Until there are no more folks wanting to sell. The measuring objective is the distance between point 2 and point 3 projected below the break at point 2. Forex Pattern 1 2 3 Indicator can work alone to solve all these issues and keep your trading life easier and much more relaxing. Thanks and keep helping us. In the Forex market, everything that happens in an uptrend can happen in a downtrend as well because currencies are traded in pairs, one against the other.
Place your stop above the retracement for a nice tight risk and target the same place as the second position, the consolidation from which the initial uptrend came. And there you have it. Remember that everything I said about a high applies in reverse to a low.
I always thought it was confusing when writers tried to address the opposite direction trades right in amongst the other trades so I tried not to do that. Remember that not all reversals will look perfect. Not all reversals will give you an opportunity for all three positions either. You will take losses with this reversal pattern strategy so be prepared for that. And please leave comments and questions below. Thank you for sharing this strategy with us.
The difficulty Ive had is how to manage the risk and so I like your idea of using your second position to mitigate some of the risk for the whole trade setup.
I would love to see some actual examples of how you successfully traded this approach. Sometimes a good comes along, but you can only get 1 or 2 of the possible entries. One thing I should have mentioned in the article — especially on the 1 entry — be sure there is enough profit in the trade between the entry and the number 2 point.
Hey, Tim, thanks for the clear and logical explanation. This makes a great deal of sense. Sorry we missed each other in TX. We should be back there in a few months. As I mentioned, I think trading is personal. You have to find out what works best for you. Just remember, not every trade is a winner. If you followed your rules, then it was a successful trade.
Harry, I think it is great that you are sharing your thoughts on this discussion, but can you elaborate and perhaps share some of your wisdom as to why Futures would be a better option?
The Forex can make you or anyone else more money than you know what to do with but first you need to change it from being about making money and instead focus on the art of capturing pips. If you can do well in one area of the Financial markets then you can do it anywhere or you should be able to eventually that is.
Ill put it to you this way when you can read the charts and use the tools correctly and draw your lines and fibs correctly, you are in business. Good day sire and Merry Christmas and a Happy New year. Excellent point on decorum. Congratulation on your Forex success. Your email address will not be published. Why do Reversal occur? When do Reversals occur? How do I trade a Reversal? How do I determine position sizes?
How do I enter and manage the positions? Trade Entries for the ugly High. Mike Glavin on December 7, at 5: Tim Black on December 9, at 9: Dave Hanna on December 9, at 8: Chris on December 10, at 1: HarryJohnsonthe3rd on December 10, at 7: Futures are the way to go. Eric Lambert on December 21, at 8: Sean on December 29, at Free Forex Indicators MT4. Forex Pattern Indicator.
Forex Pattern Indicator Overview. Forex Pattern Indicator Buy Parameters. Forex Pattern Indicator Sell Parameters.
Free Download Forex Pattern Indicator. This is your Signal 1. As soon as a trend line breakout occurred. Just wait for the price to hit. Point 2 is a very strong signal. Set your own target example 20 pips. Use a trailing stop to exit max profit. Exit near strong resistance levels not. Share your opinion, can help everyone to understand the forex strategy. Here are some recent stock charts.
Above is simply a daily bar chart of the stock of the big blue chip US stock General Electric. But it is VERY simple when you look at the chart. This is the correction Point 3: If it does then all bets are off.
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