GBP/USD 123's

[rathcoole_exile]

you've popped up out of nowhere after 2 years inactive membership and suddenly started posting the same video clip on multiple threads.
alarm bells are ringing .......

 

[Pipmaster1]

That 6 hr 123 is trying to make its way up. Im currently looking for price to retrace and maybe I'll get a buy trigger somewhere and jump on the train late.

rathcoole_exile your posted made me laugh...I agree with you about the winning trades. Trading is super boring, and ones ability to be profitable might have more to do with the trades he doesn't take then about the ones he takes!

 

[Pipmaster1]

Looking good so far! :clap:

 

[Pipmaster1]

" We will usually only question the value of something that is inside of us, if we are forced to, as an absolute last resort. What would be the ultimate proof that we need to finally make us acknowledge that there is something we need to learn? Pain! We will acknowledge the need to learn when we are experiencing the emotional pain of a great disappointment or stress and anxiety because we don't know what to do next, and we are finding it increasingly difficult to shift the responsibility for what we are ending up with."

The Disciplined Trader ~Mark Douglas~


Read this today, again! Love it. thought i'd share!

 

[Pipmaster1]

I took these pics last night, but couldn't get on t2w for some reason. At the time it was looking like th price on the 20min was going to keep going toward the 200% line. which you can see thats just above the 50% line on the 6hr chart. If price comes down there it may present a buy opportunity.

 

[Pipmaster1]

Here is an real time shot of what price has done since the last pics were took.

 

[mimi27]

hello, i don't understant, you enter the trade on point 3 , or retracement after point 3 ?

 

[Pipmaster1]

Good question, sorry if i wasn't clear. There are two options for me. I can enter at the #3 which of course has less probability since its not really a 123 yet. Just a potential 123. The formation is not solidified until after the #3 is form and price breaks the #2 point. The second choice is to wait for the #2 to be broken and wait for a retrace. This is then a true 123 trade which has a higher probability. What is ideal is to take both trades.

I hope this helps.

 

[Pipmaster1]

That 20 min 123.

 

[Pipmaster1]

Lets see how this 2hr continues to form up.

 

[mimi27]

hi !
this helps !

i prefer waitin' for a retest, that we had this morning (europe time)

 

[Pipmaster1]

thought this 30 min 123 would set up better. the #3 did not retrace far enough.

 

[matrader]

Hi Mr pip - just stumbled across your thread - I prefer 123 set ups also...is this your preffered set up?
What markets do you trade with this method - just GB/USD?
I also agree with the break of the #2 & then retrace,this works better for me.
Keep up the good work.
Matt

 

[Pipmaster1]

Thanks Matt, yeah this is my preferred setup, I've traded a lot of different things but I only trade this now. And the GU(GPB/USD) is the only pair i trade. I do like it when price breaks the #2 and retrace, only wish that set-up happened more often. That is why I began jumping in early at the potential #3.

I know haven't posted in a couple of months. I started classes at Liberty University, getting my BA in Business and Economics. I'm also getting married in June, needless to say my chart time has suffered. I'll be back in full swing soon.
Ryan

 

[matrader]

I agree with your comments about the retrace...wish it happened more often.
I have been burned too often trying to trade off the #3.
matt

 

[Pipmaster1]

what style of stop do you use on the entry at the #3? I use more of a system stop with it place just above/below the #1. However if I get in on a retrace after the #2 is broke I'll use a price action stop and place it just a few pips below/above the trigger that I took, usually the 76.4% failure.

 

[Pipmaster1]

Been watching this 12 hr 123. I don't really like where the MACD crossed. A text book set-up would be the MACD crossing right between the #1 and the #2. This one crossed right after the #1, so it still qualifies, if the MACD crosses before the #1 I wouldn't give it a second thought. I'll be watching as price possibly retraces. Being a 12 hour it could be a few days!!

 

[Pipmaster1]

I forgot to add this picture as well. This is the 30 min Fib sequence chart. Its nice to see the 12 hr #2 coincide with price reaching the 233 Fib extension line. Nice sign, looks good anyways! :clap:

 

[Pipmaster1]

There was a new cross on the GU FIBS chart. I was hoping that price would close below the 89 Fib extension before the long weekend, giving it a little more bearish look to the setup. The 233 extension is @ 1.4292 which is just past the 76.4% retracement line on the 12hr chart. So if this were to play out price would run down to the 233 extension/76.4% 12hr retrace giving an entry at the potential #3. The size of the stop would be my only concern then if it were to set up like that.

 

[Pipmaster1]

The #3 on that 12 hr 123 retraced only to the 50% line, and price has now broke the #2. Looking for that retrace to the 76.4% line at 1.4469 for my buy entry and of course the 200% line bing my exit target.