Hello Everybody,
I really didn't want to start a thread, but as it goes, if you don't ask questions, you dont get answers. And I wouldn't want to jump into someone else's thread with an off-topic, hence this new thread?
It is a basic question about the popular 123 pattern/system.
What is wrong with the system?
It is talked about in almost any introductory trading discussion and it is every where on the web , but I hardly hear people talk about actually trading the system; especially here at FF.
Is it that it is not a profitable system? or it's just too basic/simple for the experts to trade?
Personally, I tried this system some time ago and it seemed to make sense then, but as usual, we always seem to believe the next new system is better than our current one(especially after some losses); That was how I drifted from it totally. Sometimes I want to come back to it, but I 've heard negative comments about it, and people saying you cannot rely on it long term.
But over time, I have noticed that the pattern is always present on my charts, and could have helped me avoid bad trades and given me good entries for the profitable ones. But due to the (mis?)conceptions ;I have deliberately refused taking it seriously.
So I need to hear what people have against (or for)this system.
If it has been discussed else where on FF, could someone kindly direct me to the thread.
I am going to post some charts to highlight what I see.
N.B Pls constructive criticism only; afterall we are not arguing here, But just trying to point out the good and the bad of the system for learners like us.
I really didn't want to start a thread, but as it goes, if you don't ask questions, you dont get answers. And I wouldn't want to jump into someone else's thread with an off-topic, hence this new thread?
It is a basic question about the popular 123 pattern/system.
What is wrong with the system?
It is talked about in almost any introductory trading discussion and it is every where on the web , but I hardly hear people talk about actually trading the system; especially here at FF.
Is it that it is not a profitable system? or it's just too basic/simple for the experts to trade?
Personally, I tried this system some time ago and it seemed to make sense then, but as usual, we always seem to believe the next new system is better than our current one(especially after some losses); That was how I drifted from it totally. Sometimes I want to come back to it, but I 've heard negative comments about it, and people saying you cannot rely on it long term.
But over time, I have noticed that the pattern is always present on my charts, and could have helped me avoid bad trades and given me good entries for the profitable ones. But due to the (mis?)conceptions ;I have deliberately refused taking it seriously.
So I need to hear what people have against (or for)this system.
If it has been discussed else where on FF, could someone kindly direct me to the thread.
I am going to post some charts to highlight what I see.
N.B Pls constructive criticism only; afterall we are not arguing here, But just trying to point out the good and the bad of the system for learners like us.