Hi All, just thought to share this analysis. We have had some recent patterns form and complete with all targets hit. I have been watching this new advanced pattern form during the other patterns when we completed the C Leg of the BAT.
If you look we have had numerous cypher patterns form complete and targets hit. We have also made a new structure high which fulfilled the 88.6% fib. Depending on your rules and the pairs you trade or which patterns you trade make sure this is within your rules for entry.
We may still see another retest of the New Structure High before price action drops. This would be an excellent opportunity to get involved in this trade. If it doesnt retest at least the 88.6% I wouldnt recommend getting involved because it will expose more risk. For those who missed the trade keep a close eye on price action the pattern is still valid unless we break past the X Leg. Obviously the higher we go the less risk is involved which will increase potential rewards.
If you look we have also completed a C leg for a small cypher pattern color is purple at the very end of the current chart. I would look to go long on this at 78.6% - some people would probably ask why would you short this to get to the TP1 and TP2 but also go long on a small cypher pattern. Reason being I trade every single BAT and CYPHER in my portfolio. Based on my back test results.
Entries at 88.6% Fib for Bat Pattern.
Stops are always at a Fib Ext % above the X Leg. Based on my rules and back test results this is how I increase hitting my targets on patterns and not being stopped out if we break past X.
When price action hits the TP1 we roll stops down to our entry level for break even, this will ensure your in a trade which has no risk involved and we just hope to hit our target 2 which is the 61.8% Fib Ret from AD legs
I am also keeping a close eye on the 1.272 Fib Line because if we have a retest of the 88.6% entry level and break above to the 1.272 this will potentially form a C Leg for a Cypher pattern which would put our buy in for a long after Target TP2 is fulfilled. A perfect opportunity for a counter pattern buy in - If this happens I will post up the details for the Cypher.
Also we have a lot of support from previous structure which is the X leg on the BAT if we break past the 1.272 upwards. Hopefully we see a lot of selling at this level. Ideally price action straight down to our targets is better but we always need to predict further in the markets so going upwards to a 1.272 could mean a chance of further opportunity.
As always dont trade this if its not in your portfolio, not in your rules, too much exposure, ensure to check it meets your criteria for position size with the risk,
Remember to trade smart with no emotions.
If you look we have had numerous cypher patterns form complete and targets hit. We have also made a new structure high which fulfilled the 88.6% fib. Depending on your rules and the pairs you trade or which patterns you trade make sure this is within your rules for entry.
We may still see another retest of the New Structure High before price action drops. This would be an excellent opportunity to get involved in this trade. If it doesnt retest at least the 88.6% I wouldnt recommend getting involved because it will expose more risk. For those who missed the trade keep a close eye on price action the pattern is still valid unless we break past the X Leg. Obviously the higher we go the less risk is involved which will increase potential rewards.
If you look we have also completed a C leg for a small cypher pattern color is purple at the very end of the current chart. I would look to go long on this at 78.6% - some people would probably ask why would you short this to get to the TP1 and TP2 but also go long on a small cypher pattern. Reason being I trade every single BAT and CYPHER in my portfolio. Based on my back test results.
Entries at 88.6% Fib for Bat Pattern.
Stops are always at a Fib Ext % above the X Leg. Based on my rules and back test results this is how I increase hitting my targets on patterns and not being stopped out if we break past X.
When price action hits the TP1 we roll stops down to our entry level for break even, this will ensure your in a trade which has no risk involved and we just hope to hit our target 2 which is the 61.8% Fib Ret from AD legs
I am also keeping a close eye on the 1.272 Fib Line because if we have a retest of the 88.6% entry level and break above to the 1.272 this will potentially form a C Leg for a Cypher pattern which would put our buy in for a long after Target TP2 is fulfilled. A perfect opportunity for a counter pattern buy in - If this happens I will post up the details for the Cypher.
Also we have a lot of support from previous structure which is the X leg on the BAT if we break past the 1.272 upwards. Hopefully we see a lot of selling at this level. Ideally price action straight down to our targets is better but we always need to predict further in the markets so going upwards to a 1.272 could mean a chance of further opportunity.
As always dont trade this if its not in your portfolio, not in your rules, too much exposure, ensure to check it meets your criteria for position size with the risk,
Remember to trade smart with no emotions.