On the EUR.CAD 15min chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.
The price reversal zone on this pair is between 1.3890 & 1.3914 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move. There is also opportunity to look for extended targets at around 1.3820 Stop loss would be placed above X leg structure resistance .
Target 1 - 1.3857 Target 2 - 1.3836
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If you front run your orders, you may have been triggered into this position as it heads to target 1.
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If you got triggered into this position your target 1 should be attained at 1.3857
Hey Tom love your analysis! A question I had about trading harmonic patterns is should you be keeping a consistent risk amount ( ex. Risking $100 per trade if it's 20 pips or 35 pips ) or should you be trading amount a consistent lot size?
UnknownUnicorn180388
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@Nogioski, Thanks very much.
For me personally I always trade 1% per position.
Whether the pip difference is 20 or 200 pips I will always adjust lot size to take this into consideration.