Our replacement for Lennox Chambers' WaveCalc. Is it worth it or not? Part 1

According to sources, Lennox Chambers developed the the calculator used in the simple 123 trading system back in 2001. Back then traders were not as familiar with fibonacci numbers as they are today and many trading platforms did not have readily available fib tools to use. So at that time an external calculator for fibonacci-style retracements and extensions was probably quite useful. The tool was sold via iriesoftware.com however there is no indication that it sold well or was taken on by any significant traders at the time. It resurfaced again in 2014 as an app in the itunes appstore. Again no significant uptake as far as we know.

Then a few months ago in a chance meeting with Peter Bains who is one of the founders of the forex education outfit Forexmentor, it seems that the two decided it was a good idea to get together. A decision was made to use the application and build a small training package around it based on the common 123 trading pattern that most traders recognise today. ....and so the new s123 trading system was born.

In Part 2 of the story see how the simple calculations of the program were uncovered and why we decided to implemet our own version as an aftermarket option.