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forex-patterns is a mt4 (MetaTrader 4) indicator and it can be used with any forex trading systems / strategies for additional confirmation of trading. 6# 1 2 3 Pattern Trading Forex System Indicators: 1 2 3 Pattern,. Enter Long: When the price breaks level 2 going up. Short Enter: when the price breaks leve. abc pattern indicator mt4. FOREX TRADING COURSE IN EGYPT File Transfer up with labor bed a FortiGate. So don't you might the target computer and on the. VNC Connect Page facebook. Download the out how by the Apartments with.
At the bottom of the chart, you see the RSI indicator. The black dots show the Pivot Points of our chart pattern. Also take note of the formations outlined in blue on the chart. They represent some other chart patterns that we will use during our trade analysis.
Here is what happens:. We spot a bearish trend on the chart blue bearish line. At the beginning, it might be hard to spot the first two Pivot Points on the chart. However, when the price closes a higher bottom at Pivot Point 3 and then closes a candle above the blue bearish trend line, this triggers some bullish thoughts. At the same time, the first rectangle on the RSI indicator shows an oversold market condition.
Then, suddenly, we see that the price breaks the trigger line of the chart pattern, which we could take as a long signal. We place a stop loss order below Pivot Point 3 and a take profit order at a distance equal to the size of the pattern pink arrows. Instead, we see a correction with the shape of a Flag chart pattern blue bearish channel. Notice that the stop loss order is still intact. Later on, the price breaks the flag in the bullish direction and hits our take profit line.
If you are not trading with a take profit order and relying on price action alone for collecting your profit, here is how you may have analyzed the price action. The price continues into another correction that is horizontal and then shoots up again. At the same time, the RSI gives a strong overbought signal. The market starts consolidating and we see a candle closing below the lower level of that consolidation. This is a strong signal for closing the trade here.
If you closed the trade at the target line, this would have equaled a profit of around 45 pips. The interesting thing about this trading example is that the reversal chart pattern acts as a double bottom. And we trade it very similarly to a double bottom chart pattern. Although we are approaching the chart setup as a reversal, it could also act as a continuation pattern. In other words, it could give us a signal that the trend is not reversing.
Instead, we might be looking at a flatter correction, which could trigger a new move in the same direction. After the pattern forms Pivot Point 3, changing the direction of the price, there are two cases, which we need to consider:. This is what we already discussed — the pattern as a reversal.
The price can break the level at Pivot Point 2, confirming a potential reversal. This will trigger our reversal trade. This is another consideration. If the price fails to break the level at Pivot Point 2, or breaks it slightly and then reverses quickly, then this was most likely a flatter correction.
The breakout in Pivot Point 3 will give us a signal that the trend is resuming. In this case you should consider trading in the direction of the previous trend. If you are trading the pattern as a continuation formation, then your stop loss order should go beyond Pivot Point 2. The vertical distance between Line 2 and the midpoint of Line 1 will give you the size of the pattern.
However, since the pattern confirmed a continuation, we need to apply its size in the direction of the continuation. You should take Pivot Point 3 as a starting point of your target. In many cases, the continuation version of the chart pattern will have the characteristics of a wedge , a flag or a triangle. Again, we have the RSI indicator at the bottom of the chart.
We have a bearish trend at the beginning of the chart. Then, the price starts consolidating. We confirm the presence of Pivot Points 1, 2, and 3. However, this time the price fails to break the resistance at Pivot Point 2, turns around and breaks the level at Pivot Point 3. In this scenario, we suspect that the trading pattern is very likely to act as a continuation here, and not as a reversal. At the same time, the RSI indicator gave us an overbought signal, which confirmed the bearish idea on the chart.
This is a good opportunity to sell. The stop loss order should go above the level of Pivot Point 2. We should apply the target downward, starting from the confirmation level at Pivot Point 3. We do this by measuring the size of the pattern and applying it starting from the confirmation level as shown with the pink arrows. After the confirmation signal, the price creates a correction and turns the support at Pivot Points 1 and 3 into a resistance, which gives an even stronger short signal.
At the time when the target is met, the RSI indicator is giving an oversold signal, which is a good reason to close the trade. The interesting thing here is that when acting as a continuation, the pattern here resembles an ascending triangle chart pattern. And we trade it as such. Download the short printable PDF version summarizing the key points of this lesson…. Click Here To Download. Click Here To Join. Listen UP…. Take a look screenshot below at the third line of the trading pattern, when it is red colored, this is a bearish signal to go short.
Buy Signal: Open buy trade when the 3 rd line of the pattern indicator is blue colored bullish pattern. Sell Signal: Open sell trade when the 3 rd line of the pattern indicator is red colored bearish pattern. MT 4 Indicator Characteristics. Copy and paste the pattern-indicator. The indicator draws the famous trading pattern on the chart.
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All in all it gives you a complete pattern based trading solution. Forex Pattern 1 2 3 Indicator can be a perfect assistant for those who want to trade based on price action patterns but faces difficulty to find it because of less time or less experience. Some time, even traders manage to spot the pattern but still suffer from confusion of possible trade entry or exit level. Forex Pattern 1 2 3 Indicator can work alone to solve all these issues and keep your trading life easier and much more relaxing.
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 the financial markets since April Besides trading with my personal money I am a technical analyst in a mutual fund that has Rs. At my leisure, I love attending live music, traveling, and partying with friends. Save my name, email, and website in this browser for the next time I comment. Trend Following System's goal is to share as many Forex trading systems, strategies as possible to the retail traders so that you can make real money.
Forex Brokers. Trend Following Systems. Trend Following Indicators. Install System in MT4. Install Indicator in MT4. Forex No Deposit Bonus. Best Forex Trading Strategy. By Arun Lama Updated On Contents hide.
Forex Pattern Indicator Overview:. Forex Pattern Indicator Anatomy.
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