Well its been over 2 years since my last post and the reason for that is i took what i learned and constructed a profitable way of trading. Whether you get info from forums,books etc. you must make them your own with your own rules for entry, stoploss and most importantly money mangement. Ok here we go. Support and resistance will be done only on 5 minute charts. 123 patterns are a part of support and resistance as well as broken 123 patterns which are 123's where the 3 point takes out the 1 point its a quasy 2b pattern. Indicators needed (NONE) when resistance is broken price will come back and test it to see if it turns to support this is high probability because of market structure. Here are some charts to show what i mean
THOUGH ALL THE INFO FROM POST 1 TO 63 IS THE SAME METHOD START FROM POST 64 SINCE I AM ONLY USING LINE CHARTS.
I have recently started studying 123 patterns so I am very interested in following this strategy. I also believe in no indies and keeping it simple.
Your charts make a lot of sense and I will look for past patterns to study and get to grips with myself.
If you were studying just one pair, maybe EUR/USD on this timeframe, how many setups would you expect per day?
I am fortunate enough to work from home, so I can keep an eye on the charts during the day and make manual trades.
At the moment I am concentrating on strict SL and Money MAnagement to get disciplined.
Keep up the good work and I will follow with interest.
Thanks for sharing
THOUGH ALL THE INFO FROM POST 1 TO 63 IS THE SAME METHOD START FROM POST 64 SINCE I AM ONLY USING LINE CHARTS.
Well the way i would answer it is this; its not how many trades you put on a day but how many winning trades to put on. My money mangement goes as follows if I get and 123 at end of trend and i enter on the break of point 2 and it goes to a win i usually call it a day since i risk 3% i trade with mine and my clients money. If i have a loss and price doesnt make a new low but just takes my stop out if it goes threw point 2 i reenter if it wins i wait till it retraces to enter again so basicly i enter up plus 1 on the day maybe with 1 pair 10 to 15 trades a month via 1 session
I have recently started studying 123 patterns so I am very interested in following this strategy. I also believe in no indies and keeping it simple.
Your charts make a lot of sense and I will look for past patterns to study and get to grips with myself.
If you were studying just one pair, maybe EUR/USD on this timeframe, how many setups would you expect per day?
I am fortunate enough to work from home, so I can keep an eye on the charts during the day and make manual trades.
At the moment I am concentrating on strict SL and Money MAnagement to get disciplined.
Keep up the good work and I will follow with interest.
Thanks for sharing
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