EverythingForex

FINAL UPDATE: USDCAD: Quick Trade - Bull Bat & Bear Cypher Done!

FX:USDCAD   U.S. Dollar/Canadian Dollar
89 2 1
Tp1 and TP2 hit on both these trades. Both were easy no-sweat, no pain trades. Wish they were all like this!

This is the power of having a trading plan, guys! If you followed the plan, you booked an easy 152 pips. This isn't to brag but to show how having a trading plan and more importantly STICKING TO IT is an essential part of trading success. You must stick to your plan despite so much other "noise" telling you otherwise. And here just like on any other trading advice forums, there is A LOT of "noise". There will ALWAYS be differences of opinions as to what is gonna happen. That's why the market moves up and down! You need to have sellers and buyers at all times in order to make money. It's a zero sum game. Of course, there are always going to be losing trades. No one is perfect at this. You just have to have either more winning trades than losing ones and/or larger winning trades than losing ones. That's the all important MONEY MANAGEMENT concept. I would say MM is THE most important skill you must learn! But that is a discussion for another day.

Now it's Friday and volume/activity is dropping off after the London close.. Not expecting much more good trading opportunities today so puttin away the charts and gonna unwind. I don't suggest to hold any positions over the weekend due to the uncertainty of several high profile global events. Come Monday when the markets open, you may see large gaps as with the last 2 weekends. Better to not take unnecessary chances. Will start again next week and re-evaluate before taking action.

Good luck to all and have a nice weekend!
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seekingprofit
a year ago
Thanks for the wonderful advice. Where do I learn the Bull bat and Bear cypher?
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EverythingForex PRO seekingprofit
a year ago
Since you are new to harmonics (I must assume you are because you are asking!) but I don't know how much experience you have with trading in general, I'll just point your towards several different good resources about harmonics and also trading if you don't mind:

Books to read:
1. The Harmonic Trader
2. Harmonic Trading Vol. I & II by Scott Carney
3. The Disciplined Trader by Mark Douglas
4. Trade What You See by Larry Pesavento

I highly recommend Jason Stapleton's Pro Trader Bootcamp Forex Trading Course. He is also the one most credit with discovering the Cypher pattern and the 2618 pattern. If you need more info on that, contact Akil Stokes. You can find him here on Tradingview. He is an active contributor and he works with Jason.

There are several very good trader's here who know and trade harmonics. And they are very generous with their time in posting a lot of helpful advice and tuts. Here are 2 I highly recommend you follow (please forgive me if I left out some other harmonics guys! But I think everyone agrees about these two!):

1. Akil Stokes - knows harmonics inside and out
2. Alexander Nikitin - He put out a series of excellent posts on trading bat patterns

I do want to caution about going out on the internet and finding stuff on harmonics. First, you'll get overwhelmed by the sheer amount of material out there. And second, as the rules of harmonic trading gets passed around, just like the whisper game everyone played when they were kids, they've changed and there's a lot of misleading and incorrect information out there!

Hope this helps and feel free to ask me any questions. I'll answer the best I can and whenever I have the time.

Good luck and good trading!
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