Update on this trade I posted (see Related Ideas: "TRADE: BUY@1.31650 Completed Bat Trend Continuation Pattern") about buying on the completion of the bat, prices have hit TP1 for a profit of +70 pips. I will close 25% of my positions (closing 1 order, holding other 3) and hold the remaining 75% for TP2. If/when prices reach TP2, then I will decide what to do next depending on the price action. For now, I have moved my stops to B/E so this is now a no-loss trade.
I am expecting that this is the beginning of the wave (v) up into the ending of the wave (iii) of (v) for this pair.
*DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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Hello I have a question I am just learning how to trade currency and I would like to know where you took lessons and learned how to draw these cypher patterns and how you developed a technique working with the fibonacci retracement en extension tool. I would like to learn how to do this myself. Do you have any suggestions where I could get classes?
EverythingForex
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Not a simple answer. I've been trading patterns for years now. But just knowing and trading patterns will not make you a successful trader. As for learning the patterns, read all of Scott Carney's books on harmonic trading. A good course to take on trading harmoincs would be Jason Stapleton's course (look for Akil Stokes here on tradingview and contact him if you want to take it. He works with Jason.). But there's so much more to learn to be a successful trader. I've been trading for 25+ years and I learned much of what I know the hard way. Anyway, it's not that I don't want to answer you but it's not appropriate for me to do that here as I would be writing too much in order to answer you properly. You can PM me and when I have time, I'll chat with you.
leveragedincome
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I guess I was not the only one interested in where you learned to trade. Thanks for your response on this. I know this is not an easy thing to answer, but if you were to pick 20% of your top education/knowledge that had the biggest impact on your trading what do you think it would be?
EverythingForex
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Not sure how you define "top 20%" but I'll just say that the biggest positive impact on my trading is getting a very good handle on trading psychology and just knowing, understanding and controlling my own psychological weaknesses. Being disciplined is so very, very important to trading success. The lack of mental toughness and patience are 2 of the things that almost ALL losing traders have in common. The actual mechanics of trading doesn't matter as much as novice trader's think. So that's why they go from system to system to system looking for that "holy grail" that doesn't exist. They want to blame their losing on a failed system when the reality is that they failed. Not the system. Truthfully, it doesn't matter what system of trading you use as long as it's a solid system with solid rules, if you follow it strictly using good money management and of course, having good control over your own psyche, then I would go so far as to say that you have too work very hard to lose! Not saying it's easy to make money trading. It's not. But if you do everything right, it's hard to lose money. And when I say "everything right", that is not meaning winning trades. With good money management, you only really need to win 3-4 out of every 10 trades to make money! Even a monkey just throwing darts at a chart as to where to buy and sell can do that!
CaimaMan
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"is not a easy way" they say !!!! but !!! the time is changing constantly, but YOU are YOU !! dont be distrustful.. learn about forex, about market ,about everything,, dont let "traders" get negative influence in you, all things is possible get ! just be disciplined and committed to this whit this and you can do it...
hard like "rock" and soft like a "cotton"
just, open you mind ..