GBPUSD Bullish Cypher Formation @ 1.4537

FX:GBPUSD   British Pound / U.S. Dollar
1052 11 22
One for you Cypher formation traders. At market.
Looking for targets at the 382 and 618 retracements.

A quick idea.

Good Luck.

Jason G
nice to see someone going with their own plan...
+1 Reply
+1 Reply
Thanks for sharing your idea! :-)
A pattern and pair I trade but this is not on a TF I've tested yet. Not valid on the 15M so trade for me. Time to start testing longer time frames....
+1 Reply
faisalhasnoon Andy_Parrish
what are you look when you do the back test .. do u look if this pair or other can work with the bat or cypher ?
+1 Reply
CROforce faisalhasnoon
You look to see if pattern could be profitable on any given time frame you are planing to trade of and on any particular currency pair that you are planing to trade. This is how you create your Trading Portfolio based on specific trading rules. I hope that makes sense :-)
is there is any pair that harmonic doesn't work well or have less chance to win, and in the back test do you elminat the bad harmnoic pattern like in some pair you don't trade bat or butterfly ? thanks a lot for answering my question
CROforce faisalhasnoon
Different pairs have different behaviors... Also time frame considered and time that you trade (Australia, Asia, London, US,) You need to take all this in consideration and then perform Back Testing. If you are planing let's say to create 9 currency portfolio you should probably test 15 currency pairs and pick 9 (or as many as you can handle) that perform the best. You need to record every single pattern that you are interested in trading (Bat, Gartley, Cypher, Butterfly), winners and losers on a specific time frame (let's say hourly chart) and specific market that fits your lifestyle and availability to trade. You have to go back as far as you want/ makes you feel comfortable. Based on your results, you will see if that particular currency pair is profitable with that particular time frame with advanced pattern trading. If you want to check any other time frame (15min, 4hr...etc, you have to repeat all as mentioned above :-).
J_Graystone faisalhasnoon
In my backtesting I am making sure that a particular strategy is profitable on a particular time frame.
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