Here we see a solid Cypher pattern on the dollar index. the reason i have elected this trade is because the cypher pattern here suggests the market will complete the larger crab pattern on the daily chart.
I believe that this completed cypher pattern will rally short all the way down into the 1.618 extension of the BC leg.
I have placed my entry at the lowest high of the cypher pattern, my stop is placed at the highest high of the pattern, and my limit is placed at the 1.618 extension.
The big picture here is a retracement down into around 89.2 and then a reversal to continue in an uptrend. but short term, we can make a few bucks on the way down.
Thanks for checking in, please feel free to comment your own opinions, like if you agree and follow me for more trades.
Thanks again and Good Trading
I believe that this completed cypher pattern will rally short all the way down into the 1.618 extension of the BC leg.
I have placed my entry at the lowest high of the cypher pattern, my stop is placed at the highest high of the pattern, and my limit is placed at the 1.618 extension.
The big picture here is a retracement down into around 89.2 and then a reversal to continue in an uptrend. but short term, we can make a few bucks on the way down.
Thanks for checking in, please feel free to comment your own opinions, like if you agree and follow me for more trades.
Thanks again and Good Trading