NZDJPY (Cypher Pattern) - 4h Chart
Updated
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)
- Third TP would be back at support (point C of Cypher Pattern)
There's also a possible bullish movement after second TP is been reached.
Good Trading. - 4h Chart
- 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)
- Third TP would be back at support (point C of Cypher Pattern)
There's also a possible bullish movement after second TP is been reached.
Good Trading. - 4h Chart
Note
Bearish Three Drive Pattern:- 3 tops
- ABCD pattern inside Three Drive pattern
- ABCs between each retracement or consolidation
- Divergence inside MACD
- Trend-Based Fib Extension for D completion (1.272 - 1.414)
At this point we are at the top of the Cypher Pattern in 4h, so im looking for bearish entries in minor timeframe.
Good Trading. -5min Chart
Note
Three Drives Pattern was completed and made a double top for resistance at 1.272 - 1.414 area.At this point Cypher Pattern trade is actice and were bearish.
Good Trading. -5min Chart
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