Harmonic are great for trading corrections, while not perfect they offer good R:R and a decent win%
AUDCHF is currently in a range that I have been playing on both sides, right now I am currently short based on the bat pattern and taken T1, orders are set to go long on the bullish cypher just below
This happens quite often on any time frame, so it is just another example of using harmonics to trade corrections
No guarantees this will work... as we now have 3 tests of the high of the range and 2 tests of the low so could push lower but I'm not too concerned as I'm currently short,
I may get stopped out but that is the name of trading - trade what you see... not what you think! and one trade does not mean much in the scheme of an overall strategy in fact, you expect to lose x% of the time based on your tests!!
AUDCHF is currently in a range that I have been playing on both sides, right now I am currently short based on the bat pattern and taken T1, orders are set to go long on the bullish cypher just below
This happens quite often on any time frame, so it is just another example of using harmonics to trade corrections
No guarantees this will work... as we now have 3 tests of the high of the range and 2 tests of the low so could push lower but I'm not too concerned as I'm currently short,
I may get stopped out but that is the name of trading - trade what you see... not what you think! and one trade does not mean much in the scheme of an overall strategy in fact, you expect to lose x% of the time based on your tests!!