GBP/USD 123's

[Pipmaster1]

I agree it is looking better. I wasn't in front of my charts very much today, but I did get the pullback and jumped in long the GU too.

 

[forexkunta]

Certainly still looks corrective, and the pull back just wasnt enough yet. I jumped back in long a few pips behind.

I agree it is looking better. I wasn't in front of my charts very much today, but I did get the pullback and jumped in long the GU too.

 

[mooneyja]

mooneyja,

Now what do you think? Are you still in your trade? Have you moved your stop at all?

Pipmaster1,

Currently still in this one.
Stop loss raised : 1.5386 (just below this weeks low)

I am currently reading "Trading in the Zone", "If its raining in Brazil buy Starbucks" and "Mastering the Trade". I plan on reading Douglas' "The Disciplined Trader" next. Feel free to recommend any other readings.

Thank you for your reply.

I hope my input is relevant.

 

[forexkunta]

Ouch!

 

[awaw]

i think it has to go up as it has good resistance levels at 1.53699

 

[Pipmaster1]

well thats not not what i had in mind! ha, oh well, at this point I'll be looking for a retrace, and a possible sell trigger.

mooneyja,

Both of Mark Douglas books are great, and really the only trading books that really helped me. I do have material from my old teacher that is pretty good. You may get something out of it and you may not. Might be worth a look, some or even most of this stuff is for new traders, so I hope you can find something in the material useful.

 

[Pipmaster1]

Hey traders, I went long earlier today in the Pound. I took snapshots in real time and then forgot to post them. Sorry about that....I'm still in this trade but feels like price could go either way.

 

[Pipmaster1]

The long GU trade is shaping up nicely.

 

[Pipmaster1]

I locked in 1 pip on the GU trade. If price were to retrace back to the EMA channel on the 1 hour chart I could go long again, but I don't think I'll stay up for that. I have no risk and I think I'll let this one just play out. If price goes to my limit this trade will profit 13.61%.

 

[Pipmaster1]

looking pretty good.

 

[Pipmaster1]

Still long the GU, I have locked in a few more pips in and I also pushed my limit just a little higher as well. Hopefully price will continue upward when London opens!

 

[Pipmaster1]

Price is about within 10 pis of my limit of 1.5545. Assuming price hits my limit I will be out of this trade with 16% profit. I carried this trade for 3 days, normally my trades don't last that long, but I'll take it.

 

[forexkunta]

A clear cut case of cutting losers short, and letting the profits run! Good job! Unfortunately I was more focused on the E/U, so i missed the long on Cable. Way it goes!

 

[deebee1]

very nice trade..... pm1

 

[Pipmaster1]

Thanks, always nice to see your system produce a solid trade.

 

[deebee1]

yup, hope you keep up the good work... been meaning to look into the strategy you use for a little clearance...

 

[Pipmaster1]

January was a slow month, somewhat expected coming out of the holiday season. I would have done a bit better but was not watching the Fed report on keeping interest rates down, that mistake costed me a trade! Oh well made 8.92% for January, on to a new month!

 

[ForexLion]

123 formation trading is a very useful technique if carefully implemented. Thanks for sharing.

 

[deebee1]

123 formation trading is a very useful technique if carefully implemented. Thanks for sharing.

agreed!!!

 

[Pipmaster1]

I went short late last night in the GU and then called it a day. Woke up this morning to find price had moved my way a little bit.