DONATE & Share Post Your Content On Smart Money Management

Search This Blog

Saturday, October 16, 2021

Picking Out The Strongest 123 Forex Setups

Picking Out The Strongest 123 Forex Setups

CAD/JPY OANDA:CADJPY

How To Pick Out The Strongest 123 Forex Setup: The Most Powerful Trading Setup In Forex!!!

1) The 1 needs to be at the extreme high or low of chart (on chart example a bearish 123 setup).

2) The 2 needs to be lower then 1 on chart and turn around to the 3

3) The 3, but 3 can not be higher then 1 on chart

4) From 3 to 4, you can (if aggressive entry) enter bearish trade at 50% to 61.8% area (see chart) or conservative entry at horizontal break of 2 on chart. Then enter the trade. This trade depending on your entry to trade would have been 1:1 to 1:2 risk reward setup.

5) This happened in between the high liquidity and volume areas between Tokyo end to London end, which is where most scalping or day trading should happen, when big banks and hedges are trading most of the Forex daily rollover of $6 trillion dollars. Just get a piece of pip pie, do not be greedy.



from TradingView Ideas https://ift.tt/2YX3f3e
via gqrds

No comments: