1-2-3 Pullback Trading Indicator

mbrandau

mbrandau

New member
I've searched for this type of indicator and cannot find it. There's 1 guy claiming on youtube to have it in action but charges $800 for it, can't find it now unfortunately. Anyway, this is an actual trading theory that concentrates on trading in the direction of the 200 SMA. So if you are trending up, you only look for long positions. First it must start with a green candle (1), go up (2), pull back a little and then that bullish green candle would be (3) and where you take your long trade. So I need something like that please.

Obviously the opposite 1-2-3 on a chart trending down, then you only look for short positions.

This is for Commodities/Futures trading. I would think this can be used in Forex and stocks too. (reference: http://www.online-stock-trading-guide.com/123-reversal-pattern.html)


 
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M

Moose

New member
Not sure if this is what you're looking for.

Code:
# 1-2-3 Trend Change labels for bottom of Mobius Wolf Wave v01
# Nube 7.18.18 
plot SupportLineS3S2 = if x == HighestAll(S3PLBarOrigin)
                    then S3
                    else if x == HighestAll(S2PLBarOrigin)
                         then S2  #Parentlow
                         else Double.NaN;
SupportLineS3S2.EnableApproximation();
SupportLineS3S2.SetDefaultColor(Color.White);
SupportLineS3S2.SetLineWeight(1);
SupportLineS3S2.SetStyle(Curve.LONG_DASH);
def slopeS3S2 = (S3 - S2) /
               (HighestAll(S3PLBarOrigin) - HighestAll(S2PLBarOrigin));
plot ExtLineS3S2 = if x >= HighestAll(S2PLBarOrigin)
                then (x - HighestAll(S2PLBarOrigin)) * slopeS3S2 + S2
                else Double.NaN;
ExtLineS3S2.EnableApproximation();
ExtLineS3S2.SetDefaultColor(Color.White);
ExtLineS3S2.SetLineWeight(1);
ExtLineS3S2.SetStyle(Curve.LONG_DASH);
plot SupportLineR3R2 = if x == HighestAll(R3PHBarOrigin)
                    then R3
                    else if x == HighestAll(R2PHBarOrigin)
                         then R2  #Parentlow
                         else Double.NaN;
SupportLineR3R2.EnableApproximation();
SupportLineR3R2.SetDefaultColor(Color.White);
SupportLineR3R2.SetLineWeight(1);
SupportLineR3R2.SetStyle(Curve.LONG_DASH);
def slopeR3R2 = (R3 - R2) /
               (HighestAll(R3PHBarOrigin) - HighestAll(R2PHBarOrigin));
plot ExtLineR3R2 = if x >= HighestAll(R2PHBarOrigin)
                then (x - HighestAll(R2PHBarOrigin)) * slopeR3R2 + R2
                else Double.NaN;

ExtLineR3R2.EnableApproximation();
ExtLineR3R2.SetDefaultColor(Color.White);
ExtLineR3R2.SetLineWeight(1);
ExtLineR3R2.SetStyle(Curve.LONG_DASH);

plot bull123 = R3 > R2 &&
               S1 > ExtLineR3R2 &&
               close > S1;          
plot bear123 = S3 < S2 &&
               R1 < ExtLineS3S2 &&
               close < R1;
bull123.Hide(); 
bear123.Hide();            
AddLabel(bull123, " 1 - 2 - 3  Trend Change ", CreateColor(75,225,75));          
AddLabel(bear123, " 1 - 2 - 3 Trend Change ", CreateColor(225,75,75));
 
mbrandau

mbrandau

New member
This actually did nothing when put into Studies. I can almost guarantee it isn't what I am looking for, I posted a link above as example with definition
 
BenTen

BenTen

Administrative
Staff
VIP
For this sort of pattern, it's best that you manually identify it. There are too many conditions and filters that if using an indicator, it will not perform the task correctly.

For example, the conditions you listed: green candle (1), go up (2), pull back a little and then that bullish green candle would be (3) and where you take your long trade.

Define "go up" and "pull back a little."
 
M

Moose

New member
This actually did nothing when put into Studies. I can almost guarantee it isn't what I am looking for, I posted a link above as example with definition
there is something wrong with the script I couldn't figure it out.
 
mbrandau

mbrandau

New member
There's an example of it happening between midnight and 1:45am Friday morning EST

 
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M

Moose

New member
For this sort of pattern, it's best that you manually identify it. There are too many conditions and filters that if using an indicator, it will not perform the task correctly.

For example, the conditions you listed: green candle (1), go up (2), pull back a little and then that bullish green candle would be (3) and where you take your long trade.

Define "go up" and "pull back a little."
Could you take a look at the script I posted? not sure if someone can fix it. the problem caused by copy/past
 
BenTen

BenTen

Administrative
Staff
VIP
@Moose You're probably referring to this indicator and its discussion here.
 
mbrandau

mbrandau

New member
@BenTen When I add that study from the link above you just posted, it doesn't work. It shows up as red in my Studies list
 
BenTen

BenTen

Administrative
Staff
VIP
@mbrandau Go through the comments and notes in that thread. The script appears to be incomplete.
 
B

brew007

New member
@mbrandau.. Are you looking for a two legged pullback study for /ES
 
Ldmart

Ldmart

New member
The one you're looking for Is the 123 By Mark Crisp ?
 
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