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123PatternsV6 revisited

  • #1,361
  • May 23, 2014 8:48am May 23, 2014 8:48am
Quoting mact4
{quote} Yes, we are here! Please keep posting. I study your charts frequently - hoping I'll learn to see what you see; take more successful trades, and fewer losing trades.
Thanks for letting me know you are here, appreciate it.

Down below I have prepared a post that should help you with your query about how I draw S&R lines, which I never really finished. This should help.
Cut your Losers short and let your Winners run.
  • #1,362
  • May 23, 2014 8:58am May 23, 2014 8:58am
Quoting Ironbark
Quoting dee50 By the way. Is anybody there?? {image} {quote} Also, excuse my ignorance..what is ESM4? Doesn't seem to be available on my broker.
ESM4 is the Forex broker equivalent of the ES e-mini S&P 500. it is not available on all Forex brokers. I use this broker. https://www.ironfx.com/en/register.
Who has a whole load of stocks and index's available to trade. I think Alpari is another one and there are a few more.
Attached Image (click to enlarge)
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Cut your Losers short and let your Winners run.
  • #1,363
  • May 23, 2014 9:03am May 23, 2014 9:03am
Quoting geomoon
{quote} I'm trying to understand your way for S&P trading and it seems very close to currencies , are they traded the same way ?
Yes, you just need to be aware of how the ES moves, unlike the currencies the ES tends to whipsaw it's way up or down. a lot of Pro Traders trade the ES and you can see lots of 100, 200 contracts being placed and absorbed this makes the ES jump up and down a bit more, but once you have got used to it, it trades the same way as any other instrument.
Cut your Losers short and let your Winners run.
  • #1,364
  • Edited 9:38am May 23, 2014 9:09am | Edited 9:38am
Here is some information on how I draw my S&R lines. The 123 formation and many other Price patterns are best traded off areas of S&R, you can avoid many losses this way. here is a link to an explanation by Nial Fuller, who uses S&R in his Price Action Trading.

How To Draw Support and Resistance Levels Like A Professional. Nial Fuller
http://www.learntotradethemarket.com...istance-levels

A video to go with this.
http://www.learntotradethemarket.com...s-and-r-levels

As a logical follow on, read this

The Simplest Forex Trading Strategy in the World. Nial Fuller
http://www.learntotradethemarket.com...y-in-the-world

Hope it helps.
Cut your Losers short and let your Winners run.
  • #1,365
  • May 23, 2014 9:58am May 23, 2014 9:58am
Quoting dee50
Here is some information on how I draw my S&R lines. The 123 formation and many other Price patterns are best traded off areas of S&R, you can avoid many losses this way. here is a link to an explanation by Nial Fuller, who uses S&R in his Price Action Trading. How To Draw Support and Resistance Levels Like A Professional. Nial Fuller http://www.learntotradethemarket.com...istance-levels A video to go with this. http://www.learntotradethemarket.com...s-and-r-levels...
Thank you Dee. Will spend this bank holiday weekend digesting this info.

Have a good weekend.
  • #1,366
  • May 25, 2014 1:56am May 25, 2014 1:56am
Hi Dee50,

Any chance you would be kind enough to post some live trades?

Maybe the entry analysis, a bit of mid trade commentary and the trade close.

Would be great for all the readers to look through your lenses and increase their understanding regarding decisions made at those specific points in time.

Greatly appreciated!
  • #1,367
  • May 27, 2014 6:08am May 27, 2014 6:08am
here is the season finale in the "The 3 secrets to Trading Momentum Indicators" you might find the ending surprising, if not a little obvious. I personally felt that it was a little rushed and a little more emphasis could have been given to the relationship between the 3 MAs and how they used Candlesticks.
Attached File(s)
File Type: pdf The 3 Secrets to trading Momentum Indicators pt6.pdf   4.2 MB | 4,046 downloads
Cut your Losers short and let your Winners run.
  • #1,368
  • May 28, 2014 6:03am May 28, 2014 6:03am
Just a reminder.

The Best Times To Trade the Forex Market

Basic stuff I know, but some times we pass on the obvious because we are looking for the more complicated.

