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More simple is impossible

  • #1,121
  • Feb 25, 2015 6:56am Feb 25, 2015 6:56am
I have just posted this information on how to judge where to Take Profit, on another thread, it applies equally to what we are doing here so I am repeating it here. The charts posted are standard TF charts not Renko but the same principles apply.

"Thread is called "Trading is as simple as ABCD" you are using the ABC (123) but you are not using the CD part.
Simple rule to the pattern is "CD leg is equal to the AB leg" a measured move or a Harmonic move.
Option 1. Apply Fib Exts to the ABC (123). Target the 161.8% & 200% Ext. example below. As price continues and forms another ABC (123) extend your original Fib ext or add another and look for confluence. On the 1st chart you see confluence of the 1st 200% and the 2nd 161.8%, this confirms your TP you also now have a second potential TP at the 2nd 200%. second chart is a 5min of the same. 3rd chart is a 1hr applying the same principle.
PDFs are explanations from Traders other than myself. (expert credibility). Still don't believe that it works. Take "any" chart "any" TF "any" pair and look for ABCs (123s) apply the Fib Ext and see how 8 from 10 times price goes to your TPs."
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPJPYM1 123 ext.png Size: 59 KB
Click to Enlarge Name: GBPJPYM5 TP Options.png Size: 59 KB
Click to Enlarge Name: GBPCADH1 200215.png Size: 33 KB
Attached File(s)
File Type: pdf 'How to use the 123 strategy effectuvely.pdf   1.6 MB | 1,129 downloads
Cut your Losers short and let your Winners run.
  • #1,122
  • Feb 25, 2015 8:20am Feb 25, 2015 8:20am
Quoting dee50
I have just posted this information on how to judge where to Take Profit, on another thread, it applies equally to what we are doing here so I am repeating it here. The charts posted are standard TF charts not Renko but the same principles apply. "Thread is called "Trading is as simple as ABCD" you are using the ABC (123) but you are not using the CD part. Simple rule to the pattern is "CD leg is equal to the AB leg" a measured move or a Harmonic move. Option 1. Apply Fib Exts to the ABC (123). Target the 161.8% & 200% Ext. example below. As price...
sorry dee,
what is 1minute 100 turn red/green?
is the TTindi?
nescentia necat
  • #1,123
  • Feb 25, 2015 8:35am Feb 25, 2015 8:35am
Quoting friska
{quote} sorry dee, what is 1minute 100 turn red/green? is the TTindi?
On the TIASA ABCD thread they use the 100LWMA. The TTindy is also based on the 100LWMA.
Cut your Losers short and let your Winners run.
  • #1,124
  • Feb 25, 2015 9:25am Feb 25, 2015 9:25am
Follow up to the 123 Exts (ABC). 3 examples from today where the exts would have given you 3 TPs thereby showing you if an entry had enough potential (pips) to justify the entry.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDM5.png Size: 45 KB
Click to Enlarge Name: EURJPYM5.png Size: 49 KB
Click to Enlarge Name: USDCADM5.png Size: 47 KB
Cut your Losers short and let your Winners run.
  • #1,125
  • Edited 12:47pm Feb 25, 2015 12:14pm | Edited 12:47pm
Quoting dee50
Follow up to the 123 Exts (ABC). 3 examples from today where the exts would have given you 3 TPs thereby showing you if an entry had enough potential (pips) to justify the entry. {image} {image} {image}
first of all, thank you for sharing your findings and your progress with us. it is not obvious.
I have not read the pdf you attached yet, certainly interesting, but today I tried to apply what I've seen from you and in TIASA ABCD thread (a little part of it) ... (when I read TIASA I thought 'oh my God' and now what is this? hehehe, another devilry of DEE? heheh)
btw, I dug up an old indicator for the currencies strength , is not the same as the TT, but to me that does not work.
the problem (surely I have yet to study well) is that on or 1min 5min I see many ABCD / 123 . this means that in many cases are false breakout. This leads me to say that if I do not follow closely that pair building s / r levels and analysis, the system makes me run too many risks. for now. and build S / R levels of for most of the pairs is a big job!. what do you think?
I will study the system, however, and I will try to find an approach closer to my way of seeing the market.thanks anyway to share your impressions, are always stimulating and well done.
nescentia necat
  • #1,126
  • Feb 25, 2015 1:21pm Feb 25, 2015 1:21pm
Quoting friska
{quote} first of all, thank you for sharing your findings and your progress with us. it is not obvious. I have not read the pdf you attached yet, certainly interesting, but today I tried to apply what I've seen from you and in TIASA ABCD thread (a little part of it) ... (when I read TIASA I thought 'oh my God' and now what is this? hehehe, another devilry of DEE? heheh) btw, I dug up an old indicator for the currencies strength , is not the same as the TT, but to me that does not work. the problem (surely I have yet to study well) is that on or...
You trade how best you see things. What I do is good for me because I have been doing it consistently for a number of years. You do what is comfortable for you.

