the extreme or a slight pullback in price which we see with orange box. When price breaks the point 2 support level, it indicates that the market is most likely to continue downward. The third trade hits the.618 Fibonacci level which is quite popular when used to portion out swing points. The 1 2 3 trading strategy is used as a continuation trading setup that is designed to take advantage of the trend of the market. Lets see some detail in this chart Price could not rally far from the low which is showing the 1 2 3 chart pattern the stair stepping in a trend is under attack. This acts as short term potential resistance. To get free access to the course please sign up on the right side bar for our 123 Trading Method Subscription.
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Price cant break lows so traders go into range trading mode The formation of this smaller range allows traders to position with a tighter stop loss just under the small range. Front Running We can position early in the 1 2 3 formation when we have basing occurring. This is either traders positioning short in the range or the longs taking profits. Ideally, we would like to see some form of basing near the resistance level (red line). If bulls were fully in chart during the retrace at 2, we should not see two shots at the level #3.
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