GBPUSD 1HR - CYPHER PATTERN COMPLETION - Advanced Pattern
Hi Traders, just thought to get these 2 Cyphers up on a chart individually, here is the small Cypher Pattern which we see has hit our entries.
For those who aren't involved, things to look for is a Retest of our D Completion Zone. If you manage to get involved it will increase your R:R if we tested below the 78.6%
As you can see the R:R now for TP1 TP2 is minimized due to the low reversal. This happens often in Cypher Patterns - We almost hit our TP1 just off by 6 or so pips.
Entry - which ever you choose I always enter aggressive on Cypher - If it was me entering now I would certainly wait for a retest on the D Leg or at least a 78.6 Retrace on the D Leg in the lower time frame 15minute chart.
Targets - TP1 and TP2 are always conventional targets which a CD Retrace 38.2% 61.8%
Stops - always below X leg either Fib Based, Pip Based or R:R based which ever is in your rules. Stops are moved to Break Even if we hit our TP1
Pattern is invalid if we violate the X Leg
Enjoy and happy trading this coming week.
For those who aren't involved, things to look for is a Retest of our D Completion Zone. If you manage to get involved it will increase your R:R if we tested below the 78.6%
As you can see the R:R now for TP1 TP2 is minimized due to the low reversal. This happens often in Cypher Patterns - We almost hit our TP1 just off by 6 or so pips.
Entry - which ever you choose I always enter aggressive on Cypher - If it was me entering now I would certainly wait for a retest on the D Leg or at least a 78.6 Retrace on the D Leg in the lower time frame 15minute chart.
Targets - TP1 and TP2 are always conventional targets which a CD Retrace 38.2% 61.8%
Stops - always below X leg either Fib Based, Pip Based or R:R based which ever is in your rules. Stops are moved to Break Even if we hit our TP1
Pattern is invalid if we violate the X Leg
Enjoy and happy trading this coming week.
Comment:
TP1 Hit +30 - reduced reward due to lower D completion. Stops moved to Break Even for our TP2
Trade closed: target reached:
TP2 hit +60 - Total +90 - Consistency = Discipline