Just broke this pair down in my Live Trading Room. After looking at the LLLC of the triple top highs, our traders were gearing up for a potential 2618/Kiss of Death trading opportunity. As we dug a little deeper into things we noticed that if we got the retracement back into previous structure then that 2618/KOD would be bet with a bearish bat which could be used as an entry reason.
If price action goes the opposite direction (or retraces and then makes a bearish dive) we also have 2 more advanced pattern waiting for us lower. A bullish Cypher and Bat pattern
I still do not follow this concept. If the plan fails more than 50% of the time, why would you use the plan? Even if you are leveraged with stop losses, this plan still would not work. Sticking to a plan that has less than 50% results, is not a plan at all. You could insert a trade with a stop at any moment without the hypothetical harmonic and do better as a trader. The results you have shown so far are less than 10%.
Akil_Stokes
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I'm not sure what plan you're talking about that fails more than 50% so i can't specifically address your question. But just in general terms, many trend continuation traders have win percentages that are as low as 25-35%. They take there handful of losses but when they catch the trend they hang on to it and capitalize. If you get the chance look up Richard Dennis and is "Turtle Traders" that's probably the most well know example of a famous trend continuation strategy that has a very low win percentage and was very profitable. Again, I wish I could address the specific strategy that you're referring to, but in general the "expectancy" of the strategy is what matters the most not the "win%" 25% winning strategies can make money and 70% winning strategies can lose money. I hope this helps out with your question if not please let me know.
moneymaking
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Hey akil, i just wanted to confirm that the market has not reached the 61.8% retracement yet, for 2618 trade to be valid, correct?