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What's wrong with 123 Pattern

  • #21
  • Oct 4, 2017 7:32pm Oct 4, 2017 7:32pm
Quoting Ogidi2007
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...
The 123/1234-Pattern is a good indicator to identify a change-of-direction ... The problem is we can't play all the existing patterns as a lot of times it might just be a correction within a bigger 123/1234-Pattern ...
One way to solve this problem is by playing 2nd-chances ...
Market is not random but unpredictable
  • #22
  • Oct 11, 2017 9:34am Oct 11, 2017 9:34am
Patterns are useful, but to follow any specific trading pattern so blindly is too costly! Like, 123 pattern is very popular one! But, you can’t trade against the market trend for following any market pattern!
  • #23
  • Jan 17, 2018 9:18am Jan 17, 2018 9:18am
Quoting GeorgeBaile
Patterns are useful, but to follow any specific trading pattern so blindly is too costly! Like, 123 pattern is very popular one! But, you can’t trade against the market trend for following any market pattern!
That’s so true; in my early stage I was a fan of pin bar pattern; but now I am not! Without support/resistance levels there is no value of it!
  • #24
  • Mar 2, 2018 6:35pm Mar 2, 2018 6:35pm
123 Pattern is useful indicator as long as you guys follow the trend . That;s ALL
  • #25
  • Mar 2, 2018 6:36pm Mar 2, 2018 6:36pm
Nothing's wrong with this pattern. What's wrong with us is the question.
  • #26
  • Last Post: Mar 10, 2018 4:06am Mar 10, 2018 4:06am
Quoting e2rd2006
123 Pattern is useful indicator as long as you guys follow the trend . That;s ALL
Yes, follow the trend is a good parameter! On the other hand, I see higher time frames are much useful than the lower time frames for using this kind of pattern.
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