ThomasJeff_DCM
Long

EURGBP Bullish Cypher pattern with trend at structure

FX:EURGBP   Euro Fx/British Pound
Bullish cypher with trend, RSI is already around our overbought area, stops are below a strong support. This looks like a very good setup that will probably reach our entry zone very soon. You know the Stops, Entry and Targets!

Comments good or bad are very welcome

Kind regards
Thomas Jeff
hounds
a year ago
Nice Cypher, i hope you got filled, as it went up nicely.. I sat this one out, cause im still new to harmonic patterns, i dont want to rush into it.
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ThomasJeff_DCM PRO hounds
a year ago
I did not get fulled and it was during night time here so i happened while i slept. So those were not my pips today i guess. But i got a full homerun on the AUDUSD and AUDNZD trades

Kind Regards
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hounds ThomasJeff_DCM
a year ago
Very nice, well done on the AUD trades. You must of been very close to being filled on the EURGBP.
From what iv seen in the past and now, is that the Cyphers have a good strike rate.
May i ask if you use a pattern software, or do you use your eyes only?

Thanks
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ThomasJeff_DCM PRO hounds
a year ago
Well the Cypher have a strike rate of around 65-75% but the R:R is not the best but because the hit rate is so high it makes money hands over fist. Then i trade the Bat pattern its a little less strike rate around 60% but the R:R is like double the Cypher so its the two patterns i trade and it gives me more than enough trades on a 10 pair portfolio trading the 60min and 4hr. My mentor have developed a software for finding patterns. But i only use my eyes, in my opinion you need to use your eyes and learn the true skill and train your brain to find them, and find the best patterns. Its best done true backtesting after around 500-1000 trades backtesting your eyes is like a machine just seeing them stand out like you can´t imagine before you try it. So if you are just starting out, backtest all your pairs on the timeframes you trade and build a trade plan around it. Then you are well on your way. Trading without all that work done first is gambeling. Don´t put a penny down before you have a profitable tradeplan that is tested for years back and optimised to know where its best to put stops and structure areas and all that
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ThomasJeff_DCM PRO ThomasJeff_DCM
a year ago
Sorry i forgot to tak about the not getting filled, i was only 3 pips away but my spread was 8 pips at that time of the opening so its part of the game. I have 1-4 trades a week that don´t get filled and then hit targets,it messes with your emotions but over time you learn its just part of the game you can´t controle. We have to sleep so can´t watch the markets all the time and its mostly at night "europe time" that the spread widens and the orders don´t get filled and you can´t just buy market cause of you not beeing there, but well its the game! =)
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hounds ThomasJeff_DCM
a year ago
Thank you for your reply, and your good advice, i appreciate it. I will have to train myself to identify these patterns and back test, although i did think about getting the software from TradeEmpowered, which i think is the one you are refering to. Also thinking of taking the same course you did (Pro Trader Course). I read your replies on one of Akil's post, thats how i know that you took the Course. Iv been watching the many video's that Jason and Akil have made, and i learnt alot thanks to them. I mainly trade with structure at the moment, im still a novice, but doing ok for now, on mini lots.

All The Best
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