Akil_Stokes
Long

CADJPY: Bull Cypher Pattern

FX:CADJPY   Canadian Dollar/Japanese Yen
Bullish Cypher pattern at market. The D completion of the Bullish Cypher is also the potential C to D leg of another bearish one which at the moment would complete at the 98.64 level.
any targets? stop loss?
+2 Reply
I would have stops below 96.40's wit initial targets at the 38.2 and 61.8 which currently stand at 97.87 and 98.34
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Technician TOP Akil_Stokes
Sounds good
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It's another trade that's not in my portfolio so I can't personally get involved but that's how I would look to play it.
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where stop loss position?
+1 Reply
Akil_Stokes PRO protradingclub
For advanced patterns we always want to have our stops beyond the "X" leg of the pattern
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I open trade now at 97.17, stop loss 20 pips, is this small stop loss?
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Akil_Stokes PRO protradingclub
The only thing that can answer that question is your backtesting results. When you tested using a 20pip stop beyond X on these pattern were the results profitable?
+1 Reply
GOOD LOL.
+1 Reply
Do you think there is another bullish bat with the same starting point?
+1 Reply
yongjui.foo yongjui.foo
snapshot
+1 Reply
Akil_Stokes PRO yongjui.foo
From what you've shared it sure does look like it. Hopefully that'll give more reason for the support level to hold
+1 Reply
Red or Black?

Harmonic Patterns are worse than a coin flip.
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I would disagree, but if so. If you have a coin flip that gives you a 50/50 chance of being right or wrong correct? If I told you to play a game of heads and tails with me and everytime you lost you would have to give me $1 but everytime you won I'd give you $1,50 would you play that game with me? The point I'm trying to make is that a 50/50 strategy (no matter what it is) isn't necessarily a bad thing if you have a consistent edge. Probably a long winded answer but I hope that makes sense.
+3 Reply
oh dear Akil
+3 Reply
Always check an economical calendar if there are upcoming news, like in this case, before considering a trade. Otherwise it would have been a nice setup!
+3 Reply
Akil_Stokes PRO spacemonkey
Yeah Canada offered a nice surprise this week with their rate decision. And ofcourse I mean nice for those on the right side of things.
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Like a market prediction Sir,
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