EverythingForex

CLOSED TRADE: USDCAD: BUY@1.30145 SL HIt -(76 pips)

FX:USDCAD   U.S. Dollar/Canadian Dollar
720 15 8
I have closed this trade with a -75 pip loss. Prices have broken below the X point of the cypher I had initiated this trade on so the reason for this trade has been invalidated. Will now wait for another LONG setup to get LONG. But for now, I am on the sidelines.
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price must rally soon
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That doesn't look to be a valid Cypher. What caused you to ignore your "iv" point?
+2 Reply
It's a valid cypher only on the DAILY TF as it conformed to all the rules. But in retrospect, I knew it was an "unusual" cypher at best but I decided to use it. As for the (iv) point, my trade was based on the the cypher and the possibility that the corrective wave (A) as I labeled the down trend to be coming to an end. The (iv) point did not come into play for the wave (A0 correction as that wave (A) is not correcting that leg. But, I was wrong.....c'est la vie!

So next time, I will stick with more conventional cyhers! :) Thanks for pointing that out, Akil.
+1 Reply
Akil_Stokes PRO EverythingForex
I mean How can you ignore that as being you "B" leg of the cypher?
+1 Reply
This is the cypher I was seeing as it "fits" all the criteria for a cypher. It only does so on the DAILY TF for sure. But being that you work with Jason and it's Jason's rules I follow, what do you think in these kind of cases where a pattern is valid on one TF but not another? Or do you believe it needs to be valid on ALL TF's before it can be considered a valid cypher? I would deffer to you on the answer to that since you and Jason came up with the cypher pattern. I'm sure your answer will be of much interest and usefulness to anyone who sees this.
snapshot
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Akil_Stokes PRO EverythingForex
it doesn't fit the criteria. The B leg is wrong, as it should be at the point you have marked as "c" What i mean by ignore is you're ignoring the lows of the "B" leg. Just look at the wicks that exist. yes it doesn't close below but you still have to draw with your triangle tool to the lows and because of that you're D completion is not going to be beyond you B leg making it an invalid cypher pattern.
+1 Reply
Akil_Stokes PRO EverythingForex
and by the "B" leg I mean the point that you have marked as "C" the swing low before the new structure high. Do you see how your analysis cuts right through it like the market never made that low?
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Yep! you are correct. I missed that. The B would've been lower than the D. No wonder I lost on that trade! Good point! Lesson learned. Thanks!
+1 Reply
Akil_Stokes PRO EverythingForex
No problem, glad I could help clear that up
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I like you. You are real, showing the failure. We learn from our failure the best. Keep up the good work.
+3 Reply
Everyone loses. No reason to hide it. If anyone tells you they never lose.....run away from them!
+3 Reply
EverythingForex PRO EverythingForex
Guess I got "blinded" by the pips dancing in my head! LOL!
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Buy monday.
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Yahia.Awes Yahia.Awes
snapshot
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Yahia.Awes Yahia.Awes
bearflag on usoil is bullflag on usdcad :)
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