Here on the Silver/USD pair we have a bearish cypher pattern!
Along with the PRZ of the harmonic, we have an area of support/resistance and a weekly trend line- as shown below. Price has been making consecutive lower lows. With the high D point compared to the B coordinate, I expect price to go into some consolidation before either continuing or reversing at this level.
Risk for a cypher pattern is 1:2 as standard.
Cypher ratios
X:B = 0.382-0.618
A:C = 1.272-1.414
X:D = 78.6%
Along with the PRZ of the harmonic, we have an area of support/resistance and a weekly trend line- as shown below. Price has been making consecutive lower lows. With the high D point compared to the B coordinate, I expect price to go into some consolidation before either continuing or reversing at this level.
Risk for a cypher pattern is 1:2 as standard.
Cypher ratios
X:B = 0.382-0.618
A:C = 1.272-1.414
X:D = 78.6%
Trade active:
My Stop Loss has been re-set to 17.9 - the trade is now bulletproof and no money will be lost regardless of price continuing to our target level or reversing. Happy days!
