Here we got another Cypher pattern we are looking to go short on, its against trend so we are only looking for target 1. RSI is in over bought condition and we should see an entry over night. The pattern comes in at an previous strong structure level stop should be in a very good area. So lets see what numbers we wake up to after the Asian session.
Today we got a hit on the AUDCAD Bat, but got a target 2 winner in a Bat on GER30 index. Currently we are in a short position on a Cypher on USDCAD. And we just entered long on a Cypher on EURUSD so lets see what numbers we wake up till tomorrow for those that follow me.
I will try more and more to begin to put up every trade that i take so those that are interested in Harmonic patterns can get a better feeling of how the daily grind is for this method.
Well i will try to explain, its actualy one big pattern. an XABCD pattern. X is an impulse leg or a break of structure, then the rest is fib retracements and extensions to find the levels. And the same for targets.
If the left triangle was not higher the ratios would not lign up so there would be no pattern and no trade ofcourse. The last point is called the D retracement its the 0.786 retracement from X - C and targets are normaly structure levels or fib retracements from C - D like the 0.382 in this case and then often i close half position there and move stop to break even and let the rest run for target to that is the 0.618 retracement. I don´t know if that anwsered your question?
Kind regards
Thomas
timwest
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Quick question: The low of the pattern on the left side is a bit higher than the lowest low - does that change your entry level you have suggested if you moved it to that low? Also, do you tighten your stop after X# of bars after entry? Thanks in advance of your reply.
If the left triangle was not higher the ratios would not lign up so there would be no pattern and no trade ofcourse. The last point is called the D retracement its the 0.786 retracement from X - C and targets are normaly structure levels or fib retracements from C - D like the 0.382 in this case and then often i close half position there and move stop to break even and let the rest run for target to that is the 0.618 retracement. I don´t know if that anwsered your question?
Kind regards
Thomas