Important principle: Patterns fail and break into other ones that succeed. Channel support broke on AUD/NZD for my initial buy -- price has now fallen into a criteria zone of secondary entry. Some times the secondary pattern has higher accuracy than the first, and you can risk 25% more than your original position that got stopped out (for example 2% becomes 2.5%). What I do can vary based on context, however.
Split position -- showing the second/larger time frame execution (higher accuracy position for that one):
On Daily/Weekly time frame We are testing the bottom of a trading range -- specifically with an Inverted HS pattern with a healthy impulse followed by this test level. Additionally on the lower time frame (lower accuracy position with tighter stop not shown), there is a similar (fractal) pattern. That trade offers higher R/R. If that pattern holds there could be a larger impulse move higher to 1.058 and beyond without breaking 1.0385 on the downside.
The larger time frame pattern could hold regardless of that, and has my Entry: 1.0430 Stop: 1.024 Target: 1.09
-Always use a stop
-Trade with money you can afford to lose
-It's okay to be wrong about anything
-Think in multiple scenarios
Split position -- showing the second/larger time frame execution (higher accuracy position for that one):
On Daily/Weekly time frame We are testing the bottom of a trading range -- specifically with an Inverted HS pattern with a healthy impulse followed by this test level. Additionally on the lower time frame (lower accuracy position with tighter stop not shown), there is a similar (fractal) pattern. That trade offers higher R/R. If that pattern holds there could be a larger impulse move higher to 1.058 and beyond without breaking 1.0385 on the downside.
The larger time frame pattern could hold regardless of that, and has my Entry: 1.0430 Stop: 1.024 Target: 1.09
-Always use a stop
-Trade with money you can afford to lose
-It's okay to be wrong about anything
-Think in multiple scenarios