Hi, where do you put your stoploss in this patter to not be kickout prematurely?, i was setting it a bit lower 224%, but not that much and i was kickout befire it went up. Same thing with your AUDCHF idea. Thank you in advanced
Andre_Cardoso
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Hi hhc, sorry about the delay, and thanks for following.
So, i know people are getting focused on those +/- 10 pips from entry point or from point X, but those are the default values, and those values may act only as reference or guidance, since all market movers are already familiar with those levels and approaches, they will not bother too much to kick us out, and i have a few charts where you can validate that, price getting "extended" above or below what we consider reasonable in terms of structure, fib levels, support or resistance levels, pattern ratios or any other indicator that can help us to identify an entry point... that said, on Shark patterns, point D at 224% of B to C is already an extended movement, and usually a fast one, and that represents an emotional behavior of people, fear... most of the times it will be a strong movement and it will break the previous structure pressure zones (aka support and resistance zones), low's or highs... So, IF i have NO previous structure to guide me on my stops, i need other strategy, and that is synced with my equity, that is a risk management strategy, and that allow me to gain full control of my account. If i have NO previous structure as guidance, the maximum risk i allow myself to take with this pattern, is 1:1 risk reward situation...
... Then, adjust your fibs and targets on structure breakout