NZDUSD - BEARISH CYPHER + HOW TO MANAGE THE TRADE
Updated
There is a bearish Cypher pattern on NZDUSD H1 timeframe with D leg completion at 0.71990.
Entry: 0.71970
Stop: 0.72320
Target 1: 0.71690
Target 2: 0.71500
This is how I manage a trade like this.
Before entry:
1) Set pending sell order a few pips below D completion (to improve likelihood of being filled)
2) Set stop 10-15 pips above X
3) Set profit limit at the 61.8% retracement of the CD leg
After entry:
4) If price reaches target 1, close half of the position and move stop 1-2 pips below entry (locking in breakeven)
5) Do nothing, the remaining position is either stopped out for breakeven, or it moves lower to target 2.
Making very specific trading rules helped me overcome the impact of emotions on trading decisions. I still feel bad if the trade is a losing trade, and good if a trade is a profitable one. But these emotions have ZERO impact on my trading. All trading decisions should be made BEFORE entering you position.
If you have a questions leave them below!
Luke
Entry: 0.71970
Stop: 0.72320
Target 1: 0.71690
Target 2: 0.71500
This is how I manage a trade like this.
Before entry:
1) Set pending sell order a few pips below D completion (to improve likelihood of being filled)
2) Set stop 10-15 pips above X
3) Set profit limit at the 61.8% retracement of the CD leg
After entry:
4) If price reaches target 1, close half of the position and move stop 1-2 pips below entry (locking in breakeven)
5) Do nothing, the remaining position is either stopped out for breakeven, or it moves lower to target 2.
Making very specific trading rules helped me overcome the impact of emotions on trading decisions. I still feel bad if the trade is a losing trade, and good if a trade is a profitable one. But these emotions have ZERO impact on my trading. All trading decisions should be made BEFORE entering you position.
If you have a questions leave them below!
Luke
Trade active
Order hit overnight, trade now open.Trade closed: stop reached
Just hit stops. Trade closed
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