ollyt33
Short

EURUSD Bearish Cypher

FX:EURUSD   Euro / U.S. Dollar
Bearish Cypher completion here. Limit order at the D point with initial stops ATR based. Trail stops as price moves lower until they are hit.

Based on my brokers quotes the C point didn't actually hit the 1.272 level and therefore, you could class this as an invalid Cypher trade. I will be taking the trade however, as it was 0.5 pips away from hitting the 1.272 and, as mentioned previously, these fib levels are zones of support and resistance

Good luck.
Dec 19
Comment: I will be waiting for the limit order to be hit however, if it is in your trading plan, this might be a good opportunity to enter the trade short here. The double top & RSI divergence at previous structure resistance coupled with the completion "zone" of a Cypher pattern... Everything adds up to a nice setup.

Dec 19
Trade active
Dec 19
Comment: Stops Moved Lower

Dec 20
Comment: Stops moved lower

Dec 20
Trade closed: stop reached

Comments

I agree but your cypher drawing is wrong here. You should us the cypher draw tool and not the garley tool. Hereby my drawing .... regards!
Reply
ollyt33 vduquenne
@vduquenne, Ah, very true. I trade through mt4 so just use TradingView to record my trades. But yes, for the the purpose of other people looking at the pattern I should've used the Cypher tool!

Nice chart ;)
Reply
@ollyt33, true that it formed the pattern
Reply
ollyt33 MarxBabu
@MarxBabu, Nice interpretation!

Hope this plays out well for us all...

As mentioned in my post, I'm trailing my stops to make the most of a large push down so we'll see if price continues further as yours suggests!
Reply
@ollyt33, TSL is very much important.
Reply
ollyt33 MarxBabu
@MarxBabu, Very true, yet I rarely see it used alongside Harmonics/Advanced patterns
Reply
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