TerryHarmonicTrading
Short

CADCHF - Immediate sell on RSI bamm

FX:CADCHF   Canadian Dollar/Swiss Franc
2 days ago
Hi guys, this is a counter trend trade on CADCHF             .

I just went short on this.

Price is at h4 resistance zone.

RSI bamm setup complete on H1 timeframe, target key support area for profit taking.

EP:0.7576
SL: 0.7630(54)
TP: 0.7370 (208)


Good luck to those who are following me on this trade.
a day ago
Comment: Tips to set a good stop loss in harmonic trading.

1. Allow the trade to breathe, if the setup is in H4 or higher timeframe, a sl between 50 to 100 pips is fine as the reward is usually 2 times more.

2. If you see that the pattern completes around a round number, make sure to allow a buffer of 30-40 pips above the round number (0.7600) to ensure you will not be spiked out easily

3. In terms of risk management, I use fixed % position sizing. Do not have to be afraid of taking a setup because the sl is 100 pips. Half your position size!

We are reaching the make or break moment tonight for this setup. NFP will show the way. Keep your stops there, we either win or lose tonight. :)
Harmonic trader based in Singapore. Learned directly under the great Scott Carney. For FREE live trading webinars, trading resources and market analysis, please do visit my website at Harmonicforex.com
Thanks for sharing Terry.
Looking forward to seeing how this works out.

PS appreciate the invitation for the webinar. Look forward to more.

Take care buddy
Reply
TerryHarmonicTrading trungle83
2 days ago
@trungle83, I remember you from yesterday. Thanks for coming, hope this trade works out well for all of us here. :)

Reply
The_Duke
2 days ago
I'm on board with this trade and watching with interest. Thank you kindly for sharing your knowledge and trades.
Reply
Charles.Yang
2 days ago
Sorry, I have a question. It Completed a M-Type Complex RSI Structure, but it seems there's no Divergence of RSI Versus Price.
Reply
TerryHarmonicTrading Charles.Yang
2 days ago
@Charles.Yang, the idea of this RSI bamm is a complex at RSI OB/OS zone, pullback to 50 then final exhaustion on OB. Usually we only execute at very significant support/resistance. Divergence is a plus but not necessary needed.
In some cases, it forms a complex after a complex, the trend is likely to continue so we have to wait.
Reply
Charles.Yang TerryHarmonicTrading
2 days ago
@TerryHarmonicTrading, thanks a lot
Reply
TerryHarmonicTrading Charles.Yang
a day ago
@Charles.Yang, your RSI divergence came last night. Tonight is NFP, make or brake for this setup. Hoping for the best. If it breaks above 0.7630, we are out.
Reply
Charles.Yang TerryHarmonicTrading
a day ago
@TerryHarmonicTrading, ok,thank u
Reply
The_Duke
2 days ago
Early days but its doing nicely....
Reply
The_Duke
2 days ago
turned around and took me out on a trailing stop
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