Hi All, just thought to get this potential counter trade up. There is a possibility if we see price action fall and hit our targets for the Daily BAT to counter trade a Cypher Pattern
Keep in mind the previous BAT is now invalid due to the X leg being compromised. How ever if you are in this trade performing a top down analysis shows that we havent closed above the previous structure.
Also this Cypher will be invalid if price action closes beyond the 1.414 Fib Extension from XA leg came very close but not quite closing past it. This is why we see the risk reward for the Cypher being less than a 1:1
Be great if all the stars align and we see price fall.
As always Stops are beyond our X legs
Targets are initial a 38.2% and 61.8% Retrace from C to D legs and targets are moved until we have our D completion
Entry is always 78.6% for Cypher and this may also depend on your rules and backtesting results.
I will update further through the week as we watch this pair. Enjoy
Keep in mind the previous BAT is now invalid due to the X leg being compromised. How ever if you are in this trade performing a top down analysis shows that we havent closed above the previous structure.
Also this Cypher will be invalid if price action closes beyond the 1.414 Fib Extension from XA leg came very close but not quite closing past it. This is why we see the risk reward for the Cypher being less than a 1:1
Be great if all the stars align and we see price fall.
As always Stops are beyond our X legs
Targets are initial a 38.2% and 61.8% Retrace from C to D legs and targets are moved until we have our D completion
Entry is always 78.6% for Cypher and this may also depend on your rules and backtesting results.
I will update further through the week as we watch this pair. Enjoy