You will see what was a possible 123 high that’s close to be blown. This was wanting sort of a pretty nice pattern till the previous few minutes once it began to check the amount one high. this instance is on the EUR/GBP H4 (4 hour / 240 minute) chart on 12/6/2013 around twelve noon NY Time.
Now you’ve got your initial 123 setup. Officially, your trade entry may be a break of the amount two purpose to the draw back. Although, of all the attainable 123 trade methods, that’s my least favorite as a result of it needs you to risk the foremost pips and thus needs you to trade with the littlest size. I truly take as several as 3 totally different positions on 123 reversals – however we’ll get to it later in our story
I use 3 totally different forex entries for the 123. the primary one is what I decision “cheating the amount three point”. The second is commercialism the “standard” break of the amount two purpose and therefore the third is to trade the retracement when the break of the amount two purpose. My favorite entry is cheating the amount three purpose as this will be through with little risk, fairly giant trade size and works quite well.
- detect exact entry point renko chart