In the realm of technical analysis, certain patterns stand out for their efficacy and the insights they offer traders. Among them is the Ross Hook pattern, deeply rooted in the foundational 1-2-3 pattern. This article delves into understanding these patterns, their origin, and how traders can integrate them into their strategies. Dive in to unravel the nuances of trading using the Ross Hook and the 1-2-3 pattern.
Background of Ross Hook
The Ross Hook pattern, often revered for its distinctiveness, is an offspring of the classic 1-2-3 pattern seen in technical charting. Its moniker, the "Ross Hook", is attributed to its characteristic hook-like appearance that forms subsequent to a breakout of the 1-2-3 pattern.
Originating from trader Joe Ross's work, it garnered respect and attention in trading circles due to its potential to offer added layers of market insight. This pattern aids traders in identifying continuation points after a trend is already underway, making it a favourite for those eyeing sustained momentum or retracements in the market. Over the years, as its efficacy has been put to the test, the Ross Hook has emerged as a reliable companion for traders, seamlessly dovetailing with the foundational principles of the 1-2-3 pattern.
Below, we break down both patterns and how they fit into each other. For the best understanding, try following along on live charts using FXOpen’s free TickTrader platform.
Understanding the 1-2-3 Pattern
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