Trading Idea: Classic Support and Resistance vs. Harmonic Patter
Sometimes, the classic Support and Resistance trade is more effective than Harmonic Patterns. It may seem simple, but trust me, it isn't. First, you have to plot it the right way, and even then, different analyses will view the trend differently.
For example, I’ve recently got into shorting USDCAD.
Key Points:
- Support and Resistance: Often more reliable than Harmonic Patterns if plotted correctly.
- Different Perspectives: Proper plotting can lead to varied interpretations of the trend.
- Current Trade: Shorting USDCAD based on my analysis.
Strategy:
- Plan Your Trade: Always plan your trade meticulously and do not follow anyone blindly.
My Entries:
Shorted USDCAD: 1.3692(13)
ISL: 1.3740(-48)
TP1: 1.3666(+26)0.54
TP2: 1.3640(52)1.08
Remember, effective trading requires careful analysis and a well-thought-out strategy. What’s your take on the effectiveness of Support and Resistance trades compared to Harmonic Patterns? Share your thoughts and strategies in the comments!
For example, I’ve recently got into shorting USDCAD.
Key Points:
- Support and Resistance: Often more reliable than Harmonic Patterns if plotted correctly.
- Different Perspectives: Proper plotting can lead to varied interpretations of the trend.
- Current Trade: Shorting USDCAD based on my analysis.
Strategy:
- Plan Your Trade: Always plan your trade meticulously and do not follow anyone blindly.
My Entries:
Shorted USDCAD: 1.3692(13)
ISL: 1.3740(-48)
TP1: 1.3666(+26)0.54
TP2: 1.3640(52)1.08
Remember, effective trading requires careful analysis and a well-thought-out strategy. What’s your take on the effectiveness of Support and Resistance trades compared to Harmonic Patterns? Share your thoughts and strategies in the comments!
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