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123PatternsV6 revisited

  • #621
  • Aug 2, 2013 6:27am Aug 2, 2013 6:27am
Quoting dee50
yesterday I tried 2 trades, what an idiot I was. Price had been in a 30 pip range, so what did I do? I went for a 40 pip target, as you can see I broke even twice for 2 pips each. The only redeeming feature of those 2 trades was that I moved my SL to B/E after 10 pips. BUT, I should have known better, I should only have gone for 20 pips each trade especially the second trade as resistance was quite obviously the 200 EMA and the trade was counter trend. The first trade target should have been the BRN 1.3200. Lack of concentration on my part...
Waw , were you able to trade yesterday with all of these news and choppy price ? I was barely able to take one trade and lost 10 pips , the market was crazy with no clear sentiment or any bias , I see it great to have positive pips with such situations
  • #622
  • Edited 7:38am Aug 2, 2013 7:01am | Edited 7:38am
Dee,

I have saved all those PDFs, and have been studying them and applying them, but my charts just end up getting complicated and cluttered.



I'd REALLY appreciate it if you could lay out how exactly you plot all of your S/R fib lines, so that I could replicate it.

I have been replicating your daytrading style, and am loving it, and would GREATLY appreciate it if you could take a moment to explain how you plot all your fib levels.


I already fully understand how to do yesterdays swing low-high with retracement, but if you could tell me the rest of the fibs you plot, I would really appreciate it.




So far, I look for the following:

1. TDI Cross on 15 min chart is a must.
2. Divergence on 15m/1H (optional).
3. Candle formations (Double top/bottom, 123break pattern).
4. Patterns must be off S/R zones such as fibs of last days swing low-high, and BRN.
5. Must be going from oversold/overbought to opposite.
6. Candle must close before entering trade.


Anything I am missing or could add on?


I am a newbie, and have been trying to find a strategy that suits me for a year now, but I am confident I have found it, and with your help, I could get it 100% right, as you have.

Thank you.

EDIT: I also understand the concept of fib extensions and expansions as explain in the PDFs, but am confused how to apply them to this type of trading. Can you show me an example, of how you would use them?
  • #623
  • Aug 2, 2013 8:08am Aug 2, 2013 8:08am
EU +50 pips NFP News Trade. As usual a complete over reaction, but I am not complaining, got the normal 50 pips for NFP. That is me done for the day and the week.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +50 NFP 02 07.png Size: 32 KB
Cut your Losers short and let your Winners run.
  • #624
  • Aug 2, 2013 8:21am Aug 2, 2013 8:21am
Quoting dee50
EU +50 pips NFP News Trade. As usual a complete over reaction, but I am not complaining, got the normal 50 pips for NFP. That is me done for the day and the week. {image}

Congrats Dee , have a nice weekend.
  • #625
  • Aug 2, 2013 8:15pm Aug 2, 2013 8:15pm
Quoting dee50
yesterday I tried 2 trades, what an idiot I was. Price had been in a 30 pip range, so what did I do? I went for a 40 pip target,........
Exit is always the toughest art.......
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #626
  • Aug 5, 2013 6:28am Aug 5, 2013 6:28am
EU +20. 123 entry on the 15min chart following divergence at Major S&R BRN. Half off at +20 SL to B/E. Final TP is at 200EMA on the 1hr chart, or as PA dictates.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +20 Half off.png Size: 30 KB
Cut your Losers short and let your Winners run.
  • #627
  • Aug 5, 2013 9:10am Aug 5, 2013 9:10am
Final Tally today. EU +20 +43. Final target hit for the second part of my earlier trade.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +20 +43 05 08.png Size: 35 KB
Cut your Losers short and let your Winners run.
  • #628
  • Aug 5, 2013 9:32am Aug 5, 2013 9:32am
Quoting dee50
Final Tally today. EU +20 +43. Final target hit for the second part of my earlier trade.
[highlight=rgba(255, 255, 255, 0)][/highlight][highlight=rgba(255, 255, 255, 0)][/highlight][highlight=rgba(255, 255, 255, 0)][/highlight][highlight=rgba(255, 255, 255, 0)][/highlight][highlight=rgba(255, 255, 255, 0)][/highlight][highlight=rgba(255, 255, 255, 0)][/highlight][highlight=rgba(255, 255, 255, 0)][/highlight]
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #629
  • Edited 10:51am Aug 5, 2013 10:39am | Edited 10:51am
Quoting dee50
Final Tally today. EU +20 +43. Final target hit for the second part of my earlier trade. {image}
That's Great Dee.....
it seems that I'm improving and all thanks go to you , I managed to make 20 Pips and it seems that I'm copying your way which is great way for a newbie like me .I'll open a real account soon and work only your way.

