My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
Trading is as simple as 1-2-3
- #2,382
- Feb 17, 2017 11:13am Feb 17, 2017 11:13am
- Joined Mar 2012 | Status: Trader | 14,389 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,384
- Feb 18, 2017 3:34pm Feb 18, 2017 3:34pm
- Joined Oct 2015 | Status: Trader | 18,269 Posts
Hi Lem, TS, Hal etall-- I am going to trade the daily candle using 1-2-3 as my guide this coming week. Looking for any advice or things to watch for if any of you have ever tried it on the daily. Just looking at the visual backtest it appears to be very successful.
Break a leg and I look forward to seeing your posted charts
.
- #2,385
- Feb 18, 2017 6:54pm Feb 18, 2017 6:54pm
- Joined Mar 2012 | Status: Trader | 14,389 Posts
{quote} Hi Tom. There's no particular info you need. I too have traded 1-2-3 on the Daily tf successfully (you may also find the H4 tf a good option as well). Price is fractal and the pattern appears on every time-frame. The rules remain the same. Break a leg and I look forward to seeing your posted charts
Price needs to make a weekly/monthly high/low when trading daily candles.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,388
- Feb 18, 2017 9:39pm Feb 18, 2017 9:39pm
- Joined Mar 2012 | Status: Trader | 14,389 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,390
- Edited 4:38am Feb 19, 2017 2:38am | Edited 4:38am
- Joined Apr 2011 | Status: Trader | 3,454 Posts
{quote} Hey Hal, I like your approach to trading, but still do not understand how you can open as many stores at once. I watch eight pairs of input and if there is such a situation. 5 at a time, only open one and then just watch sadly how beautiful it comes to price and otherCan you please clarify how you doing?
My procedure is fairly simple actually. First I set up the entire week on Sunday using a spreadsheet. I am using Excel97. Yes 97, I have not caught up to 10 or 15 new versions, and find all I really need is an old spreadsheet that works. I set it up with au, eu, ej, gu, gj, nz, jy, cf, ca, eg. Those are the pairs I track, it could be any combination. Then I have each hour laid out starting at 0400 EST up to about 1500. Though I generally am tracking maybe the first 5-8 hours usually, but it does vary.
1-2-3 gives you the luxury of seeing things set up in advance and is very structured so at some point later in each hour I can set the pairs that will be in play the coming hour. So a potential long gets a blue color, a potential short gets a red. Now when the hour comes about I can watch more closely on the charts, and I have these all set on a separate monitor to see what they are doing and how they are moving. The challenge if you want to get into multiple trades is to make those decisions quick enough watching that many pairs. Sometimes there might be all 9, sometimes just a few.
There is no set formula or magic signal for when I elect to execute the trade. Nearly all set ups IMO qualify because they will move toward that high or low sometimes 8 or 10 pips, sometimes a fraction of a pip. And of course not all are profitable. The decision will be do I want to take that trade. Generally I will only take one, sometimes a couple, sometimes none.
I won't go into what I am looking for, that is whole different topic. But one thing I do know is that one of those hours may possibly the high or low of the day and I have gotten into a number of those that will run many pips. But my real question is will it go at least +5? That's all I really need to lock some portion of that as profit, and let the rest run.
The benefit of the tracking is I am gradually building a fairly extensive database on these hourly movements. I currently have all the days going back to 1/24. It may or may not give me some insights in the long run , but either way it doesn't take much time to maintain and for me it works well for what I am attempting to accomplish. And that is how I go about trading 1-2-3, it is a work in progress.
- #2,392
- Feb 19, 2017 2:17pm Feb 19, 2017 2:17pm
- Joined Mar 2012 | Status: Trader | 14,389 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,393
- Feb 19, 2017 2:18pm Feb 19, 2017 2:18pm
- Joined Mar 2012 | Status: Trader | 14,389 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- #2,400
- Feb 20, 2017 7:04am Feb 20, 2017 7:04am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
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