"Follow your the rules"
is what I usually advocate to new budding traders. By being consistent in your trading rules, then only you will know what works and what doesn't. Then from there you can start improving by looking at how to avoid the losing trades and how to add on to winning trades.
In Harmonic Pattern trading, one of the important rule is to wait for the completion of the pattern before taking the trade. However on this particular trade on the NZDJPY, I personally jumped the gun and took the short before the completion of the Bearish Bat Pattern. Reason being that I have spotted sellers coming into the market.
The more compelling reason was on the higher time frame H4 chart. The Bearish Shark has completed and there were signs of Sellers shorting the market.
There was also a Bearish Bat pattern on the NZDUSD. With all these reasons added together it makes a compelling reason to jump the gun and trigger the short on the M15 before it even completes. If course, a more idea scenario is to also see a pattern completion on the M15 too. But as you know, the world is now always perfect.
(Trade Review): NZDJPY Short
Currently I am sitting on +40pips profit. With stops above 73.52, I would be looking to shift the stops to breakeven to protect my profits when the market opens next week. Stay tuned
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By understanding the Forex market better and gathering more knowledge on trading methods & triggers, you could easily increase the probabilities of your trade success. Hence improving your trades and eventually your profitability.
To understand and learn more about how Harmonic Patterns works, stop procrastinating and drop me a line at support@harmonicforex.com You will be amazed !!! No obligations.