121219-121219 EURUSD PROFIT

PATTERN ANOMALY

As you can see, the orange pattern was a typical pattern, but there were a few back lashes after that as shown in the green region. Sos this caused a confusion, to which pattern should be taken. From my experience, the orange one is the true pattern, but I waited for the confirmation breach on the secon green pattern for the trade.

TRADE

As can be see, I put a sell, after the confirmation breach of the orange pattern. But took the FIBO levels for the first pattern. There were multiple issues with this trade. FIrst of all I miscalculated the takeprofit, which I put slightly below the 261.8% level. I was lucky enough to get out with a profit as the price, came very near the take profit and reversed. Also, I put the stoploss at the end of the green pattern backlash. This effectively reduced the takeprofit/stoploss ratio. I was lucky enough, to say the least.