Attached Image


There are times in the market that regularly produce trades on a consistence basis. You will witness volume at these specific times.

  1. 2am EST: The German open. This begins the day, and breaks the slow choppy price action of the Asian session.

  1. 3am EST: The London open. This is often the exact reversal of the German open

  1. 8.00-8.30am EST: 90 minutes before the opening bell begins the attempt into the gap fill for the open.(Futures)

  1. 10am EST: Most big money will wait for the first half hour after the bell to place their first trades of the day. The 10am time frame produces more entries than any other.

  1. 11.30am EST: 30 minutes before the European close. This is called the 11:30 reversal period, the beginning of the daily doldrums. We usually witness profit taking in the opposite direction from whatever the main direction of the morning was.

  1. 1.30-2.00pm EST: The end of the daily doldrums. This is many times a stop run from the consolidation of the slow choppy lunch time trade
  2. 3.30-3.45pm EST: An attempt at a run toward the daily pivot for the next day.

Stick to these specific times and you will find yourself in the beginning of trends as they develop, normally!

A word of caution.
Remember we are in the summer doldrums, now is the time to adjust not just your clocks but also your Pip expectations. What was a 5 minute 10 pip scalp will now take 2 hours or more. So put aside your frustrations and accept that these are leaner times and do not enter a trade just because you feel you should be in the market.

If you want your local time here is a link to an app. http://www.forexmarkethours.com/markethours.php

Cut your Losers short and let your Winners run.
  • #1,369
  • May 28, 2014 6:29am May 28, 2014 6:29am
Price projections from yesterday. Note that YELLOW line is 50% Fib Retr. RED line is 61.8% Fib Retr. (line in the sand). Target is GREEN DOTTED lines 123% Exp & 161.8% Exp. I marked the first chart. These projections were done on a futures account so 6E is EU, 6B is GU, the rest are as normal. The method and charts come from here. http://eminiaddict.com/
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Cut your Losers short and let your Winners run.
  • #1,370
  • May 28, 2014 6:37am May 28, 2014 6:37am
Quoting dee50
...A word of caution. Remember we are in the summer doldrums, now is the time to adjust not just your clocks but also your Pip expectations. What was a 5 minute 10 pip scalp will now take 2 hours or more. So put aside your frustrations and accept that these are leaner times and do not enter a trade just because you feel you should be in the market. If you want your local time here is a link to an app. http://www.forexmarkethours.com/markethours.php
Brill as usual Dee.

RE: Summer Doldrums - it's still spring here! When do you expect more normal trading to resume? Mid- Sept?

Any other big picture words of wisdom please?
  • #1,371
  • May 28, 2014 7:44am May 28, 2014 7:44am
Quoting dee50
Just a reminder. The Best Times To Trade the Forex Market Basic stuff I know, but some times we pass on the obvious because we are looking for the more complicated. {image} There are times in the market that regularly produce trades on a consistence basis. You will witness volume at these specific times. 2am EST: The German open. This begins the day, and breaks the slow choppy price action of the Asian session. 3am EST: The London open. This is often the exact reversal of the German open 8.00-8.30am EST: 90 minutes before the opening bell begins...
Thanks for the valuable info Dee..., I was wondering why the markets are so slow those days , and as you cleared that it's natural at summer, maybe it's time to take a vacation...
Cheers
  • #1,372
  • May 28, 2014 9:05am May 28, 2014 9:05am
Thanks dee
  • #1,373
  • May 29, 2014 8:40am May 29, 2014 8:40am
EU News. So far 1st TP +18 pips. SL B/E +2
Will you or Wont you Trade. Crap GDP cancels out better Employment figures. Final TP +35. Will sentiment be enough to give me a profit today? The rest of America comes online in a couple of minutes then we will see.
Attached Image (click to enlarge)
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Cut your Losers short and let your Winners run.
  • #1,374
  • May 30, 2014 8:30am May 30, 2014 8:30am
Luv this from Mike Paterson over at Forexlive.com
quote.
Did someone mention a happy pill ?

