This pair is bullish on the H4, but we are presented with this bearish Cypher which I just took, at market giving me a better entry price.
Some might wonder why to take a bearish pattern in a bullish trend. Well first because I'm trading the Cypher, regardless if in or against the trend. It's been backtested and is in my trading plan. So if a pattern presents itself, I got to take it (Remember, I don't get to choose which Cypher to take or not to take, it's my trading plan who decides that for me !).
Then, this pattern can hit T1 without breaking the trend as it may reverse after hitting T1 and continue to push up. It might even hit T2 without breaking the trend (think of a big spike down to hit T2 and then continue to push up).
You never know what markets will do and we can't control that. But what we can control is our analysis, our risk and apply our trading plan to the letter without any deviation from it !
Good luck in the markets today !
Some might wonder why to take a bearish pattern in a bullish trend. Well first because I'm trading the Cypher, regardless if in or against the trend. It's been backtested and is in my trading plan. So if a pattern presents itself, I got to take it (Remember, I don't get to choose which Cypher to take or not to take, it's my trading plan who decides that for me !).
Then, this pattern can hit T1 without breaking the trend as it may reverse after hitting T1 and continue to push up. It might even hit T2 without breaking the trend (think of a big spike down to hit T2 and then continue to push up).
You never know what markets will do and we can't control that. But what we can control is our analysis, our risk and apply our trading plan to the letter without any deviation from it !
Good luck in the markets today !