Good day all, Here we are looking at a Bearish Cypher pattern that completed and are now ready for entries. The main trend line here is a Bearish trend and we are sitting now with a Bearish Cypher pattern. RSI is at extreme overbought conditions and we are sitting at overbought +- 80.0 level. We aslo have a shooting star at ARROW A and a Doji Candle at ARROW...
A potential short opportunity at the completion of a bearish cypher which is the 0.764 retracement of the XC leg. Stops need to go above X. TG1 is at the 0.382 retracement from C to D. TG2 is at the 0.618 retracement from C to D
Here we are looking at 4 different type of patterns of which we have a Bearish Bat and Cypher pattern that completed and then we have 2 Bullish patterns Gartley and a Cypher pattern setting up. I could not draw in all the Fib. Retracements and Extensions due to it cluttering up my chart. Hope there is something on here that you guys did not see. Happy trading people ;)
Here we have a potential bearish Cypher pattern with trend. The Risk/Reward is not very good on this one about a 1:1 because of the last resistance area showed on the chart to be safe. We got about a 75-80 % win rate on this pair with Cyphers so thats the only reason for taking a 1:1 trade here! DISCLAIMER this is NOT a valid Cypher pattern, i made this idea too...
Short NZDUSD 0.8690-0.8700 SL 40-50pips TP1 0.8550 TP2 0.8250