Guys, This is why I don't take multiple profit targets. Most harmonic traders will take targets at the 38.2% Fib level, and the 61.8% Fib level and maybe even a third profit target at the 100% level.
I ONLY take at the 38.2% Fib level. And I take everything off at that point.
In my testing,(backtesting, demo trading and Live trading) I found that...
So I have been doing a HUGE backtest on Cypher patterns. 2500+ hours and 15k patterns found on 26 currency pairs, 4 timeframes. Even did a YouTube video on it. Check out my YouTube page at karmasenge.com. The MAX win ratio that I could find is a 46% win rate on the USDJPY, Daily TF. And the average was around 43% win rate. Couple that with an inverse Risk...
Here we have a secondary retest of the PRZ. If you missed the Entry on the initial test of this Bearish Bat Pattern, you could entry here.
Stops above X
TP1 at the 38.2 Fib level
TP2 at the 61.8 Fib level
I meant to post both of these trades up but forgot to actually post them. But here you can see two very distinct patterns (Bat & Cypher) that were back to back and both very successful. I might not have posted them in time but you can learn from just looking at the patterns and seeing how successful harmonic patterns really are.
I will be looking to short this level due to the convergence of 3 harmonic patterns (Gartley and 2 bat patterns) along with some decent support and resistance. TP1 will be at the 382 level and TP2 at the 618 level.