1 2 3 pattern indicator is an indicator that is used for trading based on 1 2 3 trading strategy. This is a price action-based forex strategy. This awesome pattern is so simple that any noobs can identify this pattern.no matter which timeframes you like to trade if you are a lover of the 1-2-3 fx system, the good news is that you can apply this 1 2 3 pattern indicator in your desired timeframe.
What is 1 2 3 pattern indicator?
Many traders like to trade in breakout situations, and some opt for reversal market volatility conditions. This handy and smooth 1 2 3 pattern indicator makes a way to trade both the breakout and reversal market.
1 2 3 pattern indicator is built with 3 price movements. You can use this trend indicator to identify trend direction.
The first movement is leg 1 . After this, leg 1 happens another movement happens that is a small replacement. We call it leg 2. This leg 2 will create a higher low.
When the next movement takes out the recent high of leg 1, we will call that leg 3, and thus the 1 2 3 patterns formed.
Breakout traders can take this opportunity to trade breakout trade setups.
For getting the best output from 1 2 3 patterns, many traders used this breakout pattern in conjunction with some other price action formation like the supply-demand pattern.
Trade procedure using 1 2 3 pattern indicator
First, identify the potential trend reversal points. In this reverse point, most of the trades happened.
1 2 3 trading strategy for Mt5
This indicator is used on mt5 also. In addition, the 123 pattern indicator for mt5 is created to show you upcoming buy and sell patterns on your charts.
Here in mt5 charts, you will also be able to see the trade entry points.
For fixing your profit targets, just apply Fibonacci levels.
This 1 2 3 pattern indicator for mt5 automatically points out the 123 patterns for you on your mt5 price chart, which is really awesome. So you don’t need to get any extra pain identifying it.
Many indicators are using only some pairs, like major pairs. Some indicators are perfect for only a long timeframe.
But this 123 pattern indicator is suitable for any pair, both major and minor. It is also perfect for any timeframe, longer or shorter time frame.
Many traders call this indicator as abc pattern indicator mt4 also.
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