This shows a double top with super strong bearish RSI as well as an engulfing candle on the 1hr at the double top LH. Expected retracement to the previous support.
looking at the D chart you can see the 61.8 retracement of the original move with a 1:1 ABCD pattern for confirmation as well as the bearish divergence on the RSI Short to previous structure.
At this level I am predicting the market to respect previous structure levels. At this point it is a 1/1 measured move, with 4 confirmations being: 1/1, 1618 extension, overbought on RSI, previous structure levels. Looking to short at this level pending I receive a double top for a passive entry. Good luck traders!
H4 bearish cypher entered at 139.307 and take profit 1 is at the 137.980 area of about 140 pips or so SL is 85 pips or so. Happy trading and good luck.
EU h4 bat possible completion through the night and hopefully get activated for our short around 1.07595 area then short to the 382 or monitor and go to the 618
This is what I saw on the H4 of GBPUSD. A bearish cypher pattern which got activated this morning. Target 1 is at the 382 retracement of CD and 618 is potential target 2. Almost a 1:1 reward opportunity.