One thing to consider when looking for 123s(ABCs). The 123 Reversal has to have a reason to form, in other words the number 1 (A) point will only be valid at or near an S&R level, the 123 continuation (Pullback) will happen in a Trend and you will ideally be looking to trade the 1st (123 Reversal) or 2nd 123 Continuation (Pullback), this is where using a Fib Ext will guide you as to the feasibility of entering if there is a 3rd Pullback.

I agree, drawing S&R levels for 27 pairs would be a real pain in the Butt, However drawing them for 6 pairs would only take 15 - 30 mins and once drawn would be relevant for pretty much the rest of a week.

TIP: Draw your S&R levels then save the chart as a template, do this for each pair. Then when you open a chart for that pair you apply the template and your S&R levels will be on it waiting.
Cut your Losers short and let your Winners run.
  • #1,127
  • Feb 26, 2015 2:56am Feb 26, 2015 2:56am
Quoting dee50
Follow up to the 123 Exts (ABC). 3 examples from today where the exts would have given you 3 TPs thereby showing you if an entry had enough potential (pips) to justify the entry. {image} {image} {image}
Thank you dee for your educative posts so clean and easy to understand.
I have one question - do you qualify the 123 swings somehow? I'm asking because at the GBPUSD chart mathematically it is 123 but not so obvious and my eyes would see 100% around the place where your 127% is.
On the other hand looking at the USDCAD chart I would put 100% at the place where the swing with the blue dot is.
Use axe Luke...
  • #1,128
  • Feb 26, 2015 5:05am Feb 26, 2015 5:05am
Quoting Krystyn
{quote} Thank you dee for your educative posts so clean and easy to understand. I have one question - do you qualify the 123 swings somehow? I'm asking because at the GBPUSD chart mathematically it is 123 but not so obvious and my eyes would see 100% around the place where your 127% is. On the other hand looking at the USDCAD chart I would put 100% at the place where the swing with the blue dot is.
It's all subjective. Just trade and be more right than wrong. Simple.
For UC chart blue dot swing point is no qualifier because it happened before London open.
Here is how I would mark 123 on GU. Blue stars are swing points.
Attached Image
:: everything is awesome ::
  • #1,129
  • Feb 26, 2015 6:33am Feb 26, 2015 6:33am
Quoting Krystyn
{quote} Thank you dee for your educative posts so clean and easy to understand. I have one question - do you qualify the 123 swings somehow? I'm asking because at the GBPUSD chart mathematically it is 123 but not so obvious and my eyes would see 100% around the place where your 127% is. On the other hand looking at the USDCAD chart I would put 100% at the place where the swing with the blue dot is.
Hi Krystyn.
I agree with Black Fox. 123s are highly subjective just like all things in trading. There are a variety of methods for qualifying 123s, again subjective, e.g. the B-C (2-3) leg should pullback to the 50% of the A-B (1-2) leg or it should pullback to at least the 38% minimum and maximum 61.8%. You can continue to add rules to the point that you hardly ever trade. Point B (2) should be a Lower Low, point C (3) should be a Lower High etc etc etc.

The reason I introduced the 123 Exts was because I was asked how I determine my exit points. Using the 123 exts is one way of providing a Take Profit target, giving you some thing tangible to aim for and enabling you to make an informed judgement of whether there are likely to be enough pips to justify the risk of an entry.

To clarify the GU chart, see example attached, firstly I originally used the 5 min chart because it showed the whole picture, here is the same information but on a 1min chart (3 pip renko). The first pullback is barely noticeable but I used it as it is the 1st pullback and a likely entry point, this gives you a first target (purple), then a well defined swing comes providing a second target (Reddish) followed by a 3 swing giving a final target (Greyish). As the PA develops you extend your Fib Exts to give your self a new perspective, note that 2nd and 3rd swings provide 2 areas of confluence, you now have 2 potential strong areas for your TPs.

