GBP/USD 123's

well traders, I usually don't hold trade over the weekend. But every once in awhile the situation calls for it. I am up around 100 pips and I have no risk on the trade. The great thing about this set up is that I was able to lock in a pip or two and at the same time keep my stop above the EMA!
 

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It's been a bit since I've been here but this 123 price trading caught my eye. About 30 years ago I got a commodity flyer in the mail from a commodity trader named Ken Robers.

It got my interest right away. One of the patterns he was teaching is the very same 1-2-3 pattern pipmaster1 is showing here. Remarkable! :clap:

I've long suspected that this pattern would work in the FX markets but never got around to trying it. I had to give up commodity trading about 10 years ago because of a brain injury. After about 4 years I'm getting understand a lot more. I am studying the FX markets to see what I can do. I did quite well in the grains and meats using the patterns; I even wrote a trading book about how to use the different price patterns. :smart:

Anyhow, it's god to see this strategy working in the FX. I'm going to keep tabs on this thread.

Good Trading
RT...
 
That is pretty funny, Ken Roberts was how i was first introduce to trading. Even though my 123's now are more complex the Ken Roberts it is the same idea. Small world. :cool::cool:


rtsurvivor said:
It's been a bit since I've been here but this 123 price trading caught my eye. About 30 years ago I got a commodity flyer in the mail from a commodity trader named Ken Robers.

It got my interest right away. One of the patterns he was teaching is the very same 1-2-3 pattern pipmaster1 is showing here. Remarkable! :clap:

I've long suspected that this pattern would work in the FX markets but never got around to trying it. I had to give up commodity trading about 10 years ago because of a brain injury. After about 4 years I'm getting understand a lot more. I am studying the FX markets to see what I can do. I did quite well in the grains and meats using the patterns; I even wrote a trading book about how to use the different price patterns. :smart:

Anyhow, it's god to see this strategy working in the FX. I'm going to keep tabs on this thread.

Good Trading
RT...
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Pipmaster1 said:
That is pretty funny, Ken Roberts was how i was first introduce to trading. Even though my 123's now are more complex the Ken Roberts it is the same idea. Small world. :cool::cool:
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Me too! - as you say its a small world.

It has worked for many many years and I cant see why it wont continue to do so.

I have had success with it but not as much as you pipmaster - Well done to you!

Matt
 
I went short the GBP/USD on the 9th and closed out last night. One of my longer trades. Locked in profit last Friday before the market closed. I closed this trade before price made it to my second limit. Price action seemed to be struggling to continue down, the sellers were losing ground.This trade profited 12%.
 

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Pipmaster1 said:
I went short the GBP/USD on the 9th and closed out last night. One of my longer trades. Locked in profit last Friday before the market closed. I closed this trade before price made it to my second limit. Price action seemed to be struggling to continue down, the sellers were losing ground.This trade profited 12%.
Click to expand...

Hiya Pip

Been catching up on your thread and Im glad to see that you are suceeding and have stuck to the (your) plan.

Just a quick question - do you trade full futures contracts?

Regards,

Matt
 
matrader said:
Hiya Pip

Been catching up on your thread and Im glad to see that you are suceeding and have stuck to the (your) plan.

Just a quick question - do you trade full futures contracts?

Regards,

Matt
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I am assuming you mean contracts on the currency pairs? Suppose you could trade that way. I used to trade options on currency future contracts. But I only trade lots on Forex pairs now. Personally I don't see any advantage in trading future contracts over lots. Just me...
 
I went short again this morning in the GU. I am noticing that Silver is up $0.74 today which is a decent move for silver. So the dollar is losing value in terms of Silver, however the dollar is gaining in terms of the Pound. I hope price continues to fall. :whistling
 

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Turned my charts on this morning and price had dropped hard, already hit my first limit making 3.2%. I also moved my stop to break even, so 3.2% is worst case. Love it! :cool::cool:
 

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Hey traders, my apologies I did not follow up on the end of that short trade in the GU. I had locked in more profit and moved my limit further out, I was thinking there was more downside. However I was wrong and price bumped me out early Friday morning. All together the trade profited 5.62%, not as much as I wanted but I'll take it. Here is a picture showing what price looked like when I adjusted my stop and limit for the last time.
 

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February is coming to a close and was not a bad month. February’s net profit was 15.72% with 375 net pips. This brings the 2012 monthly average up to 12.32% and the overall gain of the equity curve to 148.52%.

My personal goal is to have a monthly average of at least 20% per month. So I'd like to see that 12.32% number come up quite a bit. I know 20% is just a number but it is what I am shooting for. ;)
 

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I went short this morning in the GU. I have moved my stop that reduced my risk to 2.3%.
 

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I seen my trade was up about 110 pips when I turned my charts on this morning. Price also has taken out my 1st limit profiting 8.24%, I have also moved my stop and locked in 12 pips. No more risk on this trade, just profit or more profit. Here are some pictures of right before and after my limit was hit. :cheesy:
 

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Price is moving nicely in my direction. Locked in a little more profit. I usually keep my stop above the EMA's on this chart. Being a little more conservative on this one.
 

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I tighten my stop up a little more. Price has really flatten out this afternoon. Silver had a pretty good day, up $0.47, however the dollar did not lose much in the GU. This make me think that the sellers could try to push the GU a little lower. But never know, at this point price could go either way, hence why I tighten up my stop. :cool:
 

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farah said:
any idea about todays GBP/USD market?
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Well price broke through the EMA channel and hit my stop and my trade profited 13.72%!

I could see price going to the 1.5830 level and then possibly retracing. Not sure though its too early to tell. Price could dropped again once London opens.
 

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Pipmaster1 said:
Well price broke through the EMA channel and hit my stop and my trade profited 13.72%!

I could see price going to the 1.5830 level and then possibly retracing. Not sure though its too early to tell. Price could dropped again once London opens.
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Look at that, price went right to the 1.5830 level. I still would like price to retrace a bit further before I go long.
 

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