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1-2-3-4s Looking for Feedback


I would appreciate any/all comments, observations, etc on these. Pt 4 can provide some excellent risk/reward moves when reaching the MM. I do see Pt 4 retested now and then (like a double bottom) or slightly exceeded. Perhaps some have run across this or could offer some insights. See attached charts for 2 occurring today (05/04/09)

Thanks

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Heres a couple small (but nicely profitable) 1-2-3-4s from this morning (05/05/09).
One on ES and one on Bonds.

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Hi Ninja

I have used this 12345 pattern in Forex trading, currently trying to use same in futures. Most of your charts, i see point 4 is higher compared to point2. Though there is no hard and fast rule, normal 12345 pattern will be like point 4 will not exceed point 2 . Moreover numbering should be little different in my opinion. On breach of point 4 normally we enter trade with stoploss a tick above point 1.

Correct me if am wrong.

Cheers
Fxbee

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Please find chart with 12345 marking as per my observation. Sometimes this fails, today i entered around 3 days, which eventually failed and this last 4th trade is running in positive. Mistake i made is that today it was testing the pivot point at 895, i should have waited for it to test the level and then entered trade. Anyway its valuable lesson.

Cheers
Fxbee

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Couldnt help but notice these. The 2nd was quite a nice way to end the day.

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Hi Ninja

Not sure if am missing something, at which point of 1234 you enter trade and where would be the stops placed....
I see you mentioned as RB (Is it rubberband kind of setup). Could you point the resource for the same please.
Could you clarify pls.

CHeers
Fxbee
Fxbee:
Pt 4 is the entry point, looking for a move back in direction of original trend (same direction as move from beginning to Pt 1). I would look for these only on my Mid/High TFs, so as to allow using Low TF for entry. I would look for extremes on RSI as well as any turn formations (wedges,channels, etc) to aid in exact entry at Pt 4. One of the posts above happened to have Pt 4 be a RB long, this was added credence to the trade, but not required. You can read thru my Methodologies post for some references to my approach to turns/pullbacks. Hope this helps.
Yet another nice example.

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Hi Ninja,

I already posted with a question about the 1-2-3-4 setup, but now I see it drawn out clearly on several charts. Thank you -- that is a fantastic pattern. Now I need to do some research on RB (rubber band).

Regards,

Gordon