thomdel wrote: Thu Jul 20, 2023 1:57 pm Hi,

Somebody Please Explain as to how to use / Interpret Indicator : 123PatternsV7 ?

And, on what does parameters signify in this ?

Thanks.

Hello,

123 Pattern is a pattern signifying break of structure (BOS). For pattern 123 UP, I usually will draw a Fib Retracement from Point 1 to Point 2. If the price break level of Point 2 going up, I will target the price to go to Fib level 138.2 (1st TP target) and Fib level 161.8 (2nd TP target). Remember, in this example, level of Point 3 must not go below Point 1.

This is a screenshot of yesterday's Nasdaq where this pattern occurred. 1st and 2nd TP were hit. At the place where I marked with Yellow circle, I normally would expect price to retrace back to Point 2 and bounce back up. This price movement up also in sync with RedEye X-Gen strategy that we are working/experimenting with right now.
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Hope that helps!
-RedEye-