Cheers
  • #630
  • Aug 5, 2013 2:09pm Aug 5, 2013 2:09pm
So how is the beta for v7 going? The potential is great
I want more brain power!
  • #631
  • Aug 6, 2013 7:26am Aug 6, 2013 7:26am
GU 5min 123 short below yesterday's high, for +22. Tgt @ the 138.2 extension and Frankfurt open support.
Attached Image (click to enlarge)
Click to Enlarge Name: 6Aug(GU1).PNG Size: 36 KB
  • #632
  • Aug 7, 2013 3:39am Aug 7, 2013 3:39am
Yesterdays Trades. 93pips. 1. Straight forward 123 entry +30. 2. CT Pin Bar entry +18. 3. 123 Entry +45.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +30 +18CT +45 06 08.png Size: 51 KB
Cut your Losers short and let your Winners run.
  • #633
  • Aug 7, 2013 4:01am Aug 7, 2013 4:01am
Quoting dee50
Yesterdays Trades. 93pips. 1. Straight forward 123 entry +30. 2. CT Pin Bar entry +18. 3. 123 Entry +45. {image}
Congretulations! Really a good job. By the way, do you really see candle patterns at 5m chart? Is this reliable?
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #634
  • Aug 7, 2013 8:57am Aug 7, 2013 8:57am
Quoting heispark
{quote} Congretulations! Really a good job. By the way, do you really see candle patterns at 5m chart? Is this reliable?
Patterns are reliable, individual candles not so much, but, if you looked at the 15 min chart yesterday you would have seen the Pin Bar forming at the same time.
Cut your Losers short and let your Winners run.
  • #635
  • Aug 7, 2013 9:04am Aug 7, 2013 9:04am
So far today EU +45. Another 15min Pin Bar backed up by a massive 1hr Pin Bar and a 123 on the 5min to confirm entry. Look and you will see. The TP was a little difficult to judge and I had to go to the 4hr chart to find a suitable target, none the less, ultimately it was the oscillators going into OB that made me pull the plug. Backed up by Divergence and at a push a Double Top.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +45 07 08.png Size: 40 KB
Cut your Losers short and let your Winners run.
  • #636
  • Aug 7, 2013 9:05am Aug 7, 2013 9:05am
Quoting dee50
Yesterdays Trades. 93pips. 1. Straight forward 123 entry +30. 2. CT Pin Bar entry +18. 3. 123 Entry +45. {image}
Similar trade yesterday...
  • #637
  • Aug 7, 2013 9:46am Aug 7, 2013 9:46am
Quoting dee50
{quote} Patterns are reliable, individual candles not so much, but, if you looked at the 15 min chart yesterday you would have seen the Pin Bar forming at the same time.
Thank you Dee. I know some people see pin bars very profitable, but I need more excercise using this candle. Thank you anyway.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #638
  • Aug 7, 2013 10:56am Aug 7, 2013 10:56am
Quoting dee50
So far today EU +45. Another 15min Pin Bar backed up by a massive 1hr Pin Bar and a 123 on the 5min to confirm entry. Look and you will see. The TP was a little difficult to judge and I had to go to the 4hr chart to find a suitable target, none the less, ultimately it was the oscillators going into OB that made me pull the plug. Backed up by Divergence and at a push a Double Top. {image}
Great Job Dee, I I thought that you took yesterday off since you didn't post your trades till today
- I have just one question : there were some opportunists for 123 pattern to be sold for today , but still you didn't take them , do you define your bias for the day and try to find entries that matches your expectation for the direction ?
  • #639
  • Aug 8, 2013 3:49am Aug 8, 2013 3:49am
Quoting geomoon
{quote} Great Job Dee, I I thought that you took yesterday off since you didn't post your trades till today - I have just one question : there were some opportunists for 123 pattern to be sold for today , but still you didn't take them , do you define your bias for the day and try to find entries that matches your expectation for the direction ?
http://www.forexfactory.com/showthre...24#post6855124

Sorry but I do not have much time available at the moment for responding. I do not spend my entire day watching the monitor. I have 2 alarms that I set one is time based and the other is Price based, When either sounds I return to the screen and have a look.
Cut your Losers short and let your Winners run.
  • #640
  • Aug 8, 2013 5:48am Aug 8, 2013 5:48am
Hi dee50;

Where do you put the stop loss? :

Last swing, Fibo level, round number, fixed pips ....?

Gracias
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