i have tried before, the precentage of successful in demo version is 40%

thank you, if there any beginning thread or info about 123pattern especially from robdee i'm very pleased to study...
  • #447
  • Jun 19, 2013 4:50pm Jun 19, 2013 4:50pm
Quoting dee50
{quote} For the first 2 years I was shit. Then the next 2 years I improved. The last 3 years I have really made money and each year I have gotten better. Some people come into trading and are making money after a few months (I really hate them), the rest of us have to put in 1,000s of hours of screen time, go bald and develop a paunch and eventually retire before we become profitable. 12 months is not long enough.
...yes, don't get me wrong before I went full-time, i'd amassed the 1000's of hrs of screentime. My problem when I decided to move to trading FT was being under-capitalised and not really trading with money I could afford to lose. I'd convinced myself that the capital would be enough (look at the back-testing, demoing and small money forward testing, how can this fail?) and that remortgaging the house to fund it was a sensible thing to do! You live & learn.

I'm now trading far more successfully with securer monthly income from elsewhere to take the pressure off and I will never again whinge and whine about the 9-5
  • #448
  • Jun 20, 2013 6:12am Jun 20, 2013 6:12am
Quoting Wiwidh
hi robdee and everyone... i'm newbie here and very interested in 123 pattern... but i'm still confuse about entry point...if i could give some idea to robdee, what if you make an ebook about your 123pattern system, so i can learn from beginning and i have tried before, the precentage of successful in demo version is 40% thank you, if there any beginning thread or info about 123pattern especially from robdee i'm very pleased to study...
No matter how politely you make your requests, it is patently obvious you have not read the thread or used the tools available to you.
Robdee´s last post was on the 17 September 2012, so he is unlikely to respond to you.
I posted a couple of PDFs about 123s, just 3 pages back, so you have not even bothered to look back.
I posted a link to another thread with information about 123s, just 2 pages back.

There is the google search which would provide lots of information
There is the search facility here on FF

And last but certainly not least, this is where you should have started your trading journey from is Babypips.com
Cut your Losers short and let your Winners run.
  • #449
  • Jun 20, 2013 6:27am Jun 20, 2013 6:27am
Quoting bcarbon
{quote} What was your Aha! moment. What was your turning point in other words what started making your trading better.
To be honest, I can not say that there was one defining moment, I can think of many Aha moments none of which was the definitive turning point but they all contributed to my development as a trader. As you know Trading is an amalgamation of knowledge, a jigsaw puzzle if you will, if a piece is missing the picture is incomplete.

But if I chose one thing that has had the greatest impact is when I had the confidence to go for bigger TPs. And I stopped micro managing each trade which usually resulted in my closing out the trades far too early. One of the benefits of that is much less stress and of course, much greater profitability.
Cut your Losers short and let your Winners run.
  • #450
  • Jun 20, 2013 6:35am Jun 20, 2013 6:35am
Quoting sidefx
{quote} ...yes, don't get me wrong before I went full-time, i'd amassed the 1000's of hrs of screentime. My problem when I decided to move to trading FT was being under-capitalised and not really trading with money I could afford to lose. I'd convinced myself that the capital would be enough (look at the back-testing, demoing and small money forward testing, how can this fail?) and that remortgaging the house to fund it was a sensible thing to do! You live & learn. I'm now trading far more successfully with securer monthly income from elsewhere...

I thought so. Looking through your other posts on other threads I got the impression that you had been trading for some time and I am glad to see that there are others who have survived the blood bath that is Trading. And you are absolutely right, being under capitalised is the kiss of death for would be traders and the other is the problem that they go from demo to real money trading and do not realize the mental impact that has. That alone can kill a trading career.
Cut your Losers short and let your Winners run.
  • #451
  • Jun 20, 2013 11:36am Jun 20, 2013 11:36am
EU +10 +40 =50 pips. There have been better offers on the table today that I did not take, idiot, but here is what I did take. Nothing special just enough to pay for breakfast.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +10+40.png Size: 31 KB
Cut your Losers short and let your Winners run.
  • #452
  • Jun 21, 2013 8:14am Jun 21, 2013 8:14am
EU + 50 pips. Initial TP was at the 161.8% expansion but momentum was strong so moved it to BRN. Entry was 123 + BPC. No brainer.

