EURUSD Long Cypher Long

Euro Fx/U.S. DollarFXCM

Description

⋅ Aug 12, 2014 4:52 PM

Long Cypher pattern on the 60M EURUSD chart still trading near the entry point (though it was invalidated in the break below the X point)

Comments

Ahmed-J

⋅ Aug 13, 2014 4:55 AM

Nice one. Even though it was invalidated doesn't mean you should get out of the trade. Where is your stop at?

JeffPohlmeyer

⋅ Aug 13, 2014 1:05 PM

For this one I had stops 10 pips below the X point. Hence if I didn't have limit orders in to pick it up on the move down I wouldn't have entered.

Ahmed-J

⋅ Aug 13, 2014 1:12 PM

I like the 10 pips stop with this low volatility era. I personally put my stop beyond X by the ATR of the entry candle.

JeffPohlmeyer

⋅ Aug 13, 2014 2:19 PM

That's another methodology that I've played around with. As long as you're consistent either one should be okay.