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123PatternsV6 revisited

  • #481
  • Jun 28, 2013 9:21am Jun 28, 2013 9:21am
EU +50 pips. Main reason for taking this trade was the Pin Bar at the BRN and the BPC at previous S&R, but it was confirmed by a 123 later. Target was the Trend Line. Do not care if price drops further, +50 for a Friday afternoon is good enough.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +50 28 06.png Size: 33 KB
Cut your Losers short and let your Winners run.
  • #482
  • Jun 28, 2013 9:29am Jun 28, 2013 9:29am
Quoting dee50
EU +50 pips. Main reason for taking this trade was the Pin Bar at the BRN and the BPC at previous S&R, but it was confirmed by a 123 later. Target was the Trend Line. Do not care if price drops further, +50 for a Friday afternoon is good enough. {image}
Fantastic. What does BPC stand for?
  • #483
  • Jun 28, 2013 9:37am Jun 28, 2013 9:37am
Quoting sidefx
{quote} Fantastic. What does BPC stand for?
Explained it here

http://www.forexfactory.com/showthre...20#post6758420
Cut your Losers short and let your Winners run.
  • #484
  • Jun 28, 2013 9:39am Jun 28, 2013 9:39am
Quoting dee50
{quote} Explained it here http://www.forexfactory.com/showthre...20#post6758420
ah, ok. Thanks.
  • #485
  • Jul 1, 2013 5:27pm Jul 1, 2013 5:27pm
Quoting dee50
{quote} Explained it here http://www.forexfactory.com/showthre...20#post6758420
Hi dee50,
first I wan to thank you for all of your explanation, I'm new to forex and I might be slow in understanding your way and I would appreciate if I can get it.
I really like your work and read your posts more than one time but for some reason it's still not so clear for me yet how do you choose your entry points , once you said that they are not based on 123 system only , and the indicator itself doesn't show always when to enter , I'm confused for a little bit , is this based on your experience or other tools that you use ?
thanks
  • #486
  • Jul 2, 2013 4:21am Jul 2, 2013 4:21am
Yesterday EU +5 +37. I have marked everything on the chart. 2nd trade was a Pin Bar Reversal entry followed by a 123 confirmation.
Today so far. EU +30. Everything is obvious, you just need to look.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EU +5 +37.png Size: 42 KB
Click to Enlarge Name: EU +30 2 07.png Size: 33 KB
Cut your Losers short and let your Winners run.
  • #487
  • Jul 2, 2013 4:33am Jul 2, 2013 4:33am
Quoting geomoon
{quote} Hi dee50, first I wan to thank you for all of your explanation, I'm new to forex and I might be slow in understanding your way and I would appreciate if I can get it. I really like your work and read your posts more than one time but for some reason it's still not so clear for me yet how do you choose your entry points , once you said that they are not based on 123 system only , and the indicator itself doesn't show always when to enter , I'm confused for a little bit , is this based on your experience...
The short answer is, my entries are based on my experience, 1,000s of hours of screen time. Every thing I use is on the chart and if you look carefully you will see that every one of my entries has a reason for it, in fact I will normally only enter when there are at least 2 - 3 factors confirming the entry. These are always on the chart, they are not hidden away in the dark recesses of my mind.
Cut your Losers short and let your Winners run.
  • #488
  • Edited 10:01am Jul 2, 2013 4:41am | Edited 10:01am
Who spotted that the reason for todays entry was a Triple Bounce off an S&R followed by the 123 + a BPC. The TB is only visible if you zoom out, this is one of the problems of trading the lower time frames, you do not see the bigger picture. We focus too much on a small portion of time.

Here endeth the lesson.
Attached Image (click to enlarge)
Click to Enlarge Name: Triple Top.png Size: 57 KB
Cut your Losers short and let your Winners run.
  • #489
  • Jul 2, 2013 5:07am Jul 2, 2013 5:07am
Quoting dee50
{quote} The short answer is, my entries are based on my experience, 1,000s of hours of screen time. Every thing I use is on the chart and if you look carefully you will see that every one of my entries has a reason for it, in fact I will normally only enter when there are at least 2 - 3 factors confirming the entry. These are always on the chart, they are not hidden away in the dark recesses of my mind.
Thanks dee50 , I guess I have to spend 1000 H of screen time to see what you see
  • #490
  • Jul 2, 2013 8:01am Jul 2, 2013 8:01am
Quoting geomoon
{quote} Thanks dee50 , I guess I have to spend 1000 H of screen time to see what you see
that unfortunately is a reality of trading! unless you go to one of the traffic light system threads where there is some one to guide you and the indicators tell you when to enter and exit.
Cut your Losers short and let your Winners run.
  • #491
  • Jul 2, 2013 9:51am Jul 2, 2013 9:51am
Great thread and indicator thanks!
  • #492
  • Edited 10:10am Jul 2, 2013 9:55am | Edited 10:10am
EU +35. Pin Bar off S&R and really strong Divergence followed by 123 + BPC to confirm. Confluence of the 161 expansion, 38% Fib and 200 EMA and short term Resistance made this the TP.

