Forex trading strategy #4 (Simple 1-2-3 swings)
Submitted by Edward Revy on February 28, 2007 - 15:30.
And here we are again talking about the strategy that withstood the test of time. This Forex trading method is based on the same study of defining support and resistance levels and trading upon the fact of their violation.
A trading setup requires only an open chart and no restrictions for the currency or timing preferences.
Entry rules: Once the price makes it through the “pivot Line” - dotted white line on the figure below (drawn using the latest price peak) - and closes above (for uptrend) or below (for downtrend) the line buy/sell accordingly.
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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,
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
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 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 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 Nse,
try this one for MT4: Good_Macd.mq4
or even this one: MACD_AllcoloredMM2_4.mq4
Kind regards,
Edward
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.
I found this method to work best on 4H time frame. Adam
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