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If we get there, this Cypher would complete right at the .750 psychological level and at the top one of my older daily support zone. I would trail my first target with the .382 fib of the CD leg & I'd trail my second target with structure.
I can't get involved in this one as it doesn't fit my 100 pip stop limit however, if price moves up past the 786 and into my zone I'll certainly be looking for a short opportunity.
After correctly predicting the up move but not being able to get involved, maybe now I can get short? . . We have a double top in my daily structure zone, a couple of fibs & RSI divergence . . . Enough ? ? I'm not sure. I think I'll wait better conformation in my zone, maybe a pattern or 2618 opportunity!!
I still see no reason on the Higher time frame charts for price not to continue down into the 107's . . I have a couple of fibs lining up so with RSI also going over bought maybe I can get short.
After the news announcement this morning the GBP has pushed up into my daily zone. it seems to be slowing down now and may be ready to reverse. I have a 1.618 fib ext lining up with the top of my daily zone at the 1.2700 even handle. Nice potential RR if i can get filled !!
Price has moved back up into one of my daily zones so i'm looking to hop on my predicted bigger move down. Might be able to get in on a 2618 !!
Gartley entry failed so I re entered at a nice cluster of fibs. 5:1 RR means i can win less than half of these and still be in profit.
I don't trade Gartley patterns on this pair, this time frame but I will use one as an excuse for entry. I've been trying to get short this pair, maybe this is my chance, if it completes it's at a nice previous structure level too.. Nice RR as my targets are not conventional gartley targets, I'm looking for a re test of structure !!
looking for a continuation of the trend as I see no reason price wouldn't fall to my blue zone. if price comes back to the 786 fib of the last leg there is also a little fib confluence with the 382 from the previous leg. T1 at structure, T2 roll stops with structure. Simple but I like it that way, lets see where it goes !
My daily zone has been violated & we're in a down trend so I'm looking for a continuation to the downside. There's nice .786 & .618 Fib confluence. with my stop above that 116 for added protection. Nice RR, lets see how we go !
As we have a strong up trend I'm going to either enter at the .786 ret for a nice 2:1 RR or look for a valid reason for entry on the lower time frames if price enters my KILL ZONE !! My stops are placed at a 1.13 fib ext of the last leg. Good luck !!