The BPC was perfect, price broke back above the BRN then a short pullback, almost to the pip, to the BRN. I forgot to mark it on the chart but you can clearly see it.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +35 02 07.png Size: 37 KB
Cut your Losers short and let your Winners run.
  • #493
  • Jul 3, 2013 9:23am Jul 3, 2013 9:23am
EU +30 & +32 = 62 pips. No brainers today. Short Breakout, 123 + BPC, TP at Daily S&R. Then Long Divergence at Major Support with 123, Target the 200 EMA. Soros I aint, but it puts food on the table with minimum risk.

I have been trying out another 123 Indi, you see it on my charts the little numbers 123, it is also pretty good, it is more adjustable. it was developed to show Ross Hooks, I have that feature disabled because in these markets you get so many Ross Hooks it makes the feature pointless especially on the Lower Time Frames. You will also have to adjust the "rejectifheightlessthan" parameter from 15 to 150 for a 5 digit broker other wise you will get "a LOT" of false signals.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +30 +32.png Size: 39 KB
Attached File(s)
File Type: zip show123RH.zip   152 KB | 1,851 downloads
Cut your Losers short and let your Winners run.
  • #494
  • Jul 3, 2013 2:26pm Jul 3, 2013 2:26pm
Quoting dee50
EU +30 & +32 = 62 pips. No brainers today. Short Breakout, 123 + BPC, TP at Daily S&R. Then Long Divergence at Major Support with 123, Target the 200 EMA. Soros I aint, but it puts food on the table with minimum risk. I have been trying out another 123 Indi, you see it on my charts the little numbers 123, it is also pretty good, it is more adjustable. it was developed to show Ross Hooks, I have that feature disabled because in these markets you get so many Ross Hooks it makes the feature pointless especially on the Lower Time Frames. You will also...
Good job dee50 , you make this sound so easy ....
  • #495
  • Jul 4, 2013 10:01am Jul 4, 2013 10:01am
EU +75. 4th July 20 min trade. I almost decided to call it a day when the 123 signal came at a BO level, then someone cut the rope and off it went, did not have the time to think about the TP so targeted the S&R level but price moved so fast that I dropped the TP to the BRN. SL was a joke I moved it straight to BE and then went for a ciggie when I came back there it was.
Attached Image (click to enlarge)
Click to Enlarge Name: eu +75 4 july.png Size: 34 KB
Cut your Losers short and let your Winners run.
  • #496
  • Jul 4, 2013 10:51am Jul 4, 2013 10:51am
Congratulations.
I also trade the same, but only 30 pips.
The pivot line, I stopped.
Need more attention.
  • #497
  • Jul 4, 2013 2:03pm Jul 4, 2013 2:03pm
Quoting dee50
EU +75. 4th July 20 min trade. I almost decided to call it a day when the 123 signal came at a BO level, then someone cut the rope and off it went, did not have the time to think about the TP so targeted the S&R level but price moved so fast that I dropped the TP to the BRN. SL was a joke I moved it straight to BE and then went for a ciggie when I came back there it was. {image}
Congrats dee50 , actually it was the Draghi at ECB Press Conference today who did cut the robe for such a fall, I've been told many times that when a you trade technical strategies it's recommended to stay a way from the markets at such news times like this, I work on a Demo for now and I had a position from early morning but I closed it before the conference to do it as they recommended, but it seems that it makes no difference when you are trading a good strategy or at least you have the needed experience .
BTW : what is BO ?
  • #498
  • Jul 5, 2013 7:05am Jul 5, 2013 7:05am
Quoting geomoon
{quote} Congrats dee50 , actually it was the Draghi at ECB Press Conference today who did cut the robe for such a fall, I've been told many times that when a you trade technical strategies it's recommended to stay a way from the markets at such news times like this, I work on a Demo for now and I had a position from early morning but I closed it before the conference to do it as they recommended, but it seems that it makes no difference...
BO = Break Out.

Yes I knew Draghi was giving a press conference, that was what I had been hanging around for. I always trade the news, have done for many years and Draghi is always good for at least 50 pips I think he does it on purpose. If I am in a trade before the news I asses the likely impact and then decide whether to stay in the trade or close but the main thing is I move my stop to lock in profits then if it goes against me I do not lose anything.
Cut your Losers short and let your Winners run.
  • #499
  • Jul 5, 2013 8:01am Jul 5, 2013 8:01am
EU +50. It is too easy. There would have had to have been a negative print for the EU not to have gone down. Not a bonafide 123, but it shows that you can make money from the news. Waiting now for another possible entry.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +50 NFP.png Size: 33 KB
Cut your Losers short and let your Winners run.
  • #500
  • Jul 8, 2013 7:22pm Jul 8, 2013 7:22pm
All these pips being made, yet some how my trades never win. And I use 123 pattern off S/R every single time.
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