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123PatternsV6 revisited

  • #1,461
  • Jun 12, 2014 6:41pm Jun 12, 2014 6:41pm
Quoting dee50
Does Forex News Trading Really Work? Jarrat Davis explains why price sometimes moves in the opposite direction to what a news release suggests. Who is he??? Verified and Ranked by Barclays Investment database as the worlds 2nd best performing trader for the past 4 years in a row!! so he might know what he is talking about. http://youtu.be/u5ms3ZwhhdY Also provides FREE trading signals here http://www.forexpeacearmy.com/forex-...ading-signals/

Just got around to watching this video. So, the advice when news trading is to look deeper into the news release to discover things that could move the currency in a different direction to what is expected. So you get the economic release and you have a little read, then you look at the chart, oops, it's already moved 100 pips. What I suspect is happening, is that people who pay for early news data, get wind of the extra detail and pile in, leaving everyone else on the wrong side of the trade.

Using the 'news gun' on forexpeacearmy is my preferred method.
  • #1,462
  • Jun 13, 2014 2:11am Jun 13, 2014 2:11am
Mixed bag yesterday. Some poor decisions resulted in giving back early gains, resulting in Break even.

This was trade was taken in Asian for +36. I had TP higher but price was stalling before Frankfurt Open. I did not want to give back any more pips. Hey ho. Soon after I got out, price shot up towards my target.

Earlier in the day, I had EJ short. Price had trouble going further below 137.80. H4 shows a support zone in that region, so when H1 stalled and refused to go lower, I exited my short and looked for opportunity to go long.
Price was forming a diagonal, TDI was compressing but MBL was going up. H1 also showed a triple bottom zone. M15 gave the entry.
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  • #1,463
  • Jun 13, 2014 4:09am Jun 13, 2014 4:09am
Quoting shannon
Did I do something wrong here, other than not taking a profit when I had the chance? I moved my stop to BE and was trying to be patient, now I see there was a 123 on the 5m chart, but should I take signals from the 5min? This is GBPUSD 15min {image}
IMHO if you need to look at the 5min chart for signals, you are looking at the wrong pair!

Your entry was a little optimistic as you entered long on a Bearish Divergence, you did the right thing in moving to B/E as a second Bearish Divergence formed at a confluence area. Had you taken your 25 pip profit it would have been the perfect trade as every thing pointed to a reversal at the BRN. Unexpected news pushed price further down than it would ordinarily have gone. I have and still do take marginal entries, you did the right thing in controlling your potential loss and as long as you stick to that you will not go wrong. Well done!
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Cut your Losers short and let your Winners run.
  • #1,464
  • Jun 13, 2014 4:53am Jun 13, 2014 4:53am
Quoting mact4
I did not want to give back any more pips. Hey ho. Soon after I got out, price shot up towards my target. {image}
The markets attitude to you.

Your attitude to the market.
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Attached Image
Cut your Losers short and let your Winners run.
  • #1,465
  • Jun 13, 2014 4:57am Jun 13, 2014 4:57am
Quoting dee50
{quote} The markets attitude to you. Your attitude to the market. {image} {image}
Made my day!
  • #1,466
  • Jun 13, 2014 5:00am Jun 13, 2014 5:00am
Quoting dee50
{quote} The markets attitude to you. Your attitude to the market. {image} {image}

That's the way to trade.....
  • #1,467
  • Jun 13, 2014 12:19pm Jun 13, 2014 12:19pm
Thanks Dee I guess I just need to keep practicing, I saw the bounce off that trendline and I didn't want to miss the breakout.
  • #1,468
  • Jun 14, 2014 5:33am Jun 14, 2014 5:33am
Just a reminder. Jarrat Davis Free Trading Course. video number 2 has been posted. Keep this in perspective, jarrat is looking to sign up people in the end, so he is unlikely to give away too much info, however if you are interested in News Trading the snippets he does give away are very interesting. Sign up for the 3 videos, it only needs an e-mail address.
http://www.forexpeacearmy.com/forex-...att-davis.html

What he is teaching is not new, I have been analysing the news in the same way for years, I originally picked up on it from Kathy Lien who produces a sentiment chart ahead of the News releases for members of hers and Boris Schlosbergs site. here is an example.
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Cut your Losers short and let your Winners run.
  • #1,469
  • Jun 14, 2014 7:49am Jun 14, 2014 7:49am
Give your confidence a boost, here is an excerpt from an ex Institutional Trader. From this thread. http://www.forexfactory.com/showthread.php?t=486128


