SIMPLE 1-2-3 FOREX TRADER

Simple (or S) is a 3-step, rule-based Forex trading strategy created by Lennox Chambers and Peter Bain. S helps Forex traders to locate, enter and exit trades across all timeframes. S helps Forex traders to locate, enter and exit trades across all timeframes.

You see, losing is part of your job. To the left you will see what was a potential high that is about to be blown. I even spent some money on a few of them. Officially, your trade entry is a break of the number 2 point to the downside. It takes the guesswork out of finding, entering and exiting your Forex trades.

MEET CREATORS OF SIMPLE 1-2-3 FOREX TRADER

Forex Pattern Indicator MT4 has an amazing capability to detect high potential price action nowsogo.ga also plots the entry trigger levels and profit targets at the same time in trading charts. All in all it gives you a complete pattern based trading solution.

You can apply this indicator for any Forex currency pair and in any timeframe chart to look for possible pattern trading solution.

I have been actively trading stocks and currencies since April Besides trading with my personal money I am a technical analyst in a mutual fund which has Rs.

At my leisure, I love attending live music, traveling, and partying with friends. Hello Dhanda, Original developer of this indicator can be reached here: Save my name, email, and website in this browser for the next time I comment. Free Forex Indicators MT4. Forex Pattern Indicator. Forex Pattern Indicator Overview. Forex Pattern Indicator Buy Parameters. They can happen on any time frame on any instrument. On the shorter time frames less than one hour , you have to watch continually or you will miss your opportunity.

Often you can see one after a big news event. I know folks that do it on the 1 minute charts and make lots of pips daily doing it. You have to know your strengths and limitations to be a profitable trader. I use three different entries for the My favorite entry is cheating the number 3 point as this can be done with very little risk, fairly large trade size and works quite well. Also, the first position, while having a low risk in terms of pips — also has a lower probability of success.

Because of these factors, I usually use about half my standard trade size on the first position. I then use half on the second entry and half on the third entry. Use it with our compliments. The completion of a number 3 point is the first indication that a reversal may be occurring. When I see the first two points and see price pop to the number 3 point and start to drop, I start anticipating the entry.

As soon as price breaks below the highest candle at the number 3 point, I take a short entry with a stop loss just above the number 3 point. In fact, once you have a number 3 point, you can put a pending short a few pips below the number 2 point. How far below the number 2 depends upon the time frame you are trading. When trading the hourly time frame, I usually put the order 5 pips below the point.

Be sure to make allowance for the spread. I like to trade this using a forex 1hr chart strategy. As I mentioned, the risk is greater on the second entry. You need to place your stop a few pips above the number 1 point. You should target the consolidation from where the uptrend began. That will give you a good risk-reward ratio. Hout of all of the currency trading strategies I have traded this is by far my favorite. After the price drops below the consolidation at the number 2 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 2 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. 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: