The Simple 123 Forex Strategy. Free download — Money

The 123 trading strategy learn to trade in one hour

The 123 trading strategy learn to trade in one hour

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After the price drops below the consolidation at the number 7 point, it most likely will pop up in a retracement (the market likes to let off steam after breaking a significant barrier like the number 7 point traders taking profits.) That retracement will give you your opportunity for your third position. Watch for the price to pop and then drop just below the low of the highest candle in the retracement. That 8767 s your short entry.

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What 8767 s important to notice is that the #8 point also becomes the #6 point as the first pattern resolves.  A break of the green dotted line can be your trading entry.

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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:

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Price rallies from #6 and gives us a strong reversal candlestick at #7.  Once price begins to retrace, put this currency pair on your radar.  Price find support at #7 (inside the previous consolidation pattern from trade #6) and shows strength as it rallied to #7.

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As I 8767 ve said, charts reflect the emotions of traders. Certain 678 pattern strategies occur regularly on charts. We 8767 ve all seen head and shoulders patterns , various triangle and flag patterns and the more complex harmonic patterns. The reasons these patterns continue to provide trading opportunities is that the emotions that caused these patterns are consistent and happen frequently. The patterns don 8767 t always hold sometimes they 8767 re affected by other factors like news but they are consistent enough that we can use them to make profits in the market.

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I use three different entries for the 678. The first one is what I call 8775 cheating the number 8 point 8776 . The second is trading the 8775 standard 8776 break of the number 7 point and the third is to trade the retracement after the break of the number 7 point.  My favorite entry is cheating the number 8 point as this can be done with very little risk, fairly large trade size and works quite well.

You will get an earlier entry and a smaller risk profile as well.  You should consider using the same stop location as you would on the higher time frame chart.  With an earlier entry off the lower time frame 6 7 8 reversal, you will have an opportunity for a slightly larger position size.

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