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You can also, my preference is coming, use a 14 period Average True Range x 2. Price rallies from 1 and gives us a strong reversal candlestick at 2. Once price begins to retrace, put this currency pair on your radar. Price find support at 2 inside the previous consolidation pattern from trade 1 and shows strength as it rallied to 2.
Once price shatters the 2 price zone, enter at the close of the daily candlestick or whatever time frame you are using and use an ATR stop. The average true range stop for this trade would actually be in the middle of the candlestick that printed just before the breakout candlestick. We have most variables need for the 1 2 3 trading strategy but price is forming a range near the level at 3.
When price is basing in this fashion, it shows that the side that was dominant, in this case bulls, have tired. As a trader for years, I have seen the following occur:. This formation of the consolidation is also a great trade entry into the potential of the 1 2 3 chart pattern continuing. Ideally, we would like to see some form of basing near the resistance level red line. You can see the green dashed line and then price rockets to resistance. The more favorable setup is to have either basing near the extreme or a slight pullback in price which we see with orange box.
The break out then occurs after that pullback. Those types of breaks are more effective and see if you can understand why. Some would think the first break would carry more weight because the drive started midway in the range. The breakout that occurs is driven by traders who went long at the bottom of the range. As discussed, you can enter at the close of the break out candlestick signal candlestick or entering your trading position at a break of the high.
Some traders may want to use a multiple time frame approach and enter on a lower time frame. In my own trading and in my years as a trader, I look to simplify. Entering at close or breaks of support levels or resistance levels highs and lows of breakout candlesticks is my favored entry.
Some traders would like to see specific price targets to add to their trading plan. Other traders see the power of trailing their stop loss to take as much as the market is willing to give. I color coded each swing so you can see where I am measuring from.
You can see the first two trades nailed the targets. The third trade hits the. So, there you have it, a potential 3 entries on one formation. Or, you wait until a high or low gets broken on the higher timeframe, and then wait for a on the lower timeframe to get in. All viable options to enter with the trend, with the momentum, and with structure in your back to protect your stoploss. Overall, the is an incredibly awesome pattern that follows the simplest market analysis there is: where are our highs, and where are our lows, and in which relation to each other did they appear on our charts?
The provides us with clear entries, clear stoplosses and clear targets through extensions. What more could we ask for? Let me know in the comments below what you think! Nice article. The trading method was the first trading method I learned over 20 years ago. If I had just stayed with it starting back then , I have no doubt I would be way ahead of where I am today with my trading. I have come to the realization that simpler is definitely better. The trading method has always worked and been profitable and will continue to be as it is all about support and resistance.
The pattern shows up multiple times each day on lower time frames offering several trade set-ups daily. Thanks for the article very nicely done. It is well! Thanks to God you finally figured it out. No one can deceive you again. Stay blessed. You are indeed among the real guys in trading…this post got my immediate attention as it reveal the road to wealth in forex trading.
God bless you for saying the truth, the young ones will no more be misled if they adhere to this truth. Peace be with your soul Rolf. I dont think a stop below point B is ideal as that will quite often get taken out on a stop run; your stop should be below Point C — in fact some way below that even. If you size your trade accordingly, you can take a greater risk on that first portion, then as further confirmation comes you can make further entries and so on. I have never heard of a bank trader who trades by entering their full position at one price, but that is conveniently the way most trading courses teach you to trade; I have come to the conclusion that avoiding maximum risk is preferential to seeking maximum reward.
I meant of course in my previous comment that the ideal Stop should be below point A not point C as typed. Very good blog. Thank you. This pattern is as close as one can get to the trading holy grail. My favorite entry is to spot formation on higher timeframe and then enter on a pattern on a smaller timeframe — works like a charm. Save my name, email, and website in this browser for the next time I comment.
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