Forex trading strategy #4 (Simple 1-2-3 swings)

Hi Edward,

the 1-2-3 chartpattern looks like a elliot setup or wave count setup (1-2-3-4-5). The strongest wave is de 3 --> 4 count. Do you have a solid profit target or a dynamic one. Hom manny pips on a 4h chart will you set te stop (under/above the 3 point).

greetings

j

Hi John,

good question, thank you. I meant that every trade that is triggered will be showing positive pips (read "profits") right away. After that it's your decision where & when to close it.

Kind regards,
Edward

Hi Edward,
Under the Stategy ,You mantioned , Advantages:gives 100% profitable entries,
what does it mean , do you mean every trade as per this rule is profible ?

with Regards
John

Hi Ben,

In the above blog I've been able to find only Weekly-Daily-15min setup.

The author talk about 1-2-3 setup on 15 min charts after identifying weekly and daily trends. While in fact, we can simplify his method to simply entering on the breakout of each day's high/low, depending on the weekly trend.
The 1-2-3 setup on 15 min adds no additional value there, I'm afraid.

Kind regards,
Edward

http://skypips.blogspot.com/

in this blog u'll see:

1-2-3 4hr= to look for the trend
1-2-3 15m= for entry

wat do u guys think?

regards,
Ben

I found this method to work best on 4H time frame. Adam

Hey guys. A very good idea is to sell partial positions on every fibonacci expansion level. Like selling 10% of the position to cover some of the commisions you paid on the 0,618 fibbonacci then selling 30% on the 1.382 level and closing the whole position on the 1,618 level.

Hi Nse,

try this one for MT4: Good_Macd.mq4

or even this one: MACD_AllcoloredMM2_4.mq4

Kind regards,
Edward

Hi every one, I have been reading about MACD indicator, the traditional indicator i've been seeing in tutorials/illustrations has a histogram and two (2)lines (indicators?) running along the histogram. but going to practical, in my live chart, when i insert MACD indicator,only one (1) line is always found along the histogram.

Please i need explanation, and also how to insert the 2 lines running along the histogram.

Many thanks in anticipation.

Nse.

Hi Edward,

I have been trading the 123 pattern for a number of months now and find it excellent. I only trade with the trend and stick to trading the less volatile pairs to avoid large retracements taking my stops out.

I dont use indicators, I just check support and resistance areas to keep an eye on.

Regards
Trader.

Hi Mohammad,

as you learn you'll discover that studies about 1-2-3 pattern from Bill Williams, Ross Hook and other authors have many similarities. We're talking about the same market behavior described under different angles.

I wouldn't try to compare them here, but it is certainly worth looking at each study in order to pick the very best ideas for trading.

Kind regards,
Edward

Hi Edward,
I learned a lot of lessons from your great site,not just about trading but moral behaviour too. my question is: what is your idea about NTD strategy,i mean BILl Williams. can we consider it as a 1-2-3 swing by some filters or not? do you think it has some characterestics in common with 1-2-3?
My other question is about ROSS HOOK pattern? is it a kind of 1-2-3? or not?
YOurs trully
MOhammad

Yes, you're right. I somehow missed that part completely...
Then your entry is the right one, well done!
Sorry for confusion.

Happy trading!
Edward

Hi Edward,
WIth regards to previous post, I thought we need to wait for the candle to close above Point 2?
And enter on the next candle?

KIT

Hi Kit,

according to the screenshot the first breakout (above 2) & a possible entry opportunity was 7 candles earlier.

In your case with the entry at the red dotted line, it looked like a strategy, where you'd enter on the pullback towards the earlier breakout level. (Also a possible way to trade it).

Best regards,
Edward