Just missed the cypher on Friday with this pair. Hopefully we can make up for that by completing the bearish cypher (orange) while we consolidate in this ascending wedge pattern.
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Hi StevenH, why have you got SL @ 1.43312, resistance seem to be @ 1.43079 ?
Past 3 times price bounced off this point and would be a better risk/profit ratio......glad for your thoughts as usual.
StevenH
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Hello, Thanks for the comment! The reason my stop is a bit higher than previous resistance is because i want to give the trade a little room just in case we get a long wicked candle that goes past the 1.3079 level and gets pushed back down to close below this level. During my testing process a while back i discovered that putting stops right at previous resistance on the advanced patterns i trade actually gives me a less profitable strategy than putting stops above that level. Hope this explains my reasoning pretty well and thanks for the interest in my post!