Confirmations for Cypher Pattern:
- A to B must touch 0.382 but cannot exceed 0.618
- B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension)
- C to D must touch 0.786 of X to C
- First TP at 0.618 of D to C (Fibonacci)
- Second TP at 0.382 of D to C (Fibonacci)
Price still has to reach 0.786 for D completion and I'll be looking to buy at that area.
Good Trading.
- A to B must touch 0.382 but cannot exceed 0.618
- B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension)
- C to D must touch 0.786 of X to C
- First TP at 0.618 of D to C (Fibonacci)
- Second TP at 0.382 of D to C (Fibonacci)
Price still has to reach 0.786 for D completion and I'll be looking to buy at that area.
Good Trading.
Trade closed: target reached
Movement was fast, but reached blue area for our bullish movement passing second take profit and consolidating at 0.786 - 0.886 area.At this point Cypher Pattern has been completed and I expect price to do a minor bearish movement.
Good Trading.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.