GBP/USD 123's

[Pipmaster1]

Been watching the GBP/USD a little this week. This is what is forming up on the 60 min chart at the moment. I'll be watching this at it moves towards the #3 point....if it moves towards the #3 point!

 

[Pipmaster1]

I missed the #3 point, but I was able to get in the retrace after the #2 was broken.

 

[Pipmaster1]

Price hit my limit of 1.6190 this morning.

 

[forexkunta]

Pipmaster,
We discussed the EW aspect of you trading the abc correction of moves, and you said that you had problems catching the inpulse waves when they were happening, so I am going to up load a templete that I use that came as a result of studing EW pretty indepth. It uses a 55sma channel with a 5sma trigger that I have found invaluable in my trading, so you may want to check it out.
Regards,
Kent

 

[forexkunta]

Here ya go!

 

[Pipmaster1]

Took this trade in the GU last night. Nice when they work out like this. Price hit my limit since I took this snap shot. Looks like price came pretty close to stopping me out during the night! This was a 19.8% profit!

 

[Pipmaster1]

I took this trade in the EUR/USD last night. turned out pretty good!

 

[alfiemal]

Hi pipmaster1 nice simple profitable system, i trade 123 and sometimes 123 RH (Ross Hook) which is basically same as when you say wait for the 1st retrace after the breakout of point 2 on the 123.
Only problem i ever have is deciding when to move stop and my price target levels...
I know its probably soewhere in the thread but on a classic 123 if you enter on breakout of point 2 where do you place stop, and how do you decide targets?

 

[Pipmaster1]

Hi pipmaster1 nice simple profitable system, i trade 123 and sometimes 123 RH (Ross Hook) which is basically same as when you say wait for the 1st retrace after the breakout of point 2 on the 123.
Only problem i ever have is deciding when to move stop and my price target levels...
I know its probably soewhere in the thread but on a classic 123 if you enter on breakout of point 2 where do you place stop, and how do you decide targets?

Great question, however for that exact issue of stop placement I do not get in at the break of the #2 point. I have to possible entries, one is your Ross Hook which is likely a 61.8% or 76.4% failure. On this entry I use a tight price action stop usually just on the other side of whatever fib failure it ends up being. The stop here is usually really small, like 20 pips. This trades don't happen very often for me.

The more likely entry I'll take is the potential #3 point. which is not a true #3 point until the #2 point is broken. At the time of entry the #3 point is also usually a 61.8% or 76.4% failure. Since this is only a potential #3 point the stop goes above/below the #1 point. I also split the limit here. So half of the trade has a limit on the #3 point side of the #2 point. Just in case price does not break the #2 point its likely that half of the position removes all risk. The other half is of course set at the 200% line.

If after the entry at the #3 point and then price does break the #2 point and the first limit has been hit, now the formation is a true 123. If price then retraces to the 61.8% or 76.4% line ( your Ross Hook) and gives another entry point then the stop on the first trade that is still under the #1 point is then moved up to the same price as the stop on the 2 trade, which locks in profit on the 2nd half of the 1st trade.

If this all falls into place the 2nd trade ( Ross Hook) could actually be a free trade. Since the 1st limit of the 1st trade has made a profit and now the 2 half of the 1st trade has proft locked in you are in a really good spot. I have many times done this and at the time I put on the 2nd trade if price goes against me the worst case scenario is I profit (net) 1%.

I hope that was not too confusing. Feel free to ask any more questions.

 

[alfiemal]

Cheers pipmaster1 for the explanation...

See what you think of this i was reading a page about Elliot Wave MTpredictor software, basically one of there main setups is ABC correction, this ABC trade looks to me like the 'Anti-123 RH trade'
have a look on this webpage at the second chart down the page;

http://www.mtpredictor.com/pricing/WaveC.html

Were they say to get short is were i personally would be looking for my Ross Hook to go long!! also if you wanted to trade just 123 reversals you would already be long were they are looking to go short??
Just shows there are alot of different views/theorys about, i would rather play the 123 reversal myself...

 

[Pipmaster1]

Cheers pipmaster1 for the explanation...

