ThomasJeff_DCM
Short

GBPAUD counter trend short opportunity on a Cypher pattern

FX:GBPAUD   British Pound/Australian Dollar
38 0 1
Guy´s we had this Bat with strong trend winner over the weekend, which i think is a good lesson. These "Harmonic" patterns are not so harmonic in my mind, it´s % retracements of extentions and retracements, and that means a pattern can look beautiful and harmonic , but it can also look cluttered and not very harmonic . The important thing is the ratios fit. When you got the correct ratios down you create a trade plan around the event´s when those ratios are the most profitable, and that becomes your rules, your trade plan. That have to be followed when market´s are trending, where they are not very profitable even though the right conditions can be met, as well as be followed when market´s are consolidating and they are very profitable. What defines a professional is how well you follow your plan, and how well you handle a drawdown. Sometimes i say a trades is born once they handled a drawdown for the first time, thats when your emotions and disipline is getting tested and your believe set change, into fully trusting your rules and your own ability.

Well enough of that, we have a bearish Cypher formation setting up in this heavy bullish trend running into a even handle number risistance, our stop is above X, above the even handle number 1,98000 and our PRZ are at 1,97676 looking for only one target in this counter trend setup.

Kind Regards
Thomas Jeff
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