On the AudJpy 4 hour chart example of a bullish cypher pattern. Yes, all harmonic patterns have their own Fib. Ret and extension percentages you need to look up and know, if you use harmonic patterns in your trading.
Higher timeframes of 1 hour, 4 hour and daily work the best when using harmonic patterns, but can work on smaller timeframes- just less time for you to set up trades and react to candlesticks in real live time. Always wait for all harmonic patterns to 100% complete before you make a trade in opposite direction.
Number one rule is wait for all harmonic patterns to complete before entering in any trades, related to being the safest times to get in and having the best risk reward setups with highest win percentages in trading, then to jump in too early because you are not patience, but have a need to trade rather then wait.
Risk management is always #1, control what is in your hands to do like: What pair you trade, what price you get in, what session you trade and what time you are trading a certain pair. Also, entries, exits and/or targets, stop losses, etc...
Stay healthy & get wealthy-
Note: I will be looking at 1 hour charts on AJ for bullish trades to start this coming week off- r/t the completion of the bullish cypher pattern on example chart of 4 hours- there is around 70 pips to the upside to the target area of at least 50% on the fib. retracement tool (here on TV).
Higher timeframes of 1 hour, 4 hour and daily work the best when using harmonic patterns, but can work on smaller timeframes- just less time for you to set up trades and react to candlesticks in real live time. Always wait for all harmonic patterns to 100% complete before you make a trade in opposite direction.
Number one rule is wait for all harmonic patterns to complete before entering in any trades, related to being the safest times to get in and having the best risk reward setups with highest win percentages in trading, then to jump in too early because you are not patience, but have a need to trade rather then wait.
Risk management is always #1, control what is in your hands to do like: What pair you trade, what price you get in, what session you trade and what time you are trading a certain pair. Also, entries, exits and/or targets, stop losses, etc...
Stay healthy & get wealthy-
Note: I will be looking at 1 hour charts on AJ for bullish trades to start this coming week off- r/t the completion of the bullish cypher pattern on example chart of 4 hours- there is around 70 pips to the upside to the target area of at least 50% on the fib. retracement tool (here on TV).