Koryphaeen
Long

GBPUSD long based on potential advanced pattern completion

FX:GBPUSD   British Pound/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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Grab a glass of coffee, open your PC and spend 1 week with backtesting, and you will find out some amazing things that books aren't telling you... ;) that is how you start trading, don't miss the backtesting before you start trading, you will loose a lot of money and precious time... !!!
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KayJay Koryphaeen
Thanks for your advise bro by the way how long you've been trading
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4 years, approximately.
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KayJay Koryphaeen
Don't tell me brother your a pro.... wow
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I'm far away from a pro... :) but I can tell you that I struggled 2-3 years and then I started to learn, learn and learn and to get rid of the bad habits. If you start now to trade, start with learning, this is how you do not get bad habits. You can learn it in 3 months and another 3 months to backtest and forward test a good strategy and then you will find consistency. This is the minimum, 6 months, if you do not want to loose money. ;)
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KayJay Koryphaeen
Well this is a piece of advise, I'm clinging onto.....by the I'm short in USDJPY can you give it a look for me
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If you're short, your target should be around the red arrow. That is where a crab pattern will form and a major structure will act as support.
snapshot
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KayJay Koryphaeen
I'm short from 123 level, So if the trend remains in favor, tgt should be around 121.600/500 level
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121.6 is safer
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KayJay Koryphaeen
121.6 then it is :)
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short is a good idea in USDJPY, but take care: a good trade management can save your ass sometimes, if it goes wrong... ;)
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KayJay Koryphaeen
Yes, I'm using trailing stops let see how long it does hit my SL
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good luck with that!
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KayJay Koryphaeen
thanks man
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