For this setup, I was looking for a bullish breakout as price was in an uptrend. I set a buy stop at 0.88538 with my stop loss below the previous low and my target extended past the previous high. This gave me decent risk/reward of 2.
Price did break out towards the upside, however it was short lived as price reversed into my stop loss. Basically I was in an out of profit. At this point, price seemed to have formed a descending wedge, which I drew on the chart. Price eventually broke out of the wedge bearishly, stopping me out for a loss of 25 pips and 1R.
I had a bullish bias on this pair as price was bullish prior to this. I placed a buy stop at 110.857, with stops below the previous low and I was targeting 60 pips, giving me a decent risk/reward of 2.
Price pushed past my entry but could not sustain its bullishness. Stopped out for 30 pips and 1R. In hindsight, price rejecting the supply zone (red box) was a good indication that price was not looking to go higher.
Our first cryptocurrency setup, provided by the crypto trader in our team, Amsyar Afiq. Price was in a long term bearish channel (seen clearly in the first image), and he was looking for a selling opportunity at a level of resistance (red line). His plan was to wait for price to go past the resistance before setting a sell stop at 479.89. His stop loss was 1500 pips and target was 3000 pips, which confluences with a possible retest of the symmetrical triangle. This gave him a decent risk/reward of 2.
Price went past resistance and triggered his sell stop. Stops were moved to 458.16, due to structure and he was trailed out for 2173 pips and 1.45R in profit.
Afiq identified a selling opportunity at the upper band of the bearish channel which price was in. Price recently broke resistance and was potentially making its way to resistance, which was previously support (purple line). His plan was to wait for price to go past resistance before setting a sell stop at 810.52, with his stop loss going above the purple line and target back at support below. This gave him a decent risk/reward of 2.
Just like ETH/USD, price triggered his sell stop, immediately showing rejection of that zone. Eventually, price hit his target for a 6000 pip and 2R winner. Not too bad for our first two crypto setups.
Back to Forex! I was looking for a selling opportunity due to resistance. The plan was to wait for price to go past resistance (blue line) before setting a sell stop at 0.74046, with stops going above the previous high and targeting 50 pips. This gave me a good risk/reward of 2.5.
Price spiked past my entry before retracing and triggering my sell stop. In the second image, I was up about 20 pips and was looking to trail my stop loss to protect profits.
In the third image, price was so close to my target before reversing. Stops were moved and I was full of hope that price could continue its bearish run. Unfortunately, price retraced all the way to my entry to stop me out at breakeven. This was a good setup but I was unlucky with the target.
This was a buying opportunity due to a bullish Cypher pattern. I placed a buy limit at 128.665, with stops below the X leg and target back up at the C leg. This provided a good risk/reward of 3.
This was a straightforward setup, which is one of he benefits of trading harmonic patterns. Of course, this setup was identified by Polygon.
Price pushed into my entry for a few pips before reversing strongly. Target was eventually hit for a total of 90 pips and 3R.