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Trading is as simple as 1-2-3

  • #3,121
  • Apr 20, 2017 10:25am Apr 20, 2017 10:25am
Aussie looking like a nice trade. I've gone short at the PP
  • #3,122
  • Apr 20, 2017 10:53am Apr 20, 2017 10:53am
Quoting faatkumo
{quote} Meaning Red arrow shows candle broke the high, i would've gotten in on the next candle but then wouldn't have made a TP since it turned the other way shot up and hit SL. Am i correct in saying this? {image}
Hi faatkumo,
think about it for a second....
You are entering the trade.....AFTER the (in this case) the ASK price comes down through your entry price(the current candle open price).
You may(or may not) choose to wait until the "retest" of the previous candle high(new daily high) covers a "certain distance/percentage" of the gap between the new daily high.....and the current candle open price before deciding on to take the trade or not.

By the way, I forgot to mention that NOT EVERY TRADE IS A WINNER.
TooSlow will always tell you to be aware of price action.....and not to get in the way of a freight train.
He(or Lem or Hal) will also talk about gut feel. That is unquantifiable.....but you will get the drift the more you trade this style.

Best of luck Sir.
Kind regards
Michael
  • #3,123
  • Apr 20, 2017 10:57am Apr 20, 2017 10:57am
Did this hit SL after entry?
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  • #3,124
  • Apr 20, 2017 10:59am Apr 20, 2017 10:59am
Quoting MichaelG
{quote} Hi faatkumo, think about it for a second.... You are entering the trade.....AFTER the (in this case) the ASK price comes down through your entry price(the current candle open price). You may(or may not) choose to wait until the "retest" of the previous candle high(new daily high) covers a "certain distance/percentage" of the gap between the new daily high.....and the current candle open price before deciding on to take the trade or not. By the way, I forgot to mention that NOT EVERY TRADE IS A WINNER. TooSlow will always tell you to be aware...


THank you for your response..

Question: "certain distance/percentage" of the gap, what is a good measure for this?
  • #3,125
  • Apr 20, 2017 11:00am Apr 20, 2017 11:00am
Quoting faatkumo
Did this hit SL after entry? {image}
If you are truly interested in learning this method, use the indicators and templates provided.
Other stuff will retard your learning.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,126
  • Apr 20, 2017 11:08am Apr 20, 2017 11:08am
Quoting TooSlow
{quote} If you are truly interested in learning this method, use the indicators and templates provided. Other stuff will retard your learning.

Theres only 5 files, the four are EAs and 1 template, where are the indicators?

And where is info on how to use those indicators in reference to this strategy?
Because all i'm going off of are the Days Highs/Lows and opening trades based on this.
  • #3,127
  • Apr 20, 2017 11:17am Apr 20, 2017 11:17am
Quoting faatkumo
{quote} Theres only 5 files, the four are EAs and 1 template, where are the indicators? And where is info on how to use those indicators in reference to this strategy? Because all i'm going off of are the Days Highs/Lows and opening trades based on this.
Actually, with this method, you do not need indicators at all.
Just put the horizontal lines at the current daily high/low.
Move them when price makes new daily high/low.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3,128
  • Apr 20, 2017 11:38am Apr 20, 2017 11:38am
Quoting faatkumo
{quote} Meaning Red arrow shows candle broke the high, i would've gotten in on the next candle but then wouldn't have made a TP since it turned the other way shot up and hit SL. Am i correct in saying this? {image}
Uh, OK yeah you are correct on what you are showing there. You would definitely not have gotten a profit there.

How that relates to the trade I made (my red arrow) I have not a clue. I don't know why you chose that area of the chart as it was hours before the trades I put on.

Here is what I would suggest. Read the rules from that beginning page. And apply them to each set up to the letter over and over. In this method of trading it is as simple as it implies... 1-2-3. The only real decision I ever make is whether I execute the trade or not sometimes I do and easily make my objective which is 5 pips, and hope it keeps running from there. Sometimes it does it a big way. Then sometimes I execute the trade and I get stopped out. Real trading. It's a great method. It is not for everyone. But it never changes and that is what makes it so powerful IMO. Good trading
  • #3,129
  • Apr 20, 2017 12:29pm Apr 20, 2017 12:29pm
Quoting BBHide1
Aussie looking like a nice trade. I've gone short at the PP
Hope you stuck with it, BBH. I also waited for price to get to the pp before going in (you'd obviously have had a small loss on a stop if you'd gone in on the bar earlier). That entry would have been a valid entry and nothing ''wrong'' in taking it if anyone did.

I've left the PP on the charts for reference...

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  • #3,130
  • Apr 20, 2017 12:32pm Apr 20, 2017 12:32pm
Quoting lemercenaire
{quote} Hope you stuck with it, BBH. I also waited for price to get to the pp before going in (you'd obviously have had a small loss on a stop if you'd gone in on the bar earlier). That entry would have been a valid entry and nothing ''wrong'' in taking it if anyone did. I've left the PP on the charts for reference... {image}
You would have had another clue that there was still room to move up if you had checked up on the H4 chart...

