dojitrader
Long

Gartley With 2 Measured Moves = Lower Risk Entry ???

FX:GBPJPY   British Pound/Japanese Yen
211 2 6
OR, I'm I just trying to catch a falling knife ?
Harmonics are good though . . .
Candlesticks help me out here . . .
A bullish candlestick pattern will trigger an entry otherwise
I'm letting this one go without the additional support of
a clear Elliott Wave count.
What does your trading plan say ? if your strategy is to trade the harmonic pattern, then you take it whenever forms a valid one without asking yourself any questions. Learned this from my mentors : When coming to deciding if you should enter the trade or not, your trading plan should take that decision, not you !
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dojitrader journeyofarookie2.0
Thanks for your thoughts ~~~~
IF I was ONLY trading harmonics THEN your statement is absolutely true. You must take EVERY trade.
However, my psychology is very, very risk adverse, not to mention my constant battle with fear of
being wrong,. This has lead me to include additional tools in my trade plan. Mostly candlesticks and
Elliott Wave. Candlestick patterns further define and usually lower the risk of a trade as well as confirm
bullish or bearish sentiment. Elliott Wave helps to define the trend and whether the trend is impulsive
(trending) or corrective (when harmonics yield more winners than losers) and the potential for when
a trend may be ready for reversal, or in other words mature and near it's potential end.
I get rather cautious when the 3 legs of my trading table - the fourth being psychology - are not
in agreement. This approach leaves me missing out on winning trades once and a while, but,
it fits a psychology of trading that fits my tolerance levels of risk. I'd rather have several small losses
in my quest to seek out rewards of 3 or 4 to 1 risk than having to suck it up for a big loss and then
finding the strength to pull the trigger on the next trade without fear of another big loss.
Whatever your trade plan - You're right, you must stick to it - until you find a reason to make a change
and have tested it's efficacy.
Wishing you a pocket full of pips in 2016 !!!!!!!!!!
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