Perfect cypher completed with reversals on a dime at key fib levels of 38.2, 127 and back to 78.6
In conjuction with a bat pattern on a bigger time scale and the RSI being oversold, this double confirmation is a good trade to enter with stops just below the X point.
Enjoy some pips
Comments
motleifaul
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Let's wait for tomorrow.
motleifaul
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It's tomorrow now. Let's buy.
Khan
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how you liking it now buddy? 100 pips in - another 100 to go
motleifaul
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Where would you have placed your stop?
Khan
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because i am doing a long play on daily charts, stop goes 10 pips below point X - so in this case 0.8880 - thats approx 180 pips - my 1st target at 9280s making 200 pips - you say risk:reward approx 1:1 not good, but second target 9460s (another 200 pips) - dont know if you have research into advanced pattern trading or not - but works 60-80% of the time which I believe is worth the risk
Important thing to notice is that on this AU chart, price been rising and falling between these levels for 5 days now. I exited my 100 pips profit yesterday, and then re-entered at lows last night as sentiment towards it rising same. so even if it doesnt hit my target, i already made 250-300 pips.