I love talking to myself! But Hey, I am done for the day.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +50 FRi 21 06.png Size: 31 KB
Cut your Losers short and let your Winners run.
  • #453
  • Jun 21, 2013 8:30am Jun 21, 2013 8:30am
Quoting dee50
EU + 50 pips. Initial TP was at the 161.8% expansion but momentum was strong so moved it to BRN. Entry was 123 + BPC. No brainer. I love talking to myself! But Hey, I am done for the day. {image}
Hey Dee

You are not talking to yourself, I am sure I am not the only one listening (and very much appreciating your posts).
I took the same trade and got out with just under 50 pips

PGPB
  • #454
  • Jun 21, 2013 10:01am Jun 21, 2013 10:01am
EU +25 pips. I am a real slut, I just could not say no. Nice signal from the Indi. That really is it for this week.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +25 Fri 21 06.png Size: 30 KB
Cut your Losers short and let your Winners run.
  • #455
  • Jun 21, 2013 10:09am Jun 21, 2013 10:09am
Quoting pgpb
{quote} Hey Dee You are not talking to yourself, I am sure I am not the only one listening (and very much appreciating your posts). I took the same trade and got out with just under 50 pips PGPB

Thanks for your comment. Congrats on the pips that is a Chateauneuf Du Pape this weekend, eh!
Cut your Losers short and let your Winners run.
  • #456
  • Jun 21, 2013 6:31pm Jun 21, 2013 6:31pm
Quoting dee50
{quote} Short answer. No. I have looked, recently, at Demark but considered that the method did not offer anything significantly better for me so I stuck with PA, experience and a bit of the TMS.
Does any of the Demark Combination stuff line up with yours? Here's another one, called the turn in NZDUSD and the low in EURUSD last night:

Inserted Video
  • #457
  • Jun 21, 2013 7:50pm Jun 21, 2013 7:50pm
Hi dee50,

Please don't stop posting your trades. I find them very inspiring. I am a follower of the TMS thread but I find your 5 minute trades posted on this thread to be more suited to my trading style. I will post some trades when I start trading the method properly. I am still absorbing the material from the pdf's you posted on this site about fibs and 123's etc.
The consistency you seek is in your mind, not the markets. Mark Douglas
  • #458
  • Jun 22, 2013 3:45am Jun 22, 2013 3:45am
I have been trying out some alternate settings, this is for 123pattern V6 on the 5 min. You get less signals but they appear to be more accurate. I have only tried this on eurusd. On pairs that are more volatile like the GU I would advise caution as you will still get many fake signals, that is the nature of 123s.

It goes with out saying, but I am going to say it anyway, BACKTEST first.
Attached Image (click to enlarge)
Click to Enlarge Name: v6 settings.png Size: 41 KB
Cut your Losers short and let your Winners run.
  • #459
  • Jun 23, 2013 3:01am Jun 23, 2013 3:01am
Quoting fxstevyboy
{quote} Does any of the Demark Combination stuff line up with yours? Here's another one, called the turn in NZDUSD and the low in EURUSD last night
Does this answer your question. Large Blue arrows are the signals from 123pattern v6, all short. For the uninitiated, it looks like Demark is indicating Longs, where as the only valid signal is a long based on the 13 candle count at the bottom RH of the chart.
Attached Image (click to enlarge)
Click to Enlarge Name: Demark v 123.png Size: 32 KB
Cut your Losers short and let your Winners run.
  • #460
  • Edited 9:24am Jun 24, 2013 9:09am | Edited 9:24am
EU +40 pips. Only valid signal today. But if it pays out 1 is enough. I initially targeted the 3050 but realized that there was a significant S&R at 3060 from the beginning of June. Slap on the wrist for me for not having identified that prior to taking the signal.

Edit. Sorry I am not with it today, just checked the other pairs that I "normally" monitor and there were signals on the EJ, UJ, GU and AU in fact the EJ would have yielded around 80 pips. Just goes to show, you should not get up early as I did today. The signals were on the 15 min charts.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +40 2406.png Size: 32 KB
Cut your Losers short and let your Winners run.
1 trader viewing now