XEL 123 Low

This is finding support at 66.25, top of the gap.
It could go on to fill the gap.

Buy at 66.25 support level(if it goes back to this level)
Top up at 64.25 if it fills the gap.
Looks to be a good area of support at those levels.

uk.advfn.com/p.php?pid=chartscreenshotsh...4JYk=&symbol=L%5EXEL

Regards,
trendfriend.

it does happen a lot.

Count wrote: Thanks Remo!

Is it usual after a 123 low breakout that a backtest all the way back to the breakout level (in this case ~ 76p)often happens?

Thanks Remo!

Is it usual after a 123 low breakout that a backtest all the way back to the breakout level (in this case ~ 76p)often happens?

89 is where i took profits and now im totally out of this trade.
Im gonna go long at the back test of breakout out point at 76 now


dl.dropboxusercontent.com/u/4899609/xel9thmay2014.png

Count wrote: Thanks for your helpful advice Remo. Can I ask what price point you decided to sell your 123 low, did you ride it a bit higher than 89p? (hope you don't mind me asking).

Thanks for your helpful advice Remo. Can I ask what price point you decided to sell your 123 low, did you ride it a bit higher than 89p? (hope you don't mind me asking).

ill say its around 80% . As i take quick profits and my stops are always below the 2 point.Its actually rare for my stops to be taken out based on the 123 low method.It does mean however that the trades last longer than id like. Some times lasting weeks.
If im ohnest im not certain what my percentage is really, As i trade so often i dont bother writing down my success trades any more. Its high based on the 123 low method.
Ive seen others attempt to do the 123 low pattern but its not exactly how i do it but everyone to there own i say.
You have to use the 123 low pattern to your own style of trading. Its mainly for the longer term trade but ive adapted it to suit short term trades as well.

Count wrote: Hi Remo,
As a novice keen to learn, I am interested in your experience of trading 123 lows, for example in the past say 5 times you traded one what's the success rate? By success I would define it as the pattern behaving as expected and achieving at least the target high as theoretically predicted by
1 + delta(1-2)