DislikedAFAIK, it's based on the zigzag indicator but not sure of the underlying mechanisms.. maybe somebody on here has a better appreciation of it and can fill in some more detail. Sorry.Ignored
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DislikedAFAIK, it's based on the zigzag indicator but not sure of the underlying mechanisms.. maybe somebody on here has a better appreciation of it and can fill in some more detail. Sorry.Ignored
DislikedHi, H4 aud/usd trade going well, got in a little early, as you can see SL is following the 13 EMA
thanks again for putting me onto this method.
AttachmentIgnored
Dislikedfriday's trades +304: AU, ACa, ECa and EJ each reached TP; NU stopped and EU early end of week exit (demo)
interestingly, the 2 that struggled (NU and EU) were not aligned with my primary analytical tool the median line, both were considered on face value, ie. 123 pivots..........the other 4 trades were each confirmed by the median line
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Dislikedhi pups
the boxes designate the 123 (marked yellow below) and the TP
pivot 3 had not yet formed on the AU&EU charts i posted, i used another tool to "estimate" where a pivot may form
all experimental at present, just seeing if i can weave the 123 into the tools i already use
.Ignored
Disliked1 2 3 formations seem nice in hindsight, but has anybody been able to REALLY backtest them and prove their alleged predictive power? That's the million dollar questionIgnored
DislikedHi Mr Break out. Take a look back thru the thread all my charts are predictive. Using the 123 in real time. I have been back testing this for years. Do some back testing yourself. You are the only person you should believe whe it comes to your moneyIgnored
DislikedHello Puppypippy.
What I am trying to say is that, to the best of my knowledge, no one has been able to "quantify" the 1 2 3 pattern in computer terms so that we can program this pattern and backtest it with 10 or 15 years of historical data and different time frames, from the 1 min time frame up to the monthly bars.
If someone has the exact computer algorithm for the 1 2 3 pattern (in Omega Trade Station Language for example) and/or the backtest I would be glad to see it.
All in all a nice thread Puppypippy, keep up the good work.Ignored
DislikedSo I guess the answer to your question is that this has all ready been coded and some guy living in a penthouse apartment with a ferrari and a mattress made of cash is enjoying that LOLIgnored
DislikedDefine an existing downtrend (you would need to work out how to do that with words rather than just eyeballing it as we do. Are all of those bars under a certain MA or is there another way to qualify a downtrend. Anyone?)Ignored
DislikedIf you can code that and put it into an automated system then you have a cash cowIgnored
Dislikedtrading the 123 pattern in isolation no doubt would be a losing strategyIgnored
Dislikedand personally, the forward test holds more interest than the back testIgnored
Dislikedtrading the 123 pattern in isolation no doubt would be a losing strategy
the pattern needs to be well confirmed with a tried and tested indi
and personally, the forward test holds more interest than the back testIgnored
Dislikedtrading the 123 pattern in isolation no doubt would be a losing strategy
the pattern needs to be well confirmed with a tried and tested indi
and personally, the forward test holds more interest than the back testIgnored
Dislikedback test, forward test!
I am satisfied to first understand how the strategy works in principle on a few historical examples, and then start the forward test ............it works for meIgnored
DislikedI find that the 123 pattern on it's own without any indicators wins more than it loses.Ignored
DislikedA guy I knew who traded the 123 professionally, did so by qualifying them with a break of a trend line and the formation of them around psych lines. Now I always found the breaking os a trend line to be too subjective but it seemed to work for him.
The psych lines however do seem to have some merit. If for nothing else than helping to eye ball a pattern. It does however seem, that 123 patterns will find resistance at these lines. Do your own backtesting and see with the attached indicatorIgnored
DislikedI am always weary of people who say that some method won't work in a backtest but will liveIgnored
DislikedEach trader has his own trading style of course.
Personally I like to see 1000 or 2000 profitable backtested trades before I even consider trading a system, no matter how wonderful the system seems at first glance.Ignored