Hey gang, first of all thank you for all of the great comments on yesterday's youtube video "How Do Know If My Trading Strategy Is Failing" (youtube.com/watch?v=gZ3gG3HbMjk) You guys said that you've learned a lot and please continue to let me know exactly what that was in the comments section on Youtube.
Today I've got bearish cypher patterns on both EURJPY and EURAUD on my radar, but felt like sharing a structure based trade with you this Friday to mix things up. Similar to the AUDUSD (but not the same), the Kiwi has just broken and closed below a level of structure, with a much more significant level resting below. I like to say that structure acts like a magnet so I'm predicting that the market will be pulled towards that lower level. Therefore I'll be looking for reasons to short the Kiwi this morning in the Live Room as the market creates a pullback.
Obviously there;s no way to tell now if I'll actually get involved in the trade or not, but my eyes will be glued to this one on the lower timeframes. Wishing all of you a great weekend and do me a favor, if you liked the video above, make sure you subscribe to my channel. I'd like to inspire as many traders as possible so tell your trading buddies to check it out!
akil i want to know how you enter a harmonic pattern trade? what is your signal to get in and out?
Akil_Stokes
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I enter at the D completion and I use stop loss and limit orders for targets. So after the trade is filled, I get out when either of those are hit
milehk
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Where was the point D
Akil_Stokes
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There was no pattern on this particular chart
dr.gsbharaj
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and one more thing. if i see a pattern on h1, is it also reliable on h4?
Akil_Stokes
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sure assuming the pattern is clear on that timeframe as well.
dr.gsbharaj
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how to know whether a pattern is tradable or not.. we cant hop on each and every pattern. so, how to manage?
Akil_Stokes
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If you have a specific pattern that you're supposed to be trading you should be looking to enter every one you see that's in your trading portfolio and on the timeframes that you're supposed to be trading them on.