Joe Ross's 1-2-3- pattern - Advice?

This is a discussion on Joe Ross's 1-2-3- pattern - Advice? within the Forex forums, part of the Markets category; Hi guys, Joe Ross wrote the Law of Charts which is fantastic free PDF about trading 1-2-3 patterns and the ...

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Old Jan 17, 2011, 10:03pm   #1
 
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Joe Ross's 1-2-3- pattern - Advice?

Hi guys,

Joe Ross wrote the Law of Charts which is fantastic free PDF about trading 1-2-3 patterns and the "Ross Hook"- Google Law of Charts to get the free PDF - it is fantastic I think.

What Im struggling with is how you know point 1 of the 123 pattern. Following a downtrend is it the absolute bottom before the turn, going up then to point 2 - OR is point 1 the peak after the rise?

Seriously though this is a very intriguing study and I think the "Law of Charts" is the missing piece in my Forex jigsaw puzzle!
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Old Jan 18, 2011, 12:55am   #2
 
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Re: Joe Ross's 1-2-3- pattern - Advice?

The 1 is the low or the high that is not broken and holds as the low or high.
The 2 is the swing that breaks the trend (depending on what tools you use), either by breaking out of a trend channel, trend line break, etc.
The 3 is the lower high that is your short entry or the higher low that is your buy entry. Depending on what trading tools you use that could be a 50% or 61.8% fib retrace or a pullback to a moving average, pivot, or retest of a S&R level.
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Old Feb 26, 2011, 11:50am   #3
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Re: Joe Ross's 1-2-3- pattern - Advice?

Hi, i have been looking at this simple system myself. There is a good thread on Forex Factory about it aswell. There are a couple of different ways to trade it with regards target price and stop position. I follow the same method as Paulus on FF...
People on fxfactory have backtested it and i have also been testing it (not trading it) over the last couple on months and it seems brilliant, hardly any losing days never mind weeks. I have been looking at forex only eurusd & cable, day trading the 5min charts, between 7am & 4.30pm GMT. I am deciding if i should start trading it soon. If i would have traded with a £100k account risking 1% per trade i would not be far off double...
Regards
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Old Feb 27, 2011, 4:34pm   #4
 
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Re: Joe Ross's 1-2-3- pattern - Advice?

Quote:
Originally Posted by alfiemal View Post
Hi, i have been looking at this simple system myself. There is a good thread on Forex Factory about it aswell. There are a couple of different ways to trade it with regards target price and stop position. I follow the same method as Paulus on FF...
People on fxfactory have backtested it and i have also been testing it (not trading it) over the last couple on months and it seems brilliant, hardly any losing days never mind weeks. I have been looking at forex only eurusd & cable, day trading the 5min charts, between 7am & 4.30pm GMT. I am deciding if i should start trading it soon. If i would have traded with a £100k account risking 1% per trade i would not be far off double...
Regards
I have just read this thread on FF start to finish (took me hours as there were 90 posts), it looks good, I was looking for a system to use on 5 min charts and I like the clear rules. Have you been demo trading it, could you let me know your results.
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Old Feb 27, 2011, 5:23pm   #5
 
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Re: Joe Ross's 1-2-3- pattern - Advice?

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Old Feb 27, 2011, 5:38pm   #6
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Re: Joe Ross's 1-2-3- pattern - Advice?

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I see trading has taken its toll on the poor chap.
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Old Feb 27, 2011, 5:43pm   #7
 
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Re: Joe Ross's 1-2-3- pattern - Advice?

actually that was him at 3 years old
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