DOUBLE DOUBLE ADVANCED COUNTER PATTERNS BAT CYPHER CYPHER CYPHER
Hi All, just thought to get these up for those who trade this pair and these patterns, something to keep on the radar. Also for those who took the previous Cypher and managed to get their orders in, perfect signal for a counter trade.
As we see this pattern forming the Blue Cypher will put a short entry just above our Target 2 for our current open order. If price action continues upwards we also have another potential chance for short for a larger Orange Cypher and has stop level above the X which is a better protected area being a major structure area. However if you only choose the Orange for entry then the possibility for entry may be missed. Personally I trade all Cyphers in my portfolio due to the win ratio.
Risk Reward is slightly less than 1:1 for TP1 but a lot of times Cyphers are like this which also depends on how far the XABC is pushed. My back test results and trading results shows the win ratios for all Fib Levels obviously we get more of the 38.2 and 50.0% filled but sacrificing losing or break even trades and going for our TP2 shows losing more trades but having a higher return on investment.
Something to keep an eye on anyway - and if price continues downwards I will keep an eye open for some long opportunities if they present themselves during the week.
As always trade happy and follow your rules. Remember not to follow anyones trades unless you trade them patterns and pairs and these patterns meet your rules, the reason they are successful is because you need to trade them consistently.
Entries, Targets and Stops are on screen. Targets to be moved as soon as we get our D Completion.
Stops to be moved if we hit our target 1 - moved to a break even. Then hopefully we can fulfill the target 2
As we see this pattern forming the Blue Cypher will put a short entry just above our Target 2 for our current open order. If price action continues upwards we also have another potential chance for short for a larger Orange Cypher and has stop level above the X which is a better protected area being a major structure area. However if you only choose the Orange for entry then the possibility for entry may be missed. Personally I trade all Cyphers in my portfolio due to the win ratio.
Risk Reward is slightly less than 1:1 for TP1 but a lot of times Cyphers are like this which also depends on how far the XABC is pushed. My back test results and trading results shows the win ratios for all Fib Levels obviously we get more of the 38.2 and 50.0% filled but sacrificing losing or break even trades and going for our TP2 shows losing more trades but having a higher return on investment.
Something to keep an eye on anyway - and if price continues downwards I will keep an eye open for some long opportunities if they present themselves during the week.
As always trade happy and follow your rules. Remember not to follow anyones trades unless you trade them patterns and pairs and these patterns meet your rules, the reason they are successful is because you need to trade them consistently.
Entries, Targets and Stops are on screen. Targets to be moved as soon as we get our D Completion.
Stops to be moved if we hit our target 1 - moved to a break even. Then hopefully we can fulfill the target 2