trading using 123 pattern, any experience to share? | Forex Factory

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trading using 123 pattern, any experience to share?

  • #1
  • First Post: Dec 10, 2016 9:16am Dec 10, 2016 9:16am
i interesting since long time about 123 pattern and how use it to trade only without indicators, so i curios if there is someone here trade using this pattern so can share best way to trade using this pattern with best money management. and best entry way to minimize risk and get the max profit we can get from the trade.i read a lot topics and books and i curious to hear more from experience traders who trade using 123 pattern
  • #2
  • Oct 3, 2017 8:35pm Oct 3, 2017 8:35pm
Hi i am trading the 123 pattern and double tops/bottoms and am having success. I wait until price is around support and resistance zones, then wait for the reversal pattern and place market orders and if the pattern plays out i am filled. Entry is only one part of trading of course, the reason i think i am having a decent success rate with this pattern is i only go for a 1:1 risk/reward ratio which i know a lot don't agree with or like! but it keeps my win rate high enough so that i can take my trades more easily knowing i have a good probability of a win.
  • #3
  • Oct 4, 2017 4:49am Oct 4, 2017 4:49am
Quoting tonym
Hi i am trading the 123 pattern and double tops/bottoms and am having success. I wait until price is around support and resistance zones, then wait for the reversal pattern and place market orders and if the pattern plays out i am filled. Entry is only one part of trading of course, the reason i think i am having a decent success rate with this pattern is i only go for a 1:1 risk/reward ratio which i know a lot don't agree with or like! but it keeps my win rate high enough so that i can take my trades more easily knowing i have a good probability...
i don't know why but i fall in love with 123 pattern ,and i hope i can use it only in my trades,,, i still making experiments to find best way to trade using it,,, maybe you can share your experience ,, how long you trade using that pattern ? which frame you using or multiple time frames ?
  • #4
  • Oct 4, 2017 12:31pm Oct 4, 2017 12:31pm
i am swing trading 12hr charts as i work during the day so cant follow smaller time frames, but often i look at the line charts to see the 123 pattern without as much noise and long wicks as the candles have a look at the line charts and you will see the pattern clearer...i use a software package called prorealtime and it has automatic support and resistance lines drawn for you and i simply wait until the price action reacts at those levels and place the trades, ive followed this pattern for years on different time frames but i can only trade the higher time frames with my day job...
  • #5
  • Oct 4, 2017 5:18pm Oct 4, 2017 5:18pm
Quoting rtkwar
i interesting since long time about 123 pattern and how use it to trade only without indicators, so i curios if there is someone here trade using this pattern so can share best way to trade using this pattern with best money management. and best entry way to minimize risk and get the max profit we can get from the trade.i read a lot topics and books and i curious to hear more from experience traders who trade using 123 pattern
A breakout from "2" is a pattern confirmation with SL = 3 and TP = ((2 - 3) + 2) ...
I usually wait for a "4" to appear first before trying to play the pattern if TP hasn't been reached first ...
The 123/1234-Pattern is best identified in line mode ...
Market is not random but unpredictable
  • #6
  • Oct 5, 2017 6:19am Oct 5, 2017 6:19am
i am happy to see you guys interesting in same way : for me i don't believe in risk/reward 1:1 so i trying to control in money management with that startegy i started in june with risk reward 1:50, until now i can't determine results of experiments but maybe at next june i will be able to decide if my experiments going well or no , but i have to admit my account still survive until now , my idea is lose a lot small trades that can make my balance turn to be minus but all i need 2 or 3 trades to cover my loses and get profits
  • #7
  • Last Post: Jan 10, 2023 12:34pm Jan 10, 2023 12:34pm
Best pattern to trade ...best in the wooooooooooorld!!!
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