See what you think of this i was reading a page about Elliot Wave MTpredictor software, basically one of there main setups is ABC correction, this ABC trade looks to me like the 'Anti-123 RH trade'
have a look on this webpage at the second chart down the page;

http://www.mtpredictor.com/pricing/WaveC.html

Were they say to get short is were i personally would be looking for my Ross Hook to go long!! also if you wanted to trade just 123 reversals you would already be long were they are looking to go short??
Just shows there are alot of different views/theorys about, i would rather play the 123 reversal myself...

Well I do not need to look at that site. I simply do not believe in prediction software. And I have tried my fair share. However EA's and such are a waste of time of the long run. It is best to form a consistent system and trade your own stuff.

The 123's are apart of the ABC and Elliot wave. However I was never good at the Elliot wave and I saw probability in just the "123's" as I have posted in this thread. I don't go beyond the scope concerning the 123's as I have laid out.

I do not understand as you say why they would go short at the Ross Hook. For me that set up carries the highest probability. Take a look at some of the pics of the trades in this thread and you can see that most often price hits the 200% line.

Happy trading, I'm here if you would like to continue this discussion. I love this stuff.

 

[alfiemal]

Just to clarify pipmaster, on a 123 reversal then RH trade, on the RH itself where would the target be? or where is considered the standard target of a ross hook trade? Cheers.

 

[Pipmaster1]

I only ever have two targets. One is on the #3 side of the #2 in case the trade goes against me. And the other limit is just "inside" the 200% line. Remember this is a symmetrical trade. Take a look at this picture, it might help. This show 2 entry points. One at the #3, and the 2nd entry after the #2 has been broken at 76.4% failure (at the green arrow). The entry after the #2 has been broken has an extremely high probability. Sadly you don't see this happen very often. I hope this makes more sense.

A reminder: that on the entry "AFTER" the #2 is broken only has a limit at the 200% line. The entry at the #3 "BEFORE" the break of the #2 has the two limit set up to reduce the risk of the lesser probable entry; this entry the trade is broke in half.

 

[Pipmaster1]

Hey i thought I'd show my trading record on this thread. Obviously I've been trading this for much longer but I just discovered this website that tracks your trades by connecting to your platform. All I use this for is an easy way of providing myself with a record. I think its pretty cool. I would like to hear anybody's opinion of my record. And this is not some EA trading this is me a real live trader at work.

Simple Swing | Rent a Signal

 

[Pipmaster1]

Hey here is a short trade i took about 90 minutes ago in the GU. might turn into a good one.

 

[ivletic]

I thought this is betting forum too. I planed to ask you is there somebody who uses Surebetmaker betting software... i would like to here your opinion before i decide to buy it

 

[Pipmaster1]

I thought this is betting forum too. I planed to ask you is there somebody who uses Surebetmaker betting software... i would like to here your opinion before i decide to buy it

A betting forum? To me the term betting sounds synonymous with throwing all caution and money management to the wind. Therefore I do not bet. The software you are looking at, "Surebetmaker betting software"....this made me laugh really hard. Then I just felt bad for you. There are no short cuts in this business, and id someone is telling you there is they are 1) selling you something and 2) they are selling you something because they themselves cannot make money in the market.

If you are serious about trading then learn form traders ( not software) that actually do it successfully. A a good starting place is to read Mark Douglas' "Trading in the Zone".

I actually read this article this morning, Mr. Seiden is absolutely correct. Where you agree or follow is trading strategy on page 2 is regardless to how accurate is is on page one. Read this:

Articles - Trading Strategies - Day Trading Scalping - Is Trading Gambling ? | Trade2Win

 

[Pipmaster1]

Hello Traders,

I know recently I have made shown that I use a certain site to track my trades and then provide me with a record. As cool as that idea is I was always fighting the connection between my platform and their website until finally I could not get them to connect at all. The company's customer service is pretty horrible so I am not using their service anymore. I was able to export all of my trades into my excel record so all is not lost. I have attached a picture of my current trading record as well as a trade I took this week. Its good to be back on Trade2Win ,I'll try to post my live trade more consistently on this thread.

 

[Pipmaster1]

Went long a little bit ago in the GU, However Silver is currently down -$2.32, so the Dollar is gaining value in terms of silver and the might translate over to the GU and stop me out. We'll see. Picture was taken a few seconds after I entered. :whistling

 

[Pipmaster1]

Ladies and gentleman it does not get any closer than that!