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Thread: 121 pattern examples on Forex market

  1. #11
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    @kor4x
    121 as running correction always must have 3-3-5 subwaves? What is your opinion?

  2. #12
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    I use waves to fine tune the entry, so add-on method,... but if I see a pattern without clear wave count I may also take it. Beginig of the new trend is never clear and easy structure. This would be too easy

  3. #13
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    Thanks for reply
    I have one more question:
    Do you trade on 121 like the separate pattern, or use it only for confirmation?

    ps. Sorry, for my poor English, I forgot everything since the school end
    Last edited by xspojlerx; 05-29-2013 at 09:01 AM.

  4. #14
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    separate pattern

  5. #15
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    Ok, thanks

  6. #16
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    Here is a 121 with MACD divergence.


  7. #17
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    what's your observation, the CD to be usually shorter in TIME/BARS than AB swing?

  8. #18
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    I'm not sure, it's correct that the CD is shorter than the AB swing, I'm unsure as to whether this is all the MACD measures, I'm actually a little confused now that you pointed that out. Whether that is a viable analysis across all 121's I'm not sure, I just came across the above example while having MACD on my chart. Maybe there is a MACD expert out there to clarify this.
    Last edited by jtrader; 07-16-2013 at 04:39 PM. Reason: typo

  9. #19
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    I do not think it's a general rule. I have seen many 121s where AB is longer than CD but also opposite. This would mean that MACD will not always show the divergence.
    The volume in the CD swing may be a smart confirmation if someone uses VSA.
    The price x time bar size could be used to finetune the D point.
    Also the Fibo price level.
    and internal (lowedegree) structure of CD swing.

    so there are methods ... nothing works 100% of the time, but some are very helpful.

  10. #20
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    Quote Originally Posted by kor4x View Post
    nice 121 pattern. I always and only look 121 pattern as a running correction, this offers best R:R and the strongest impulse following -> Attachment 2955

    ... but also I would never trade D1 pattern ... too high timeframe, lost time and lost money
    Is there not another 1-2-1 pattern in the trend continuation, following the 1st 1-2-1?

    Do you use volume to show when pattern may have reached it's TP level?


    Mike

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