Hope it helps.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDM1 using the 123 exts.png Size: 66 KB
Cut your Losers short and let your Winners run.
  • #1,130
  • Feb 26, 2015 7:04am Feb 26, 2015 7:04am
Yes it helps.
Something just flashed in my head - qualifying a swing for measurement is individual so if trader measures a few swings as you show and the measurements meet in some area they are seen by most traders and are most probable to cause some reaction.
Use axe Luke...
  • #1,131
  • Feb 26, 2015 9:09am Feb 26, 2015 9:09am
5 pips renko trade on EU with stoch in agreement:
Attached Image
patience is a virtue
  • #1,132
  • Feb 26, 2015 10:59am Feb 26, 2015 10:59am
EU +95 +ongoing @B/E +108. I entered this trade on the break of a Trend Line and BRN just 15 mins prior to the news, not normally a good thing to do, but just before the news I was able to move to B/E +25 so if the news went against me I was at least booking a profit, what happened next I would never have believed, the employment figures came out negative for the dollar but the market got hooked on the wages growth and all these pips are due to that, so I took some off at +95 and I am holding to see whether the drugs have worn off or if the market has taken another pull on the bong and we have further to go.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +95 +ongoing BE +108.png Size: 55 KB
Cut your Losers short and let your Winners run.
  • #1,133
  • Feb 26, 2015 11:04am Feb 26, 2015 11:04am
Quoting blueseahorse
5 pips renko trade on EU with stoch in agreement: {image}
Are you trading off your I phone or a small hand held device, because we never get to see much, I am guessing by counting the candles that the trade went for 25 pips? Congrats you seem to be consistent, I think!
Cut your Losers short and let your Winners run.
  • #1,134
  • Feb 26, 2015 11:08am Feb 26, 2015 11:08am
Quoting Krystyn
Yes it helps. Something just flashed in my head - qualifying a swing for measurement is individual so if trader measures a few swings as you show and the measurements meet in some area they are seen by most traders and are most probable to cause some reaction.
If there is confluence with a major S&R level or a BRN then you can expect a reaction, but not because of the 123 Ext. The 123 ext is just a method for identifying potential Take Profits zones any reaction at those levels is purely coincidental.
Cut your Losers short and let your Winners run.
  • #1,135
  • Feb 26, 2015 6:59pm Feb 26, 2015 6:59pm
Quoting dee50
{quote} Are you trading off your I phone or a small hand held device, because we never get to see much, I am guessing by counting the candles that the trade went for 25 pips? Congrats you seem to be consistent, I think!
yes, I am trading from a windoes phone, the SL is 10 pips, TP is 25 pips , sorry for lack of info.
I trade renko (5 pips brick size) only when I have time to monitor screen, so by luck so far a lot of winning trades, I also had some BE trades as well because I usually move to BE when trade getting into profit + 12 pips, if I trade full time using renko, should also had some losses too. but the over all winning rate should be ok, by simply scrolling back charts shows that it can be a good consistent profit system I think
patience is a virtue
  • #1,136
  • Feb 27, 2015 9:06am Feb 27, 2015 9:06am
EU +33 +3. Dbl Top + Div @ BRN & S&R entry on Trend line break. Buggered up my SL placement and got taken out for +33, re entered but very quickly got taken for +3, so now I am done for the week.

What happened to the rest of you, suddenly there are no more charts being posted. Have I put you all off with my 123ing and fib extensions? Is it all too complicated, not simple?
Attached Image (click to enlarge)
Click to Enlarge Name: EU +33 +3 270215.png Size: 57 KB
Cut your Losers short and let your Winners run.
  • #1,137
  • Feb 27, 2015 9:16am Feb 27, 2015 9:16am
Quoting dee50
EU +33 +3. Dbl Top + Div @ BRN & S&R entry on Trend line break. Buggered up my SL placement and got taken out for +33, re entered but very quickly got taken for +3, so now I am done for the week. What happened to the rest of you, suddenly there are no more charts being posted. Have I put you all off with my 123ing and fib extensions? Is it all too complicated, not simple? {image}

Hey Dee are you still using the TTindi from TIASA. I was just wondering if you could using it for finding momentum. could you tell us what are the settings for it?
  • #1,138
  • Feb 27, 2015 9:41am Feb 27, 2015 9:41am
Quoting civilpes2001
{quote} Hey Dee are you still using the TTindi from TIASA. I was just wondering if you could using it for finding momentum. could you tell us what are the settings for it?
Same settings as Mr Packham, only difference is I modified it to monitor only the 6 Major pairs, not 27 pairs.
Attached Image
Cut your Losers short and let your Winners run.
  • #1,139
  • Feb 27, 2015 9:53am Feb 27, 2015 9:53am
Quoting dee50
EU +33 +3. Dbl Top + Div @ BRN & S&R entry on Trend line break. Buggered up my SL placement and got taken out for +33, re entered but very quickly got taken for +3, so now I am done for the week. What happened to the rest of you, suddenly there are no more charts being posted. Have I put you all off with my 123ing and fib extensions? Is it all too complicated, not simple? {image}
Hi Dee, its very impressive how you filter trades and takes mostly entries before substantial moves. For example from yours today trades "EU +33 +3. Dbl Top + Div @ BRN & S&R entry on Trend line break" you took exactly trade at right place. Can you tell us a bit why you did NOT take first pullback after confluence area? Why you did not take first diagonal line brake? Can you explain how in general you filter your entries? You mentioned somewhere Confluences. Here you had confluences, but you took entry pretty far away from Dbl Top, Div, BRN, S&R...
  • #1,140
  • Edited 10:36am Feb 27, 2015 10:21am | Edited 10:36am
EU +32 +ongoing B/E +10. So I decided to have one more go.

Edit. I am out for +25 on the last half. It is now 17.35 CET on a Friday afternoon, I do not think it would get up to my TP, so I decided to opt for the money.
Attached Image (click to enlarge)
Click to Enlarge Name: EU +32 +ongoing 270215.png Size: 68 KB
Cut your Losers short and let your Winners run.
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