FX:AUDCAD Australian Dollar/Canadian Dollar
Following up on the idea I posted this morning, AUDCAD has rolled over nicely completing my earlier prediction. Now it's time to execute the second part of this trade and go from seller to buyer as I look to take advantage of the pattern.
Hello Akil Stokes, i have a question regarding the cypher pattern. I'll refer to the two triangular waves within that pattern as wings, (since they resemble butterfly wings). If there's an instance where the larger wing presents itself before the smaller wing, can you still apply the same rules and treat it as a cypher pattern? (similar to an expanded flat, only is has an ascending slope using a bullish example).
Okay thanks. This trade seems a bit more on the risky side though, i did what you guys prescribed and check the higher time frame, (daily) and there are a few patterns that are pending completion, so wouldn't it conflict with your current expectations? Or is taking the trade attributed to the rule of sticking to your trade plan regardless?
A pending or a predicted completion is just that a prediction. Just because we make one doesn't mean it's going to complete it, so I never pass up on a completed pattern in hopes of a potential pattern. Now there are some circumstances where you may have multiple patterns on the same time frame that complete one after the other and a decision must be made on which to enter. But in this particular case I believe you're talking about potentials that exist on higher timeframes. Another thing to take into account is which time frames the trader defines as there "trading timeframes." For example my rules don't allow me to base trades off of the daily, only using it as a birds eye view for analysis so if a valid pattern occurs on that timeframe similar to the cyphers we've been watching on the gbp pairs (not sure if you're a syndicate member or not) It's one thing to know they exist but I won't pass up on a valid trading opportunity because of them. I know that was a little long winded but I hope that makes some sort of sense.
joined @1,0116/sl 1.01