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My stop is triggered at EUR/USD. The same story was on USD/JPY where the pattern was broken on hourly chart.
Can someone advise on how to enter? How is pattern be confirmed?
EUR/USD and EUR/CAD may be ready to retrace.
That's actually a very good question - how or when to enter? Most reading will tell you to buy (sell) at D, but in reality you aren't sure if this is D or not.
What I usually do is use pending orders (buy/sell stop) instead of directly entering the trade when it comes to patterns. From your sample it would look something like the attached image. I try to keep the Stop loss above the point which I believe is D.
How about others? Any suggestions regarding this and regarding confirming D before entering the trade?
We definitely should create entering rules... Most of patterns on history (I checked) fail...
That's actually a very good question - how or when to enter? Most reading will tell you to buy (sell) at D, but in reality you aren't sure if this is D or not.
What I usually do is use pending orders (buy/sell stop) instead of directly entering the trade when it comes to patterns. From your sample it would look something like the attached image. I try to keep the Stop loss above the point which I believe is D.
How about others? Any suggestions regarding this and regarding confirming D before entering the trade?We definitely should create entering rules... Most of patterns on history (I checked) fail...
Candles talks
Most patterns fail simply because most patterns posted here are - if you want to be precise - invalid. The EURUSD one you just posted is not a valid pattern, look at the retraction numbers. Ibn Fernas posted a reference table some time ago (attached again), retractions should be the same or at least very close to these numbers (0.886 AB should have 1.270 CD for a valid pattern).
I found that the ZUP indicator while helpful can be very misleading and you shouldn't enter a trade just because it shows a pattern.
chf
+460 pip
eur\cad 16 march
ab=cd
eur\aud 16 march
Possible Gartley
aud\cad 16 march
Butterfly again
eur
+420 pip