Forex trading strategy #4-a (1-2-3, RSI + MACD)

I've gathered all answers to current and previous questions on page 4.

Regards,
Edward

Hi Fraser

You are correct in saying it has similarities. Im not a pro when it comes to Elliot Waves, but i read that wave 3 should not be the shortest wave among Wave 1, 3 and 5;

I consider my strategy to be that Wave 3 which is confirmed by the 1-2-3 setup and trending indicators, since Wave 3 should not be shorter than wave one, having a target level the same as the distance from No2 to No3 entry one finds your limits are filled the majority of the time.

As for how to extend profits, im still trying to see if holding onto positions and what for a reverse setup would be more profitable.

Edward, please feel free to correct me or help with better profit targets.

Lino and Edward -

Hmmmmm , this appears to be a simplified , but very clever method .

It seems to have similarities to Elliot Wave and / or Fibonacci Ratios.

Well done !

I would appreciate any comments from both of you about my observation.

Fraser

Hi Lucas

Yes, after i find a lower high or lower low. Once i have my No.3 then i place an entry order just below/above No.2

Hi George

Most indicators are lagging, i use the EMAs, RSI and MACD as its more trending indicators. If you think of stochastic, most times you will have a buy then stochastic will soon be in oversold territory.

Another good indicator i use is the SAR, I will post 2 examples that i used with it.

Do you enter on Buy / Sell Stop or Limit order, and what is the difference between the two ??

Lucas , the newbie

Edward-

How about using the crossover of Stochastics lines to help identify 1,2 and 3 ?

George

Hi Jeff

I only take the trade once the EMAs have crossed in the direction of the trade. It helps to filter out bad trades.

I must say that i do also look at bigger time frame and prefer to trade in that direction, the trend is your friend.

Cheers and happy trading.

This a wonderful system. Thanks for sharing it.
I like trading 123s, and I am starting to look more at the 15 min chart.
So this fits right into what I am doing now.

Just a little question. What part do the MAs play in it?

Thanks again
Jeff

Thank you Lino,

Very good examples.
I like the way you initially approached the 123 setup. For me this was something I've never thought about before. I've enjoyed learning about it. Thank you.

Best regards,
Edward

Hi Edward,

I would just like to post a short trade example i just finished trading.

I use market scope from FXCM.

What is Platform charting name did you use at those screenshoot ?

Regards;

Manus168

Good system, well done.
Thank you for sharing! I'm glad to publish it here.

Best regards,
Edward