"Retail traders, don't sell yourself short. What we looked at as far as technical, charts, fundamentals, etc is pretty much the same thing that you look at as well. The Spot guys would always talk about highs and lows and support and resistance. Some would use that to "run stops" (meaning getting the price to trade that level to uncover s/l loss orders in order to make a few pips. So be careful where you put your stops, the bank traders will gun for them if they can!!!! Also, there was never any Hedge Fund's that did anything you and I wouldn't do, if eur was selling off because of Draghi's comments they sold like the rest of us only in size. Don't be impressed with Hedge Funds at least when it comes to the spot market. They don't know anymore or are anymore sophisticated that you are, its just a matter of degree. I give you another example, the biggest FX fund (or at least most well know) out there when I was in the business was FX Concepts. They gave back their customers money a year or two ago because they couldn't make money trading FX.
Give yourself some credit guys, if your making money be proud of yourself's....if not then you have to keep at it if you truly love it."
Cut your Losers short and let your Winners run.
  • #1,470
  • Jun 16, 2014 10:56am Jun 16, 2014 10:56am
EU +50 15m 123 Entry. Nearly got suckered into the open breakout but the gods stayed my hand and instead I took the choice entry off a 6 tap S&R, Trend line and strong Divergence with a 15 min 123 followed by another creating the 1 hr 123 from which I took my eventual TP up at the top of the range with confluence at the 200% and a trend line just below. Identical set up on EJ the 1hr 123 would have given 30 pips.
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Cut your Losers short and let your Winners run.
  • #1,471
  • Jun 16, 2014 12:14pm Jun 16, 2014 12:14pm
Targets for the EU, GU, UJ and AU using the Measured Move Technique. Don't shoot the messenger if the market has other ideas!
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Cut your Losers short and let your Winners run.
  • #1,472
  • Jun 16, 2014 1:39pm Jun 16, 2014 1:39pm
Thanks for all your chart postings Dee, learning so much from them especially with all the notes you put in there.
Did some reading regarding the Fibs you mentioned in post 1457, very interesting to see just how price reacts to these levels. I need to get the hang of it.
Never used Fibs before, so thank you for the suggestion.
BTW I took your 123RH indi off some charts and I can now see the 123 patterns without it.
Thank you.
  • #1,473
  • Jun 16, 2014 10:10pm Jun 16, 2014 10:10pm
dee50
i see this http://www.forexfactory.com/showthre...88#post7271688
and download cco1569474's 123PatternsV6,his 123PatternsV6 is fine.
but, 123Alarms still no work for mt4 646.
  • #1,474
  • Jun 17, 2014 3:22am Jun 17, 2014 3:22am
Thanks for all your chart postings dee50!!!
  • #1,475
  • Jun 17, 2014 4:44am Jun 17, 2014 4:44am
Quoting sohoone
dee50 i see this http://www.forexfactory.com/showthre...88#post7271688 and download cco1569474's 123PatternsV6,his 123PatternsV6 is fine. but, 123Alarms still no work for mt4 646.
If you can not live with out the alert, then use the alert editor built into MT4, you can have as many instances as you wish. I have already covered this here.
http://www.forexfactory.com/showthre...89#post6882589
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Cut your Losers short and let your Winners run.
  • #1,476
  • Jun 17, 2014 5:00am Jun 17, 2014 5:00am
Quoting forexday
Thanks for all your chart postings Dee, learning so much from them especially with all the notes you put in there. Did some reading regarding the Fibs you mentioned in post 1457, very interesting to see just how price reacts to these levels. I need to get the hang of it. Never used Fibs before, so thank you for the suggestion. BTW I took your 123RH indi off some charts and I can now see the 123 patterns without it. Thank you.
Congrats that you can now see the 123s with the naked eye. The 123RH indi is useful when first learning the pattern, but it is a bit over reactive. The naked eye distinguishes the good 123s far more accurately than the indicator.
Cut your Losers short and let your Winners run.
  • #1,477
  • Jun 18, 2014 4:02am Jun 18, 2014 4:02am
ES +12 +20 +24. Pull the Rabbit out of the Hat Entries. What looked like a straight forward enter and run turned into a scrappy Will We Wont We. First entry was a Pin Bar off S&R and TL but price came back and tested my resolve, this produced a good reversal bar so I loaded up another entry, thinking "aha this looks promising" 30 minutes later I was closing the trades as a failed bar higher was followed by a red. This pulled all the way back past my initial entries to form a 123 with a DBL Bottom at short term S&R followed by a Bearish Engulfing. I loaded another one up for a 123 TTE entry this one ran up formed a minor 123 to confirm and then went to TP, by now I was exhausted, this had been a much harder fight than normal for the ES so I just kissed my wife and rolled over and went to sleep, this time I had the headache. Check out the signals on the Stochs and TDI
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Cut your Losers short and let your Winners run.
  • #1,478
  • Jun 18, 2014 6:30am Jun 18, 2014 6:30am
Quoting dee50
ES +12 +20 +24. Pull the Rabbit out of the Hat Entries. What looked like a straight forward enter and run turned into a scrappy Will We Wont We. First entry was a Pin Bar off S&R and TL but price came back and tested my resolve, this produced a good reversal bar so I loaded up another entry, thinking "aha this looks promising" 30 minutes later I was closing the trades as a failed bar higher was followed by a red. This pulled all the way back past my initial entries to form a 123 with a DBL Bottom at short term S&R followed by a Bearish Engulfing....
Waw....no wonder I feel Dizzy...... , if you are heading to sleep......then it's better for me to be heading to the Bar....
Lets see what the FOMOC have tonight to get the market drunk...
  • #1,479
  • Jun 19, 2014 4:40am Jun 19, 2014 4:40am
FOMC +82 +23. And they call us the "Dumb Money". Just look at the PA for 1 hour, we the retail traders do not have enough money to move price so all of that was the Big Money, the people who are supposed to know better than us. All you had to do was wait and read the minutes, that made it pretty obvious which way the Dollar was going, then wait for the Chicken Run to end and PA to confirm the way. It really is not that difficult!!

It is summer, we have temperatures of 30 degrees centigrade, I am spending time in my market garden tending my vegetables and bathing in the pool, so I will post if I have some thing of interest, other than that Have a good summer.
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Cut your Losers short and let your Winners run.
  • #1,480
  • Jun 19, 2014 12:07pm Jun 19, 2014 12:07pm
I have no problem loading the indicator and running on my demo accounts. However, when I load it on My live accounts it causes the little circle to spin and it just hangs. Any ideas?
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