Bearish cypher which triggered today. This looks like a nice trade at the moment, completion also is found around previous structural levels which adds further credibility to the pattern. RSI moves towards oversold but didn't quite move enough to perfect levels. Targets set using a fib retracement, T1 @ 0.382 T2 @ 0.618. stops set at a 1.113 extension of...
Strategy draws from engulfing style candles and has been both back and forward tested. As with everything money management is key to consistent profitability. Watch for a candle in which the body engulfs the previous candle, also the wicks of the second candle also engulf the wicks of the previous. Entry for trades such as this are on the close of the engulfing...