It’s Friday and yes it’s been a long week, albeit a 4-day one for the UK and US but I’d hate to leave you all on a negative note as I head out for the week-end
These markets are now what they are.Tight, scrappy, low volume, frequently mind-blowingly numb affairs but we simply have to deal with that.
No point being miserable or moaning about it. Just get on with it as it’s not going to change anytime soon, if at all.And if you have to adapt your trading style/time frames then so be it. There’s enough experience in this wonderful Forex community to help as needed.

So have a great week-end all you good people and let’s stay happy. unquote.

That EU News trade yesterday, did not move any further down than my 1st TP, in fact went back up and hit my SL for +2 pips. What a week!!
Cut your Losers short and let your Winners run.
  • #1,375
  • May 30, 2014 10:58am May 30, 2014 10:58am
I like it too, you just have to deal with it and take the happy pill
It also helps if you search for pairs with higher adr value.
I did that the other day and for example g/au has 130 pips adr, also gcad 100.
btw here we went straight to summer from winter had not a day of spring, so Iam
happy to be outside and enjoy the sun.
Speaking of news there was a pretty 123 setup on gcad m15 this morning 30 minutes after cad news release
I missed it , next time I'll pay more attention to FF calendar.
Attached Image (click to enlarge)
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If you're going through hell, keep going. Winston Churchill
  • #1,376
  • May 30, 2014 10:59am May 30, 2014 10:59am
EU +2 +15. EU +13 +28. 123 Entry visible on 1 hr & 15m Charts, went to 1st TP for +15 then came back and took my SL for +2. BPC entry. Everything pointed to this just being a pullback, so a tight SL and off we go again. 1st Tp easy, 2nd TP I was not sure about as a potential Divergence was forming. I thought price might go above the BRN upto 1.3670 to collect the Stops sitting above that High, but I was being a bit too optimistic for a Friday.

The chart says it all, everything was pointing to the EU going up today, Rising TL. Also Rising TL on the TDI and Stochs, Failure of Stochs and TDI to come back down to the 32 level, etc etc.

There was an identical setup on the EJ, put with so few pips in the pot I was not going to stretch myself thin.
At least I did not finish the week with just 18 pips.
Attached Image (click to enlarge)
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Cut your Losers short and let your Winners run.
  • #1,377
  • Edited 11:20am May 30, 2014 11:01am | Edited 11:20am
I took one intraday trade on ej this week H1 NY session
for 30 pips.
Two H4 trades on eu showing divergence , tdi moving out of OS and crossing
and 123. because it only started moving today and being friday I took profits.
Gu H1 entered late last night on 123 and TDI coming out of OS.
Last one is my first trade on GA, couple of 123s, nice tdi angle and steep 10ema
both gu and ga would've made it to my set 50 pips tp if I had waited patiently .
Attached Image(s) (click to enlarge)
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If you're going through hell, keep going. Winston Churchill
  • #1,378
  • May 30, 2014 11:08am May 30, 2014 11:08am
Quoting Imi
I like it too, you just have to deal with it and take the happy pill It also helps if you search for pairs with higher adr value. I did that the other day and for example g/au has 130 pips adr, also gcad 100. btw here we went straight to summer from winter had not a day of spring, so Iam happy to be outside and enjoy the sun. Speaking of news there was a pretty 123 setup on gcad m15 this morning 30 minutes after cad news release I missed it , next time I'll pay more attention to FF calendar. {image}
Seek and ye shall find. searching thru multiple pairs is not for me, if I don't know it I don't touch it. Anyway all those lines and colours would be too psychedelic for me, reminds me too much of my younger days experimenting with chemicals. But it works for other people, but for me at my time of life, trading "The Exotics" is something I leave to you youngsters.
Cut your Losers short and let your Winners run.
  • #1,379
  • May 30, 2014 11:28am May 30, 2014 11:28am
I agree with you, I only had 4 charts eu ej gu and ea, nothing more
but the adr value went so low that I was gonna go look for a summer job,
I'll keep watching ga next week when Iam at my screen and we'll see how it goes
Have a good weekend everyone
If you're going through hell, keep going. Winston Churchill
  • #1,380
  • May 30, 2014 4:16pm May 30, 2014 4:16pm
Nice work guys... , it's great that you still can trade within this narrow range
have a nice weekend.
Cheers
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