stoped out .... it happens live with it
waiting next setup
![](https://resources.faireconomy.media/images/emojis/64/1f601.png?v=15.1)
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DislikedHey there everyone,
What is the best way to use the 123 system, in terms of entry, exit, take profit and stop loss?
I think the 123 strategy is a great system but I cannot seem to make a steady profit with it, I keep losing as much trades as I win, and sometimes lose more than I win.
Would appreciate it if anyone can help out this noob
Thanks!Ignored
DislikedJoe Ross himself dont trade this method without other indicator and he was very discipline with it...I have read his books Law of chart and still add this method to my trading style profitunity chaos trading.
you need an indicator which can help you identify trend reversal and bull or bear flag, 123 entry is counter trend but Ross Hook is a confirmation if you need help on this pm me.
cheers DonIgnored
Dislikedquite a tough day today
Although I dont let it get to me..once TP and SL are set I walk and wait
EU +22-59( ouch) +41
GU -45 +25
looking to long both but no set up yet
PIgnored
DislikedPaulus... can you post a chart where u got -59. i see one trade, you went long ?
also, is your position (pip value) always the same... or you change it when you see higher number of pips in SL ?
thanks.Ignored
- I start looking for 123 at 7am uk time on...not before - if we are going up in the Asian session I look for a short and visa versa - I always take trend reversals not continuation of trends - If I take a short 1st thing then the rest of my trades go long short long short etc - I must have more than 1 candle in between 1 and 2 and 2 and 3 - The pull back or rally from 2 to 3 must reach the 61.8% of the 1 to 2 move - My stop loss now goes 1pip below or above 1 - My TP is always the distance from 1 to 2 I added a ninth rule: Enter one pip above/below the trend on an entry, exit one pip above below exit on a stop loss. Paulus has mentioned this in some other posts. Also, I did not count ANY Asia action...the start times listed in the spreadsheet are the point 1 start times...
DislikedOK, the March results are in:
Total pips: +402.6
Pips per trade: 10.6
Pips per day: 17.5
Hit rate: 23/38 for 60.5%
I also found this month to be difficult many times to find 1-2-3 trades to fit the rules....many close calls, and indeed I fudged two of them ever so slightly (see Excel notes)...
Regards,
JeffIgnored
Dislikedfirst signal long i'm in lets see entry on 5 min confirming the entry gve on 1h chart let's see...Ignored