Koryphaeen
Long

GBPUSD long based on potential advanced pattern completion

FX:GBPUSD   Pound Sterling/U.S. Dollar
191 24 3
Nice potential perfect Cypher pattern is forming. I will update this post when near to filling.
Bro your active on this trade ?
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Yes I am. Until now it went against me, but SL is far away. ;)
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KayJay Koryphaeen
Why have you placed you stop-loss way below the X point, I believe in harmonic patterns if it goes below X line it invalidates the pattern isn't it..... please correct me if I'm wrong as I'm a newbie
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Yes, if PA goes beyond the X point, the pattern is invalidated. I trade advanced patterns according my trading plan, which includes setting SL. And I usually set the SL levels 5-10 pips beyond the X point. That is how I trade advanced patterns. Other traders set the SL taking into consideration also ATR (average true range) levels... so trading plan can be quite various, as many traders are... :) important is that you backtest a strategy and then stick to it to acquire consistency.
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KayJay Koryphaeen
Consistency is a must, thanks bud
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You're welcome and good luck! ;)
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The reason behind my SL setting is that in many cases PA can retest the X point in an advanced pattern and that is on a higher time frame called a double bottom or double top. If you set your SL exactly on the X point, you might miss the reversal from that point. That's my reason for doing so with the SL levels.
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KayJay Koryphaeen
Yeah X becomes a good entry point if prior support zone is also in alignment, very prudent of you
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I rather call it experience... :))) I was stopped out too many times at the X point in my early/newbie years, then I updated my trading plan to 10 pips beyond X point and so I saved myself a lot of money...
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KayJay Koryphaeen
Well that's the things books don't teach you have to experience it yourself
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