GBP/USD 123's

[Pipmaster1]

This is a pretty nice 2hr 123. I was sleeping which is kinda sad. Nice formation though.

 

[Pipmaster1]

I've been watching this potential 30 min 123. Price may be setting the #3 @ the 61.8% line which is good. However RSI 14 is not extreme. RSI 3 is extreme which does give a very nice trigger, add that to the Stoch and CCI on the 5 min chart, giving a nice 1 min trigger @ 22:14. But between the RSI 14 not being extreme and the 30 min FIB sequence chart I didn't take the trigger. Price closed below the 89 FIB line, suggesting that price will continue to the 144 FIB. I'll just wait and see what happens. Might have just let one go by! :whistling

 

[Pipmaster1]

Well this technicly did come together and work out. But there was to much time between the #2 and #3. Also the RSI 14 never went extreme. So I let this one go by.

 

[Pipmaster1]

There is a 30 min 123 trying to form up. This is a textbook #2...just need a #3 and a trigger.

 

[Pipmaster1]

30 min 123 fell apart and didn't form up. Price broke the #2 point before it formed an acceptable #3.

 

[Pipmaster1]

Here is the last quarter of trading. Market behavior was not great at all in Dec or Jan. Only made 1 trade ( 2.7%)in the month of Jan. And between the holidays in Nov and Dec I didn't trade 4 weeks. But still made a profit.

 

[Pipmaster1]

Pretty nice looking #2. Just waiting on the #3.

 

[Pipmaster1]

Well my 4hr 123 turned into a 6 hr 123. Now just waiting on the 5 and 1 minute trigger.

 

[Pipmaster1]

I entered long @ the 12:50 5 minute candle. You can see that price on the 6hr chart had a 76.4% failure. along with the 30 min RSI 14 and RSI 3 were extreme for the 3rd time.

 

[Pipmaster1]

That 6 hr candle closing above the 76.4% line is a good sign. But I have no idea whats going to happen, never do. I just trade the system! :whistling

 

[Pipmaster1]

Anybody have any predictions on which way the pound is going over the next few hours??

 

[bedsit]

I'm not in prediction business, but would guess if it breaks below 833 deep south - or if goes up may go like a missile

 

[Pipmaster1]

I'm not in prediction business, but would guess if it breaks below 833 deep south - or if goes up may go like a missile

yeah kinda my thoughts...of course i've have been thinking it would go up like a missile for last 16 hours, LOL. Looking like the bears have it though. oh well its just one trade, on to the next one.

 

[Pipmaster1]

Price just stopped me out @ 1.5841.

 

[Pipmaster1]

Text book Fib sequence this week. Have a good weekend!

 

[Pipmaster1]

This is about the only thing that 'might' set up some time in the next day. At least this is what I'm watching at the moment.

 

[Pipmaster1]

That 2 hr 123 form yesterday never formed up. It was turned into a potential 4hr 123. Still have 2 hrs before that 4hr candle close though. It is nice to see that the 4 hr 123 and the Fib sequence are agreeing in direction. If price comes down to the 76.4% line and forms a #3 there it'll give a 200% line @ 1.5910; right between the 233 and 377 Fib extensions. Be nice if the #3 forms up around the London open.

 

[Pipmaster1]

The 4 hr 123 fell apart. Right now the only thing I'm seeing is a long 15 min 123. I didn't take the #3 as it is the lower probability entry point with the time frame being small combined with the overall trend being down I'll wait for the higher probability trade and enter on a retrace after the #2 is broken.

 

[Pipmaster1]

The 15 min 123 has set up like its supposed to and 1.5574 would have been where I would set my stop had i got in the trade. The price action trigger never came at the 76.4% retrace. And the RSI 14 on the 30 min chart is not yet extreme. I'm just not convinced that the sellers are done pushing down yet. And 1.5664 would be my target price, just under the bigger 50% fib line and the 200% line.

 

[Pipmaster1]

Looks like the price action indicators kept me out of a losing trade. :clap: