DislikedThat looks good will give it a whirl. Anything that helps us see the 123 has to be of some benefit. So long as it doesn't help us see 123's that dont exist LOLIgnored
- #221
- Jul 21, 2011 8:21pm Jul 21, 2011 8:21pm
- Joined Jan 2010 | Status: Primary Technical Trader | 8,594 Posts
- #224
- Jul 22, 2011 3:41am Jul 22, 2011 3:41am
- Joined Jan 2010 | Status: Primary Technical Trader | 8,594 Posts
- #226
- Jul 22, 2011 4:46am Jul 22, 2011 4:46am
hey there, puppypippy, I know you got your little trend line thingy working for you to show targets, but did you know you can set the Fibo tool up to do the same, and extra targets also?
see picture
(the 1 2 3 are not included, just put them as text for illustration only)
see picture
(the 1 2 3 are not included, just put them as text for illustration only)
OPPORTUNITY IS NOWHERE
hey there, puppypippy, I know you got your little trend line thingy working for you to show targets, but did you know you can set the Fibo tool up to do the same, and extra targets also?
see picture
- #233
- Jul 22, 2011 6:44am Jul 22, 2011 6:44am
- Joined Jan 2010 | Status: Primary Technical Trader | 8,594 Posts
Hi Alex. Just read thru that indicator and put it on my chart but prefer not to have indicators on my chart so might refer back to it but have taken it off for now. It is amazing how many times the 123 is successful when the number 2 is finding support/resistance at the psych line. Anyone else found that?
On the smaller tfs they're more volatile.
The #2 on psych s/r levels , is good to remember.
The sto indicator Ross uses, is more for a higher tf, like a daily.
On the smaller tfs they're more volatile.
The #2 on psych s/r levels , is good to remember.
Came close to my original target but as Get Smart would say "missed it by that much!" My second adjusted target was triggered so I am fat and happy. Well happy anyway... Onward and upwards. Looking for my next 123 to keep fattening up my account 
- #237
- Jul 22, 2011 11:58am Jul 22, 2011 11:58am
- Joined May 2011 | Status: Making money 1 pip at a time. | 2,150 Posts
Came close to my original target but as Get Smart would say "missed it by that much!" My second adjusted target was triggered so I am fat and happy. Well happy anyway... Onward and upwards. Looking for my next 123 to keep fattening up my account
On average and according to your own backtest, what is the risk/reward ratio of the 1 2 3 pattern? And what is the failure rate of this pattern, in percentage?
Thanks.
Short for psychological lines. I actually found out a lot about these lines when testing a theory from a guy who said that if you see an hourly bar crossing a psych line buy (if it is going upwards) sell (if it is crossing down over a psych line) On testing this theory I actually found that a lot of the time price stalled initially when it hit a psych line but would then sometimes come back with a vangence and pass thru that line with great speed. This made his method look very hard to make profitable. Actually impossible.
BUT when you take that phenomena into account with the 123 pattern and it's the number 2 point that is stalling at a psych line than that could be a very good thing when price decided to come back with a vegence and cut through that line.
That is why I always like to see a 123 form with the number 2 finding supp/res at a psych line
BUT when you take that phenomena into account with the 123 pattern and it's the number 2 point that is stalling at a psych line than that could be a very good thing when price decided to come back with a vegence and cut through that line.
That is why I always like to see a 123 form with the number 2 finding supp/res at a psych line
- #240
- Edited 11:34am Jul 25, 2011 11:23am | Edited 11:34am
- Joined Jan 2010 | Status: Primary Technical Trader | 8,594 Posts
