I just put out a video on how you can bracket the market using advanced patterns. I also cover how to be 2 steps ahead of the market if and when one of the patterns gets filled.
Here on the USDCAD chart, we have a bearish bat pattern (Blue) set to complete at 1.32939. At minimum stops need to be above the X-Leg at 1.33126. I will personally be using an ATR based stop. Target 1 will be at the 38.2 retracement of the entire pattern at 1.32352 and Target 2 will be at the 61.8 retracement at 1.31985. Since Target 2 is right below the 1.32000 even handle, I will personally be front running my Target 2 at 1.32050. As always make sure to follow your rules.
Now the pattern in purple is a bullish cypher pattern. This pattern will potentially complete at 1.31680. Now the R/R on this setup (depending on how you place your stops below the X-Leg) to Target 1 will be inverse, so if you don't take trades where you risk more than the potential reward, then this setup isn't for you. Me personally i take every Cypher pattern I can, because even with an inverse R/R the pattern has a high enough Win% to give me a positive expectancy. So Target 1 at 1.3205 and Target 2 at 1.32368.
Here is the link to the video: https://youtu.be/hvCSugyaJg8
Hope you enjoy it.
Good Luck and Good Trading!
Here on the USDCAD chart, we have a bearish bat pattern (Blue) set to complete at 1.32939. At minimum stops need to be above the X-Leg at 1.33126. I will personally be using an ATR based stop. Target 1 will be at the 38.2 retracement of the entire pattern at 1.32352 and Target 2 will be at the 61.8 retracement at 1.31985. Since Target 2 is right below the 1.32000 even handle, I will personally be front running my Target 2 at 1.32050. As always make sure to follow your rules.
Now the pattern in purple is a bullish cypher pattern. This pattern will potentially complete at 1.31680. Now the R/R on this setup (depending on how you place your stops below the X-Leg) to Target 1 will be inverse, so if you don't take trades where you risk more than the potential reward, then this setup isn't for you. Me personally i take every Cypher pattern I can, because even with an inverse R/R the pattern has a high enough Win% to give me a positive expectancy. So Target 1 at 1.3205 and Target 2 at 1.32368.
Here is the link to the video: https://youtu.be/hvCSugyaJg8
Hope you enjoy it.
Good Luck and Good Trading!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.