Cypher & Gartley confluence on GBPJPY, the B-C retracement on the Gartley here is weak but the Cypher is solid.
Trade active
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Trade closed: stop reached
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Comment
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-50 pips here, an excellent week thus far totaling a gain for over 220pips and it's only Wednesday! Trades like this are ESSENTIAL for proper harmonic exposure. Otherwise you'd never get anywhere.
is your idea of the short still valid despite the stop?
hyped989
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@crossover1551, Great question, oddly enough there is actually still a excellent probability of the trade still either breaking even or even becoming profitable if I just hold. However, with over 10 active trades a week you cannot be wishful with this system and must follow rules to a perfectly if you want to consistently profit over years. As much as I'd personally like to continue, or even have set a higher Stop Loss. Harmonic rules requires me to move on.
Remember, real profit from harmonic patterns does not come from a single trade. But rather a collection of trades over a period of time. Sampled and averaged for consistent reproducible profit.
crossover1551
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@hyped989, ty for the insight. I am growing a very small portfolio so I have only one trade open at once. ty for the eurnzd trade got a 119% on that one