That pattern has been around since the first chart was ever seen. Once you get used to 'seeing' it you will pick them out all the time. Take a look at any chart, any time frame and see for yourself how reliable they are.
It is more of an exhaustive move where it can't break through it's previous high/low and begins a new trend in the other direction. So it is good for that aspect of it. But the first 123 quite often turns into a bigger 123 with the original move encompassed into the bigger one, but still going in the same direction. By that. I mean that just as the original 123 qualifies, it brakes down just as quick and often on the same bar, (dependant on what time frame you are looking at).
On a 5 min chart it will appear to be the start of a good move, yet on a 1 hour chart it will only be a ripple in the other direction and may not qualify for some time.
The 123 has to start somewhere and this is why it so often breaks down (to begin with). They know where the majority of traders place their stops. Talk about easy money!
So Ardhill's right no one can claim that it belongs to 'them' though some will suggest that they have discovered a 'new' system, then try to flog it to you for a few quid. Although Joe Ross has a trade mark on his 'hook' I believe.
In answer to the question. Yes. It's as good a point to take a trade on as any other. You just have to get the right 123 formation. This is why a lot of traders use additional entry criteria to assist in the 'right' 123. On longer time frames the set up is easier to see. Easier as well if you use a line chart to begin with.