Cypher Testing Recent Lows ???

FX:GBPAUD   British Pound/Australian Dollar
147 3 2
IF the correction is over OR just putting in a B wave THEN,
the Cypher - along with a corrective Elliottwave count should
trigger a decent, low risk entry, around 1.7780.
If this doesn't work, then, I'm completely lost and want out Immediately !!!
Risk is well defined as any price below 1.7765 and the EW count
is completely invalid, so, I would no longer put much confidence in the Cypher .
Bro, How do you fix your targets? Are they based on structure of fib ratios, particularly this one? What reward to risk ratio , you take in pattern trading? Can you elaborate? I learnt a lot from you. Thanks.
dojitrader Sandeep_Gupta
I tend to base my targets on support/resistance/Ewaves more than fibs.
Although sometimes both -----
In this chart I'm using just under the top of wave A for T1 and if this turns out
to be a 1-2-3 as projected then
T2 is at the 1.618 fib ext of wave 1 which is common for
wave 3 in Ewave.
I usually ignore anything that is not at least twice the reward or more.
This allows for a winning percentage as low as 40% and still be profitable,
although such a low % raises hell with my psychology and makes it
difficult to take every trade - my greatest weakness.
Thanks for your support - I hope anything you've learned from me
has put lots of pips in your pocket !!!!!
OK thank you.
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