Journal of 123 Setups

persama · Jun 29, 2005

Quote from sulong:

Are you using the Joe Ross 123?
Or one of the various 123 pivot methods?

The simple 123 method. Only I trade these setups for trend continuation instead of trend reversal as suggested by the original idea.

Sashe · Jun 29, 2005

The whole idea of X-1-2-3 (X-1 prevailing trend) is to take the reversal trade when 2 is broken.
How do you trade the continuation of the X-1?

persama · Jun 29, 2005

Quote from parttimetrader:

Hi persama,

As you're using this as a trend continuation pattern, what method do you use to determine if a trend is in place? Just a simple moving average or something more complicated?

Nothing complicated....In my 2 cents, the best way to determine an uptrend is to trade with stocks making new 52-week highs.

persama · Jun 29, 2005

Quote from Sashe:

The whole idea of X-1-2-3 (X-1 prevailing trend) is to take the reversal trade when 2 is broken.
How do you trade the continuation of the X-1?

Trend: X1-X2-1-2 (X1-2 prevailing trend) forms a classic uptrend pattern by having a higher high and higher low and also looking for point #2 making a new 52-week high.

Setup: 123 Formation

Trigger: Breakout from point #2

persama · Jun 30, 2005

Watchlist for Jun 30, 2005

Potential 123 trades:

ASFI, CKCM, DGIN, ILMN, ITRI, KAMNA, LIFC, LUFK, OTIV, PGIC, SPIR, STLW, THOR, UHCO, WLSN

Updates:

ENTU - Close <= $5, scratch from the watchlist.

SMTS - A lower High is formed. Trade abandoned.

SPNC - Broke Point #2 ( 6.41 ). Recommended Initial Stop at 5.77

UPCS - Broke Point #2 ( 8.18 ). Recommended Initial Stop at 7.58

persama · Jul 1, 2005

Watchlist for Jul 01, 2005

Potential 123 trades:

ASFI, CAND, ITRI, LUFK, OTIV, PGIC, THOR

Updates:

CKCM, DGIN, ILMN, LIFC, SPIR, STLW, UHCO, WLSN - Scratch from the watchlist. A lower High is formed.

KAMNA - Broke Point #2 ( 18.13 ). Recommended Initial Stop at 16.50

LUFK - Broke Point #2 ( 36.20 ). Recommended Initial Stop at 33.90

persama · Jul 4, 2005

Watchlist for Jul 04, 2005

Potential 123 trades:

ASFI, CAND, ITRI, OTIV, PGIC, THOR

sunnyskies · Jul 4, 2005

If you dont mind provide a description of 123 that you play. There's tons of different steups called 123.

DTM · Jul 4, 2005

Quote from persama:

Watchlist for Jul 04, 2005

Potential 123 trades:

ASFI, CAND, ITRI, OTIV, PGIC, THOR

G'day Persama. Nice to see you out here. Haven't followed your posts on ASF but will read it when I get a chance. I didn't have time to look at everything but out of your first three, only ITRI looks to be a goer. Actually, it looks very good. ASFI and CAND both look set to fall.

Just my two bobs worth.

toby · Jul 4, 2005

Quote from sunnyskies:

If you dont mind provide a description of 123 that you play. There's tons of different steups called 123.

I use a derivation of 123 system. Only I trade these setups for trend continuation instead of trend reversal as suggested by the original idea.