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 suddenly turns into a the problem though is I have no idea how to do that but I followed something written in my trade plan that when a completes such as the , 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 called the awaiting entry right at the top. If the D leg of the current extends beyond the 141 extension then the will become invalid and pain of the current 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.
Trade closed: stop reached: Quick and painless, just the kinda loss i like
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
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.