Cypher Pattern setup on WBA! 80+% Win Rate on this ticker!I trade WBA 0.25%on a regular basis as I am a fond believer in understanding what you are trading. I have a hand full of stocks that I refer to as my "bread and butter" (this is one). as you mature as a trader, you will realized that consistent profitability boils down to-
1. Solid Trading Strategy that has been back-tested thoroughly!
2. A detailed set of rules and conditions that must be met in order to trade your back-tested strategy.
3. A trading plan that consists of Entries, Targets, and Stop-losses derived from your back-testing results.
4. A hand full of stocks that you know inside and out. You have watched them for long enough to almost sense there next movement. You have thoroughly back-tested many different variables in order to figure out what the best way to trade those stocks may be.
Of course there is more but I find these to be very important especially if you are just starting to trade.
I am bullish on WBA 0.25%moving forward however I have had great success with the cypher setup on this ticker and we are due for a retracement.. I have set targets at the . 382 retracement of leg C to D
(use Fibonacci retracement tool to pull a retracement from C to point D)
My entry was around 85.90 with a stop loss in the area of X. this trade typically averages 5-10 days on this ticker and hits a .618 more often than not however due to the recent retail sales numbers and the strength in the markets, I have chosen to take a . 382 retracement as opposed to a .382 for target 1 and .618 for target 2. I will be following this trade on the hourly chart as well. You will notice that we are currently forming a triangle pattern on the hourly chart and I will use the break of that triangle to manage my trade. if we break up out of the triangle then I will look for price to stall out around 86.50 and head down to targets..
P.S I might be looking for a long if targets are met on the current cypher pattern and we reach a price of 83.50 so be sure to keep and eye out for another idea if targets are met on this trade..
I hope this was helpful! Good luck trading and
$$MAKE SOME MONEY$$
