GBP/USD 123's

[Pipmaster1]

So here is a 20 minute 123 that is trying to set up. I certainly would go short at the #3 if the 30 min context with RSI's are in the correct position. Be nice to get a really tight price action trigger on the 5 and 1 minute charts as well. The set up looks pretty textbook so far. Anybody have any thoughts on this one???

 

[Pipmaster1]

The 12 hr setup didn't care about the 20 min 123. Its cool to see these formations work over and over. Price missed the 200% by 25 pips, thats not bad considering it was a 12 hr setup.

 

[Pipmaster1]

The overall trend for the GU maybe bullish. Take a look at this MONTHLY chart. around 5,200 pips to the 200% line. Might take it 18 months to get up there, lol. :clap:

 

[Pipmaster1]

Here is a 3 hour trying to set up. be nice if the #3 fails at the 76.4% line. Time will tell.

 

[Pipmaster1]

Its nice to see to different 123's correlate. The #3 on the 3 hour chart is a guess at this point, but notice how if the 3 hour set plays out and price runs down to the 3 hour 200% line it could be setting up the #3 on the Daily 123.

 

[Pipmaster1]

I entered short at the 1:27 1 minute trigger. Anything can happen!

 

[Pipmaster1]

Always nice when the set up starts to work. Price has not hit my first limit yet but looks promising.

 

[Pipmaster1]

Starting to look pretty good. The 30 min Fib Sequence is also starting to set up a little bit. What I really like is the 200% line on the 3 hour chart being so close to the 76.4% line on the Daily chart. Looks like a perfect place for the Daily #3 to form up.

 

[Pipmaster1]

Price took out my first limit and broke the #2. Now we'll see if price will retrace far enough to get in again. Total risk now is only 0.2% which is worst case right now, best case is price continues to fall and hit my 2nd limit which would be a Net Profit of 16.4% on this trade.

 

[Pipmaster1]

Seriously?? why would you try to push a stock picking site to a forex trader? HAHAHA

 

[Pipmaster1]

Well up 217 pips at the close of the week.

 

[Pipmaster1]

The market gapped down today to 1.4408, 6 pips above my limit. Giving me a floating profit of 288 pips. I'll be watching the 123 on the daily chart but I'm thinking it'll be too big of stop if I were to try to get in at the daily #3.

 

[Pipmaster1]

Price finally hit my second limit of 1.4402. That second order had a final profit of 299 pips and 10.57% Giving the entire trade an overall profit of 15.78%. :clap:

 

[Pipmaster1]

Here is my equity curve. This is since the end of last October. Since then there has been three months that I didn't trade for various reasons. Also for the months of Jan and Feb 2010 there was only 1 trade apiece. History does show more 123 set-ups happen in the spring, summer and fall months. So hopefully by the end of 2010 we'll be able to show a nice return, even though being up 29.75% is not all that bad.

 

[BSD]

Well keep that up and it's a definite winner, 52% win rate, average winner 14, average loser 9, well done.

http://www.hquotes.com/tradehard/simulator.html

 

[Pipmaster1]

Thanks. I enjoy how simple this system is. Money management is so important, feels like everything is in place. Just need to take the opportunities when the market gives them and the numbers will take care of themselves!

 

[BSD]

I agree, KISS is definitely the way to go in trading.

Will read your thread.

Good trading

 

[Pipmaster1]

This is the Daily 123 set up that we saw while I was in the 3 hr 123 from last week. It looks ok. I let it go because the stop was too big. I'll just wait for another set up on a smaller time frame.

 

[Pipmaster1]

Price followed through perfectly. this setup never ceases to amaze me! :drunk:

 

[Pipmaster1]

That Daily 123 is less than 100 pips away from breaking the #2 point.