JoMarshall
Long

I'm Looking To Turn A Gartley Pattern Into A Cypher Pattern

FX:USDCHF   U.S. Dollar / Swiss Franc
Yeah you read the headline right and just in case if you were wondering I used to be a magician......nah i lied. Anyway let's pretend I was a magician and and you are about to witness something amazing where a gartley pattern suddenly turns into a cypher pattern the problem though is I have no idea how to do that but I followed something written in my trade plan that when a bullish pattern completes such as the gartley , there is a huge chance (usually about 60%) that the market is likely to reverse and go back up and if that ends up happening then depending on how far the D leg extends, we might have another bullish pattern called the cypher awaiting entry right at the top. If the D leg of the current gartley pattern extends beyond the 141 extension then the cypher pattern will become invalid and pain of the current bullish gartley trade is likely to intensify as the market will be flirting with our stop loss which is below the 141 extension. When is this dude going to shut up? ok fine you win, i better shut up now lol.

http://www.tradewithme.co.uk
Trade active
Trade closed: stop reached: Quick and painless, just the kinda loss i like
Mate, if you call this...
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hijack310 hijack310
Unless we go down into 1.00716 now in which case we have the bullish cypher.
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hijack310 hijack310
No, not quite. Was looking at a potential butterfly, but we didn't get the 0.786 B retracement for that. Nvm.
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JoMarshall hijack310
No there is a cypher that will complete at 1.0045
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JoMarshall hijack310
Yeah I have my eyes on the cypher as well but I'm not pass on a trade if it meets my plan simply because there's a chance i might lose. I aim to win only 50% of my trades and that's enough for me to generate consistent returns with my money management. So lose or win, it doesn't matter, always another another opportunity round the corner like the bullish cypher you mentioned
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hijack310 JoMarshall
Nice spot again, I'm fairly new to this so thanks for the heads up. Totally with you on the trading plan philosophy, gained some great advice from the Trade Empowered videos by Jason Stapleton on YouTube.
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JoMarshall hijack310
No worries, the thing is no matter how good any trader is he's only gonna win 50-60% of his trades in the long run so that should tell you that losses occur more often than you think so it all comes down to money management and controlling your risks, that's easier said than done of course. Jason is a great teacher btw, one of the few technical traders i respect.
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hijack310 JoMarshall
Do you know any good free videos on effective position sizing and money management?
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