@yunghill, You first do the market research on these patterns finding thousands of examples and calculating the probabilities and maybe then you will think if it is a smart idea to give an advice to somebody who has already done this work:)
if you seriously got out of that trade just because it spiked down by 20 pips, then you definitely are not winning trades. I guarantee it that when you check back on the charts you would've profited a good 60-80 pips off this trade. But because you use tight stop losses the market will tap your SL over 50% of the time , and also harmonic patterns are bullshit.... you are just guessing numbers
Alexander_Nikitin
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@yunghill, Be careful with what you say. You aren't an authority in advanced patterns. The only fact that you call a cypher a harmonic pattern proves my words. I repeat, first do the hard work in market research of these patterns before you argue to somebody who's done the work.
Just listen to what you say: you advise me to risk additional 20 pips in cyphers. Can you do the maths? After 100 losses I will lose extra 2000 pips. Why should I risk that much? To save those 4 or 5 trades that will reverse and hit the target of 60-80 pips as you say? Do you think about the long perspective or you only worry about the current trade?
You may not listen to me and I won't insist you change your opinion but you should be polite and respect the hard work that was done by others. Especially when you yourself didn't do it.