It is amazing how precise this pattern can be. See the exact reaction even on D1 timeframe. Makes me think if such a big stop loss is really worth for the 121 pattern.
For more info about 121 / One2One pattern and the confirmation methods see -> 121 - table of content
Last edited by Admin; 08-08-2012 at 01:49 PM. Reason: 121 pattern examples on Forex market - Updated
Interesting and common scenario when after initial proper reaction on the Gartley (in this case bullish), market fails to reach the reasonable TP level (A point price level) and draws a 121 pattern in opposite direction (in this case bearish). Video presents also the decision point (Gartley will continue or 121 will form) at which trader may decide to enter a trade, and reverse if needed.
i like 121 pattern.. the only thing is about targets .. i prefer to place my tp1 in the 50% retracement of the CD leg
If you consider them as running correction the minimum, minimum TP should be on C point price level.
... but I know that some people just take couple of pips assuming there will be always a reaction/short rally on D point price level.
Thanks kor for clearing that up. Even if technically that's the minimum TP, for this pattern I don't feel confortable if I don't take some profits middle way because what I don't like to do is to trail the stop or move to breakeven, at least not till first target is reached.
Is there a Graph/ Pic where we can see ALL the fib% leg retracement and "C" extention rules ?