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  • #3,131
  • Apr 20, 2017 1:08pm Apr 20, 2017 1:08pm
So, anyway...lol. The US Twins really went with The Weird Bunch theme. Wow...

I managed to nab the basic during the early quiet spell on a couple of small shorts and then they closed out. Never thought much about it after that but figured to keep an eye on them nearer the US Open. Well, they certainly moved ...

Unfortunately, they didn't make new lows so there were no entries when they took off...oh well, lol. Now we wait for the drop back down...

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  • #3,132
  • Apr 20, 2017 1:16pm Apr 20, 2017 1:16pm
The 100, on the other hand, bounced me about a bit but all those small bags mounted up. Again, I waited for the US Open and was also aware of the red GBP news. I got the second entry I wanted. Patience is all...

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I was too tied up on these, needing to manage the trades more than usual, that I didn't get a chance to track the DAX and F40. Also, after all their shenanigans on the am trades, I had pretty much seen enough of them for the day. Turns out I got out at just about the right time, as they didn't go on for much more, before they too, turned up, though not so spectacularly (still potential now for another drop entry though, lol)
  • #3,133
  • Apr 20, 2017 1:26pm Apr 20, 2017 1:26pm
So...now, we have the set-ups we need for tonight into tomorrow. What goes up, (sort-of, usually, maybe) must come down...

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No set-up on the 100 but the rest of Europe looks good-to-go...

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One thing's for sure with these guys - there's never a dull moment.
  • #3,134
  • Apr 20, 2017 2:44pm Apr 20, 2017 2:44pm
Quoting hal7
{quote} Uh, OK yeah you are correct on what you are showing there. You would definitely not have gotten a profit there. How that relates to the trade I made (my red arrow) I have not a clue. I don't know why you chose that area of the chart as it was hours before the trades I put on. Here is what I would suggest. Read the rules from that beginning page. And apply them to each set up to the letter over and over. In this method of trading it is as simple as it implies... 1-2-3. The only real decision I ever make is whether I execute the trade or not...


im just showing that not because of you but because if that trade was taken which i would've, i wouldve hit sl . thats all
  • #3,135
  • Apr 20, 2017 2:53pm Apr 20, 2017 2:53pm
Quoting faatkumo
{quote} im just showing that not because of you but because if that trade was taken which i would've, i wouldve hit sl . thats all
You really must read from Post one. It is clear you do not have a clue as to what is going on. So read from post one and study the charts.
every Saint has a past. Every Sinner has a Future
  • #3,136
  • Apr 20, 2017 4:27pm Apr 20, 2017 4:27pm
Out of 10 potential trades i've witnessed today, 8 Winners, 2 Losers.
Not too bad, just the R:R is terrible =((
Seekingbest way to overcome
  • #3,137
  • Apr 20, 2017 6:53pm Apr 20, 2017 6:53pm
Quoting faatkumo
{quote} As im reading you're very heavy in this system. Do you trade certain hours? Certain pairs? And it it seems you target 5pip with SL at the HI/LO of the extreme bar is this true? Best Trail Stop practices? Is there setup ups based on r/r you wouldn't enter into?
Hi again. Sorry, just didn't have the time to get back re these before now.

Anyway, to give you a quick run down on your questions:

I trade through the day from Frankfurt Open to Japanese session onward. Not to say that I am on 1-2-3 for every minute but that at any time during those hours, I will take any trade that presents itself.

If I find a set-up, I will run a check-list. Time of day/session...surrounding price landscape...volatility...yada, yada, yada...you get the picture.

I have recently given more weight to running 1-2-3 on indices. These markets are not available to retail traders in the US, or at least not in an easily traded form. I will also use it on the Differentials markets - again, not available to US retail traders. The reasons for this are that the 1-2-3 set-up repeats like clockwork on these markets. There are pairs in FX that do this, UC being the most regular, however not anywhere near the frequency that these markets do.

The pairs that Hal trades will be as good a starting point as any you'll find. TS also has his favourites. You need to do some legwork and find the ones that fit your style.

I do target +5, closing 80% of the value at that point and letting the rest run. I never set a hard-stop of more than 15 pips and usually a lot less than that. If I get stopped out, I do not hesitate to re-enter if price then turns back.

I use fib-maps as tp points cw Supply+Demand zones.
  • #3,138
  • Apr 21, 2017 2:11am Apr 21, 2017 2:11am
Possible set-up on EJ.
  • #3,139
  • Apr 21, 2017 2:21am Apr 21, 2017 2:21am
Quoting lemercenaire
So...now, we have the set-ups we need for tonight into tomorrow. What goes up, (sort-of, usually, maybe) must come down... {image} {image} No set-up on the 100 but the rest of Europe looks good-to-go... {image} {image} One thing's for sure with these guys - there's never a dull moment.
Moves via The Weird Bunch progressed ok last night. Nothing gigantic but fair enough. First chart is last night's entry, second one this morning's...

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  • #3,140
  • Apr 21, 2017 2:21am Apr 21, 2017 2:21am
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