Hi guys,
This is my first post regarding any indices or stocks as I was performing some back-testing of pattern formations on them.
This is a bearish CYPHER pattern @ 10014 and stop loss will be placed above the X leg which we use as good resistance in this case. Targets will be at the 38.2% and 61.8% retracement levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Trade Numbers:
Risk: 97 points x 2 = 194 points
Reward #1: 97 points. R:R = 1:1
Reward #2: 156 points. R:R = 1:1.6
Plan your trade... Trade your plan.
This is my first post regarding any indices or stocks as I was performing some back-testing of pattern formations on them.
This is a bearish CYPHER pattern @ 10014 and stop loss will be placed above the X leg which we use as good resistance in this case. Targets will be at the 38.2% and 61.8% retracement levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Trade Numbers:
Risk: 97 points x 2 = 194 points
Reward #1: 97 points. R:R = 1:1
Reward #2: 156 points. R:R = 1:1.6
Plan your trade... Trade your plan.
Trade closed: target reached
BOTH TARGETS HIT! TOTAL PROFIT ON TRADE= +253 POINTS
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.