The Rocket 123 Patterns V6 Metatrader 4 Indicator is an excellent Forex indicator that tries to spot the winning 123- chart pattern using the three price movements that creates it.
The 123- chart pattern is traded by many profitable PRO traders.
It can also be used to identify bullish markets, bearish markets and spot reversals to trade likely powerful breakouts.
The 123 Patterns V6 Indicator works pretty well, even in counter trend mode (checkout the CADCHF M30 chart below).
How it works
- An upward dodger-blue pointing arrow gets aligned on the activity chart depicting the start of an uptrend.
- Adownward orange-red pointing arrow gets aligned on the activity chart depicting the start of a downtrend.
Tip: Trading the Relative Vigor Index MT4 indicator together with the 123 Patterns V6 Indicator creates a secure trading system.
In this case:
- A buy trend takes place when the green and red lines of the RVI indicator break and hover above the zero-horizontal level, while the 123 Patterns V6 forex Indicator pops up a dodger blue upward pointing arrow.
- A sell trend takes place when the green and red lines of the RVI indicator break and hover below the zero-horizontal level, while the 123 Patterns V6 forex Indicator pops up an orange-red downward pointing arrow.
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Rocket 123 Patterns V6 Forex Indicator Chart
Below is an example of how the indicator should appear when added onto the Metatrader 4 chart.
Traders are free to adapt this indicator on a cross section of currency pairs and time frames of their preference.
Finding Buy and Sell Triggers With The Rocket 123 Patterns V6 Forex Indicator
Below is an example of how to buy and sell forex pairs with this technical indicator:
Buy Trigger: Open buy trade order when three dodger-blue dots pop up on the price bars, followed by an upward dodger-blue pointing arrow.
Place stop loss below the most recent short-term support level, or use your own stop loss placement method.
Close the buy trade at the instance an orange-red downward pointing arrow pops up on the activity chart (bearish trend reversal).
Alternatively, exit the buy trade for a fixed take profit target, for example, 50 pips on the 30-minute day trading chart.
Sell Trigger: Open sell trade order when three orange-red dots pop up on the price bars, followed by a downward orange-red pointing arrow.
Place stop loss above the most recent short-term resistance level, or use your own stop loss placement method.
Close the sell trade at the instance a dodger-blue upward pointing arrow pops up on the activity chart (bullish trend reversal).
Alternatively, exit the sell trade for a fixed take profit target, for example, 15 pips on the 1-minute scalper trading chart.
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Notes, zigzag depth, retrace depth max, show all lines, show all breaks, show targets, target1 multiply, target2 multiply, hide transitions.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (Relative Vigor Index, CCI, Moving Average of Oscillator,….)
- Trend indicators (ADMI, Parabolic SAR, EMA,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: trend
Copy and paste the indicator in the MT4 indicators data folder (click on ‘File > Open Data Folder’).
Right click within the MT4 terminal Navigator window to refresh or restart the terminal and add the indicator to any chart.