123PatternsV6 revisited

Quoting dee50

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Yesterday EU +50 +50. There were a couple of 123 trades indicated but I took these trades because the short tern S&R level was hit and rejected 5 times in total on the 1 hr chart. Divergence formed on the 3rd hit which was also forming a 123, on the 5th hit a small Pin Bar after a reversal bar formed so I took a second entry, both entries had my stop at short term S&R, so risk was minimal. TP was confluence of 200%ext and S&R level and 61.8% Fib ret. I checked chart before bed time and moved SL to BE, then let it get on with it. {image}

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Quoting geomoon

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{quote} That's great Dee, for the past two days the whole ADR for EU was around 50 pips and still you can juice it to the last pip. I think 123 is a great tool but EU is narrowing the range and makes it difficult for me to find an entry , finding an alternative is a good thing specially in these ranging days. I want to thank you because you directed me once to the TMS thread as they are doing a good work over there, they are not mainly working with 4h, many of them are working on 1h frame and I learned a lot from them.

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Quoting geomoon

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123 with TMS rules nice combination for EJ, 38 Pips . {image}

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Quoting geomoon

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{quote} That's great Dee, for the past two days the whole ADR for EU was around 50 pips and still you can juice it to the last pip. I think 123 is a great tool but EU is narrowing the range and makes it difficult for me to find an entry , finding an alternative is a good thing specially in these ranging days. I want to thank you because you directed me once to the TMS thread as they are doing a good work over there, they are not mainly working with 4h, many of them are working on 1h frame and I learned a lot from them.

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Quoting dee50

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{quote} I just waited and waited and waited for a setup, then lo and behold the EU gave me the heads up that it was going to do something, bit sneaky really because I had to take some heat first as price went back up to test that S&R level again, but eventually the bulls gave in to the bears. I said "Right you bastards, make me sweat would you" and then I put another trade on and said "Take that, see how you like those bananas". I warn you, this is what can happen when you spend too much time on your own in front of a computer screen.

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Quoting zamanib

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{quote} saw it cominh {image}

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Quoting dee50

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That completes my business for the day. EU +35 News. UJ +35 123 Entry. EJ +30 123 Entry. Because of the small range days I adjusted my TPs to reflect that and concentrated on the nearest S&Rs, short term or long term. {image}

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Quoting dee50

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Yesterday EU +40. I nearly took the Pin Bar CT yesterday but didn´t, the market rewarded my restraint by giving me a 1Hr Pin Bar with trend. My initial TP was down at 1.3525 S&R level, but the market was kind enough to show me, with Divergence, that for now it was not going any lower than 1.3550 so I manually closed for 40pips. If you work with the market it will often be very generous to you, but if you try to fight it, then it can get really nasty! {image}

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Quoting amir558

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{quote} hi my friend can you share your indicators and your tpl and tech me how you enter your position? best regard

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Quoting geomoon

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that's a good day for me..... EU +17 pip , EJ +27 Pip , and 63 pip for GU for news trading , I didn't trade the news before and had no idea when to enter or to exit , just shoot the button and the price went like a rocket, if I stayed more I would have made more pips but for a newbie like me it's more than great .. I wish I was trading this for real and not on demo now...... or at least to have the same performance when working on a real account {image}

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Quoting dee50

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{quote} Stop looking at 5 min charts unless you are only planning to scalp for 10 pips! I gave up even looking at 5 min charts some time ago, what you are seeing is noise and misinformation. I follow the 1hr chart and use the 15min to fine tune my entries. and/or as an early warning system. I draw my S&R levels off the Daily & 4 hr. 1hr & 15min have minor S&R levels that I want to be aware of because this is where price stalls for a while before carrying on to the HTF S&R levels. For news trading I trail my stop aggressively. For standard trades...

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Quoting dee50

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{quote} Well Done. Hope you are also posting your charts on the TMS thread for feedback. Find a method for News trading!! don't just "Shoot the Button" and hope for the best, price often shoots in the opposite direction before reversing into the actual direction, this is where many traders get caught out, make sure you are trading in the direction of the sentiment. I did not trade today, couldn't be bothered and there was no news to push things either way, apart on GU which I do not bother with these days.

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Quoting mact4

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{quote} Dee Wanted to thank you for your help and very, very useful postings. Took your recommendation to heart. Went back over your earlier postings. Went back over Phx62 postings in TMS. Zoomed right out and found charts so much easier to read on H4. Plenty of time to make decisions whether to enter, exit or continue. Realise M5 and M15 is too fast for me and too many fake outs. Got an easy 80-100 pips (scaled out my trades) today. Very happy with stress free result. My final TP was a little further down but as it's Friday, I decided to close...

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