123 method forex

Published в Inter finanzas forex | Октябрь 2, 2012

123 method forex

this is your low formation. The target level of your entry on this type of trading has to be 2 to 3 times the size of your stop. The way I. The pattern is a major trend reversal pattern is one of the best strategies for trend reversals. One can trade using this strategy on any. The chart pattern is a three-wave formation, where every move reaches a pivot point. This is where the name of the pattern comes from, the pivot. BTC BUY MARKET PERCENTAGE

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123 Chart Pattern Forex Trading Strategy. Simple As 1, 2, 3


The reasons these patterns continue to provide trading opportunities is that the emotions that caused these patterns are consistent and happen frequently. The patterns don't always hold - sometimes they're affected by other factors like news - but they are consistent enough that we can use them to make profits in the market. The number 1 point occurs at a place where traders who were long in the market decide they need to secure the profits they made during the trend up.

That's why the initial trend is very important. It's also why you should watch for this point at a place of strong resistance. It's the place where traders will feel that the market may stall or turn. In other words, they fear they may lose the profits they've got in place. The surge in volume is due to the "not so smart" money finally recognizing the trend and jumping on the bandwagon euphoria - "this trend could last forever, I gotta get me some". That surge in volume usually happens when a move has reached exhaustion.

The volume is a signal that the smart money is passing on their holdings to the latecomers, leaving them "holding the bag". This is the number one point. Of course, after there are no more traders to buy up the positions the latecomers entered, the price starts to drop. As the price drops, the smart money sees an opportunity to possibly make a little profit on another pop to the number 1 high, but they are less committed because most of the longer term momentum indicators are still giving overbought indications and the market has just made a big up move.

Eventually, all the latecomers that bought while the market was at the peak are experiencing fear. As the market continues to drop, they unload those positions to the smart money - who are more willing to buy as the price drops lower. Until there are no more folks wanting to sell. That's the number 2 point. Now that the latecomer sellers are gone, prices will start to move up again.

The smart money folks bought from the latecomers, so now as it starts to go up again, the latecomers figure they got out too soon and start buying again, but since they were burned before, they are a little warier, so fewer of them get involved this time. And of course, the smart money folks are more than willing to take their profits as the market goes up.

But since there are fewer willing to buy this time, when the price peaks, it often doesn't get as high as the number one point before it starts dropping again. This is the number 3 point. As the market starts to drop from the number 3 point, the more educated, smart money traders recognize that this could be a reversal or the beginning of a trading range, but at the very least, they are willing to sell down to the number 2 point again - which is exactly what we will do.

This causes prices to drop back to the number 2 point - often breaching the number 2 point by a few pips. When do Reversals occur? As I mentioned before, reversals most often happen at areas of support and resistance. They happen after a good strong trend. They can happen at any time frame on any instrument. On the shorter time frames less than one hour , you have to watch continually or you will miss your opportunity.

Often you can see one after a big news event. That's why I prefer to trade hourly or higher. I day trade periodically and will watch the 5 minute and minute charts, but I have a short attention span, so I've got to be in the right frame of mind to do that. I know folks that do it on the 1-minute charts and make lots of pips daily doing it. I just can't concentrate that much for that long. That's why trading is such a personal thing. You have to know your strengths and limitations to be a profitable trader.

I tried to trade like someone else, but I couldn't be profitable that way. That's one of the things I learned early on from Winner's Edge. I didn't mean to digress into trader psychology, but in my opinion it's the most important factor in trading success, so I thought it warranted a few words. How do I trade a Reversal? I use three different entries for the The first one is what I call "cheating the number 3 point".

The second is trading the "standard" break of the number 2 point and the third is to trade the retracement after the break of the number 2 point. My favorite entry is cheating the number 3 point as this can be done with very little risk, fairly large trade size and works quite well. How do I determine position sizes? I'll go into more detail about entries below, but I'll take most of the first reversal position cheating the number 3 point off before the second entry point occurs.

Also, the first position, while having a low risk in terms of pips - also has a lower probability of success. Because of these factors, I usually use about half my standard trade size on the first position. I then use half on the second entry and half on the third entry. Calculate the number of pips for your stop loss on each position we'll talk about where to place stops a little later and use a risk calculator to determine your trade size.

Trading Strategy Guides has a risk calculator you can find here. Use it with our compliments. How do I enter and manage the positions? The first one I call "cheating the number 3 point". The completion of a number 3 point is the first indication that a reversal may be occurring.

Officially, it's not a reversal until it breaks the number 2 point so that's why I call this entry a "cheat". When I see the first two points and see price pop to the number 3 point and start to drop, I start anticipating the entry. As soon as price breaks below the highest candle at the number 3 point, I take a short entry with a stop loss just above the number 3 point.

Trade Entries for the ugly High The second entry is the "standard" trade strategy for the reversal. In fact, once you have a number 3 point, you can put a pending short a few pips below the number 2 point. How far below the number 2 depends upon the time frame you are trading.

When trading the hourly time frame, I usually put the order 5 pips below the point. Be sure to make allowance for the spread. Since you're most likely looking at a Bid chart, then you won't have to take spread into account. If you're trading a low you will be placing a pending long and you will have to allow for the spread. Remember that on the longer time frames, the spread may actually fluctuate before the entry is made. I like to trade this using a forex 1hr chart strategy.

As I mentioned, the risk is greater on the second entry. You need to place your stop a few pips above the number 1 point. You will most likely see the price bounce right after your entry and it may consolidate some before dropping, so don't sweat it, just ride it out. You should target the consolidation from where the uptrend began.

That's why I suggest that you be sure the uptrend is at least one and a half times the size of your patterns. That will give you a good risk-reward ratio. Out of all of the currency trading strategies I have traded, this is by far my favorite.

That retracement will give you your opportunity for your third position. Watch for the price to pop and then drop just below the low of the highest candle in the retracement. That's your short entry. Place your stop above the retracement for a nice tight risk and target the same place as the second position, the consolidation from which the initial uptrend came.

This is likely to be the most profitable position of all three of them with a small stop loss. Lennox has been trading the S strategy for over a decade and recently applied these techniques to the Forex with spectacular success. Peter is the founder of Forexmentor. S helps Forex traders to locate, enter and exit trades across all timeframes. This unique trading system offers guidance to traders to not only know where to enter trades, but where to exit trades.

Click here to see some recent real trades. Find out more Go Here » See real sample Forex alerts. Go Here » See real money Forex trade videos.

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