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TOPIC: XEL 123 Low

XEL 123 Low 28 May 2014 23:57 #1

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This is finding support at 66.25, top of the gap.
It could go on to fill the gap.

Buy at 66.25 support level(if it goes back to this level)
Top up at 64.25 if it fills the gap.
Looks to be a good area of support at those levels.

uk.advfn.com/p.php?pid=chartscreenshotsh...4JYk=&symbol=L%5EXEL

Regards,
trendfriend.
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XEL 123 Low 09 May 2014 12:58 #2

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it does happen a lot.
Count wrote:
Thanks Remo!

Is it usual after a 123 low breakout that a backtest all the way back to the breakout level (in this case ~ 76p)often happens?
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XEL 123 Low 09 May 2014 11:13 #3

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Thanks Remo!

Is it usual after a 123 low breakout that a backtest all the way back to the breakout level (in this case ~ 76p)often happens?
Last Edit: 09 May 2014 11:14 by Count.
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XEL 123 Low 09 May 2014 09:38 #4

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89 is where i took profits and now im totally out of this trade.
Im gonna go long at the back test of breakout out point at 76 now


dl.dropboxusercontent.com/u/4899609/xel9thmay2014.pngCount wrote:
Thanks for your helpful advice Remo. Can I ask what price point you decided to sell your 123 low, did you ride it a bit higher than 89p? (hope you don't mind me asking).
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XEL 123 Low 08 May 2014 17:42 #5

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Thanks for your helpful advice Remo. Can I ask what price point you decided to sell your 123 low, did you ride it a bit higher than 89p? (hope you don't mind me asking).
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XEL 123 Low 08 May 2014 15:20 #6

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ill say its around 80% . As i take quick profits and my stops are always below the 2 point.Its actually rare for my stops to be taken out based on the 123 low method.It does mean however that the trades last longer than id like. Some times lasting weeks.
If im ohnest im not certain what my percentage is really, As i trade so often i dont bother writing down my success trades any more. Its high based on the 123 low method.
Ive seen others attempt to do the 123 low pattern but its not exactly how i do it but everyone to there own i say.
You have to use the 123 low pattern to your own style of trading. Its mainly for the longer term trade but ive adapted it to suit short term trades as well.

Count wrote:
Hi Remo,
As a novice keen to learn, I am interested in your experience of trading 123 lows, for example in the past say 5 times you traded one what's the success rate? By success I would define it as the pattern behaving as expected and achieving at least the target high as theoretically predicted by
1 + delta(1-2) :)
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XEL 123 Low 08 May 2014 13:12 #7

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Hi Remo,
As a novice keen to learn, I am interested in your experience of trading 123 lows, for example in the past say 5 times you traded one what's the success rate? By success I would define it as the pattern behaving as expected and achieving at least the target high as theoretically predicted by
1 + delta(1-2) :)
Last Edit: 08 May 2014 13:36 by Count.
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XEL 123 Low 07 May 2014 11:26 #8

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Nothing beats the human factor.
There are softwares that help with the supports but i find that there no match for the human factor.
Dont waste your money on them.


Count wrote:
Hi Remo,

I have always just noted supports and resistances myself by eye from examination of historic charts, but is there simple reliable software available that readily produces accurate supports and resistances?

Thanks ;)
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XEL 123 Low 07 May 2014 11:15 #9

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Hi Remo,

I have always just noted supports and resistances myself by eye from examination of historic charts, but is there simple reliable software available that readily produces accurate supports and resistances?

Thanks ;)
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XEL 123 Low 07 May 2014 10:29 #10

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Thanks guys,

That was a nice little earner. Hopefully the start of me recovering my rather large losses on GKP! I'm a lot more cautious with my trades nowadays, not a bad thing ')
Last Edit: 07 May 2014 10:30 by Count.
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XEL 123 Low 07 May 2014 09:57 #11

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Thanks Richard for letting us know about this trade :cheer: :cheer: Thats what chartsview is about ;) ;)

SirRichardBunson wrote:
A close above 75.50 would be the indicator

www.screencast.com/t/S4ghg5QcD
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XEL 123 Low 07 May 2014 09:55 #12

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Supports: 75.5,,,63.75(gap),,,57.75
Resistance: 88.75,,,95,,,100(trend line),,,106.78




dl.dropboxusercontent.com/u/4899609/xel7thmay2014.png

Zoomed out view

dl.dropboxusercontent.com/u/4899609/xelzoomedout7thmay2014.png

The good thing about a 123 low breakout is the fact that it could be the start of a new up trend.So you could be getting into a share that has finally bottomed. Obviously now the best entry has gone but well done to the guys that have entered this at the breakout. This should be a free trade now and the rest of the positions can be left for a greedy trade. :cheer: :cheer:
Thats what trading is about, Taking profits. :) :)
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XEL 123 Low 07 May 2014 09:49 #13

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It hovered around a range 100p for ages. No news gradually brought it down and down but might expect it to go back while awaiting news in more positive light. AGM coming up too. Like to know the chartist position.
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XEL 123 Low 07 May 2014 08:42 #14

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Got out at 87p. Made a nice profit but beginning to think this has more legs based on news.
Remo do you have chart with supports and resistance levels handy?

I seem to recall there are quite a few in the 90's and low 100's, but if you can confirm the major ones I'd be very grateful. I remember 89, 92 and 96/97 then around 101? :)

Thanks
Last Edit: 07 May 2014 09:03 by Count. Reason: I'm an idiot ')
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XEL 123 Low 06 May 2014 16:28 #15

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Hi richard
about 89 as thats resistance

SirRichardBunson wrote:
What initial target are you aiming for please Remo, is it the trend line 83.75ish or the 90p 123 wave calculation.
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XEL 123 Low 06 May 2014 15:38 #16

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What initial target are you aiming for please Remo, is it the trend line 83.75ish or the 90p 123 wave calculation.
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XEL 123 Low 06 May 2014 11:21 #17

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If your trading this share then generally you would go long on the breakout of the 123 low.
Im long on this and my stop is below 61. ;) ;)
But a finish is whats needed to confirm the trade but by waiting you wont get the original price and your risk reward would be different.
So it all boila down to your risk.


dl.dropboxusercontent.com/u/4899609/xel6thmay2014.png
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XEL 123 Low 06 May 2014 10:59 #18

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In my opinion Count the high of today has triggered the share to the watch list and not the trade.It has to close above 75.50 to confirm as I've seen this to many times so a tad of patience and lets see where this is going into the close, we do have a target of 90p so plenty of points to be had.
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XEL 123 Low 06 May 2014 10:39 #19

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Hi guys, does it have to CLOSE above 75.5 for 123 low, does today's high of 78.25 not trigger it?

Clarification on this point would help :)
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XEL 123 Low 06 May 2014 08:52 #20

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A close above 75.50 would be the indicator

www.screencast.com/t/S4ghg5QcD
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