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Trading Times of other currency pairs

If anyone is interested in trading other pairs with OMD, this document is helpful in setting the correct consolidation times - Look at table 5.1
 

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  • forex-trading-times.pdf
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Hi MOB,
Would the 123 system have kept you out of good trading opportunities in the first part of June?
cheers
exclusive

Hi Exclusive!

It didn't keep me out of good trading at all... I have started adding a few more currency pairs to my arsenal. A lot of currency pairs have been ranging lately and altough the 1 2 3 pattern is solid for recognizing s/r, depending on where the prices are in the range (near the top or bottom) I tend not to trust that 123 as much.

I got stopped out a few times in the early part of June but made money on the countertrends :). When S/R breaks, it breaks and you must take advantage of it.
 
Thanks!

Hello All.

Grant Rosser, I am having the same thoughts as you. I have been following 'net trap' for a couple of weeks now and stumbled my way here.(great site guys!) I am seriously thinking of joining '1minute' but also having a look at the John Templeton stuff.
Being a complete beginner, what do you guys think?
MOB your a star! ;)

Thanks! In regards to whose course to take, I don't know anything about the other courses that people are mentioning besides John Templeton's Price Action Trade which is new and Trading in the Buff.

If you haven't purchased Trading in the Buff, DO NOT, because John brought out his new course Price Action Trade which elaborates more on the 1 2 3 pattern due to a numerous of emails, according to him, of customers wanting him to elaborate more on it. I'm glad he did that because he mentions the "Pin Balls" that Paul mentioned and how he trades those with the 1 2 3 pattern and a few other things.

So he has a numerous of videos of how he trades the 1 2 3 pattern along with other things which makes the probability even higher. By the way I've come to LOVE Pin Balls near pivotal areas such as S/R or areas on the Fibonnaci. They produce pips!!!
 
Hours

Mob,
What sort of hours do you put aside to trade the 123 signals?

Trading2win, I spotted that setup too on the G/U so I guess we're on the right track.

cheers.

Please excuse my late responses, I will explain my absentee in a follow up message.

I Just look at recent 1 2 3 patterns that have been formed and then I draw up the S/R lines and sometimes I place a pending order for that area if I don't have time to watch the markets all day.
 
What I've been up to lately?

Hello everyone!

I know that I have been missing in action for some time and so I tried going back to respond to all that had questions for me.

As of late, I have been scalping and I must say that I truly LOVE IT! Cha Ching! Scalping is something that I always wanted to do because I seen the types of gains that it produces after watching a few videos on scalping stocks, however, I couldn't daytrade and scalp stocks due to the $25,000 SEC BS :(

One would probably ask why would I want to scalp, right? Well, because it truly fits my personality and I have the time to do it manually. This scalping strategy that I've learned from a fellow trader in Holland, who posted on a forex website how to set the parameters and indicators or what not on MT4, has been producing HUGE GAINS!!!

While I have employed this scalping strategy to my arsenal, I still keep Price Action in mind by going on larger time frames to locate S/R. I have been trading this strategy for about a week now and so far have seen a 40% return. The only thing about this strategy is that you somewhat have to be near a computer to see where the prices are.

I think I may use this strategy as my primary, these damn gains are just ridiculous. I use a 5 Minute and 1 Minute chart, primarily 5 because it is more accurate with an extremely HIGH PROBABILITY!!! It's nice to see my winning column pile up :) It's exciting, I've never had this much fun trading, ever!!!

If you like to scalp then here is the link to see how to set the chart up and all of that good stuff.

Scalping system #14 (EURUSD scalping with Bollinger Bands) | Forex Strategies & Systems Revealed

It's pretty cool, me likey :)

How I scalp with this strategy... I first pull up a 30M or 1H to locate S/R then I go to the 5M to see where the prices are and then I go to a 1M to see where the prices are. If you want to shoot for 3-10 pips then use a 1M, 20-40 pips on 5M. For those who are going to use just a 1M, be cognizant of where the prices are on a 5M to see if it hasn't reached it's blue line or entry areas yet. For instance if you enter on a 1M near it's blue line and the 5M has about 15 more pips to go before it reaches it's blue line, then I'd wait for a better entry. I got burned like that the first time by not doing so.

The creator of this strategy, well he isn't the actual creator, he basically fine tuned another trader's strategy. I trade it only on EUR/USD as the fine tuner does although the creator uses it on GBP/JPY. The fine tuner guy doesn't use a stop loss (CRAZY) when working on 5Ms because they are just that high of a probability :) However, I use a stop loss a few pips above the red line as another trader suggested that I do. Although I can see why the guy doesn't use one because I haven't had a losing trade yet since employing this strategy using a 5M.

RSI 8 should be set at 80/20 and the Stochastics set at 14, 3, 3...

PS... Thank me later ;)
 
Scalping Template

Hey you guys and gals!

To save you the hoopla of going thru setting the parameters, I have done all of the work for you just simply save this scalping template in your MT4 file under templates and make some dough!
 

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  • scalp_tpl.zip
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1 minutedaily

I backtested gbusd strategy on my micro account at alpari Uk, and every time seem to 5% ( or 6,7 etc)Money management produce far more worst results than fixed 1 lot/10k. Even if you look on Detailed Reports on Page 20 DailyEA.pdf they are ony based on 1 lot fixed. Strange.
 
M.O.B, thanx for yr reply.
Have you tried John Templetons 'Price Action', if so would you recommend it and do you think a beginner could pick it up?
By the way, and am sure I speak for many, have followed this thread and find your posts, among others, of tremendous value, Thanx
 
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