Bearish Cypher Pattern about to complete on the DOW/DIA

Updated
Hey Traders, We have a Bearish Cypher Pattern on the 1 hour chart. This looks like a good setup to go short. Price may not reach the traditional entry of the cypher pattern (.786 retracement) due to areas of resistance. I will be taking a conservative entry on this trade. I am looking to enter a short position around the 205.50-205.70 price level.

Entry 205.50-205.70
Target 1- 205.00 if Target 1 is successful, I will look to roll stops to near break even for Target 2.
Target 2- 204.40-204.50
Trade closed: target reached
Target 1 reached and filled at 205.00! Target 2 was initially at 204.40-204.50 however price continued higher after my entry. According to my rules and the way I trade the cypher pattern, I adjust the fib retracement to the highest point before price reverses. after adjusting the fib tool, the .618 Retracement level was around 204.62. I look to sell within 10 cents, points, tics etc of my Target price. unfortunately price came within 5 cents of my target and I was not filled. Target 2 is now at 204.75 with stops near break even. Another Great Trade!
Trade closed: stop reached
Unfortunately I was not able to get target 2 filled and was later stopped out of this trade due to the gap in price! This is a very good trade to learn from especially if you are new to trading.. These can be very frusterating trades when you are first starting out but over time you start to understand that these things happen and there is nothing you can do. You will get caught in these from time to time however this is why it is a good idea to backtest your strategy with 2 Targets on certain symbols. My Target 1 was reached fairly quickly for a nice profit so being stopped out on Target 2 was not a big loss. we were able to come in just around break even on this trade (a little in the red but not by much, thanks to a succesful target 1). I hope this was a helpful and educational trade. Thanks Traders!

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