FX:USDCAD   U.S. Dollar / Canadian Dollar
This situation appears quite frequently in the markets. I always take both patterns. The are four types of outcome here: 1) Bat loses and Cypher wins 2) Bat wins and Cypher don't trigger 3) Bat wins and Cypher wins 4) Bat loses and Cypher loses. The patterns are not anyhow interconnected to each other so the bat outcome doesn't influence the Cypher outcome. Outcomes #1 and #2 are the most common. Click "thumb up" if you find the information usefull. Click follow if you want to stay updated with my ides. You support is really important for me)
Comment: There is another outcome when no trades trigger.
Comment: Now bat pattern turned into gartley.
Trade active: gartley pattern was triggered.
Trade closed: target reached: gartley pattern took profit. Waiting for cypher pattern to trigger.
Comment: Cypher pattern didn't trigger.
How long do you leave the trade open? If clearly price has missed the entry point and has shot up well past what would have been the target, do you just leave the trade open? The reason I'm asking is because I imagine that leaving the trade open could possibly leave another pattern to develop which works against the original trade set up.
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Alexander_Nikitin Captain_Walker
I do not have two open trades. As soon as gartly hits the stop, I enter cypher at market. The cypher pattern is valid until price penetrates C-point.
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Awesome.
+1 Reply
Excellent catch!
+1 Reply
Alexander_Nikitin morshedul.sazid
you are welcome
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Double thumbs up, I support this post, thank you!
+1 Reply
thank you
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