1-2-3 Chart Reversal | Forex
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http://www.mysmp.com/day-trading-video-123chartreversal.html for a clearer version of the video. The above day trading video is from my Arkansas Best (ABFS) trade where I was able to utilize the 1-2-3 chart reversal pattern. The 1-2-3 chart reversal pattern was first published by Victor Sperandeo in the book Trader Vic. The 1-2-3 chart reversal pattern allows you to go counter to the primary trend after an unsuccessful test of the major swing high or low. This method allows traders who like to short tops and buy bottoms, do so with limited risk.
Comments
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Interesting video - friend and subscribe for day trading, day trader, day trade videos, technical analysis...
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The best place to put your stop is above the most recent high for shorts and low for longs. Now if that swing is far off, you can use the next closest swing point to your entry. Hope this helps..but like everything in trading, it boils down to your own risk profile and trading style.
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Hi, thanks for the video. Do you know where we're suppose to put the stop loss point on a trade like that? In both of his books Victor Sperandeo doesn't mention where to put the stop loss point for the 1-2-3 trend change. For his 2B pattern he puts it 1 tick above the 2B high. But I can't find anything on the 123 pattern. Any help would be greatly appreciated.