XEL 123 Low

Nothing beats the human factor.
There are softwares that help with the supports but i find that there no match for the human factor.
Dont waste your money on them.

Count wrote: Hi Remo,

I have always just noted supports and resistances myself by eye from examination of historic charts, but is there simple reliable software available that readily produces accurate supports and resistances?

Thanks

Hi Remo,
As a novice keen to learn, I am interested in your experience of trading 123 lows, for example in the past say 5 times you traded one what's the success rate? By success I would define it as the pattern behaving as expected and achieving at least the target high as theoretically predicted by
1 + delta(1-2)

ill say its around 80% . As i take quick profits and my stops are always below the 2 point.Its actually rare for my stops to be taken out based on the 123 low method.It does mean however that the trades last longer than id like. Some times lasting weeks.
If im ohnest im not certain what my percentage is really, As i trade so often i dont bother writing down my success trades any more. Its high based on the 123 low method.
Ive seen others attempt to do the 123 low pattern but its not exactly how i do it but everyone to there own i say.
You have to use the 123 low pattern to your own style of trading. Its mainly for the longer term trade but ive adapted it to suit short term trades as well.

Count wrote: Hi Remo,
As a novice keen to learn, I am interested in your experience of trading 123 lows, for example in the past say 5 times you traded one what's the success rate? By success I would define it as the pattern behaving as expected and achieving at least the target high as theoretically predicted by
1 + delta(1-2)

Thanks for your helpful advice Remo. Can I ask what price point you decided to sell your 123 low, did you ride it a bit higher than 89p? (hope you don't mind me asking).

89 is where i took profits and now im totally out of this trade.
Im gonna go long at the back test of breakout out point at 76 now


dl.dropboxusercontent.com/u/4899609/xel9thmay2014.png

Count wrote: Thanks for your helpful advice Remo. Can I ask what price point you decided to sell your 123 low, did you ride it a bit higher than 89p? (hope you don't mind me asking).

Thanks Remo!

Is it usual after a 123 low breakout that a backtest all the way back to the breakout level (in this case ~ 76p)often happens?