Harmonic trade – practical aspects
The trade in the annotated chart below shows how a Cypher pattern was spotted and trade taken to successful completion. Full credit is given to Alexander Nikitin from Tradingview. Big thanks is given to Alexander for his fine and generous work.
This trade was live earlier in the day. I had questioned whether the D point met the Cypher criteria. Alexander explained the situation very clearly – and the relevance of the D point is explained on the chart (in this particular trade).
Importantly – there are practical aspects to applying criteria and taking trades. If one holds too rigidly to the criteria for finding the patterns, one can miss quite a good opportunity. That is the main lesson I’ve learned from this experience. This does not mean that one ‘massages’ the criteria.
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