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Bullish Cypher

Couple of patterns on USDCADHey traders, i'm already involved in a USDCAD trade, but for educational purpose i want to share with you this setup in lower timeframe. As you can see in 4hr chart, we broke and closed below X, that invalidates our previous pattern (even though we're still in that trade) giving us reason to believe price is heading lower. Considering that, i search for selling signals down on 1hr and 15m timeframe. In 1hr chart we can see we have a nice bearish Gartley that completes at previous support that was broken. With such a small B, we'd get a inverse risk to reward ratio; that's way i would enter this trade some pips above the completion just to have a 1:1RR. In the meantime you can trade also the smaller Cypher and you could set second target up to D Gartley's completition. I'm not entering any of those cause i'm already involved, but i hope you find it useful. If you have any question, please ask. Otherwise, see you in the next chart!
Short
by Roker1
Oh Look at that, ANOTHER Failed Cypher PatternSo I have been doing a HUGE backtest on Cypher patterns. 2500+ hours and 15k patterns found on 26 currency pairs, 4 timeframes. Even did a YouTube video on it. Check out my YouTube page at karmasenge.com/youtube. The MAX win ratio that I could find is a 46% win rate on the USDJPY, Daily TF. And the average was around 43% win rate. Couple that with an inverse Risk Reward and you have the makings of a depleted account. The only people that I know of that get the so called 80% win rates are those guys over at TradeEmpowered. The guys that created the pattern in the first place. I have been through their courses, live trading rooms, etc. I know how they identify these patterns. But these patterns are TERRIBLE! Do not trade them unless you want to loose money. Don't fall for the marketing and gimmick BS.
by KarmaCashflow
EURO CYPHER PATTERN (How-to)Hi Trader, Here we have a bullish cypher pattern with d completion at 1.05540. I have my orders in ready to go. Read below to find the trade details and a step-by-step process of how you can trade the cypher pattern. Entry: 1.05550 Stop: 1.05080 Target 1: 1.06010 Target 2: 1.06310 1) Identify the X leg by looking for an 'impulse', or in other words a strong move in either direction 2) Take your fibonacci tool and draw from the the low (X point) to the high (A point) of the impulse move 3) If price retraces and at least touches the 38.2%, and does not close below the 61.8% of the X to A move then it becomes our B point 4) With the fibonacci tool drawn from the X to A, we now look for an extension of price (a move in the original direction) to at least touch the 127.2% and not close above the 141.4% fibonacci extension. This is the C point 5) We are now looking for the D point and the pattern will be complete. Grab your fibonacci tool and extend it to the highest high of the C point. The D point is a 78.6% retracement of the X to C 6) If price retraces to D the pattern is complete and we have a valid trading opportunity Harmonic patterns will make you money IF TRADED CONSISTENTLY, just like any strategy that has an edge in your favour. The discipline to take every trading opportunity is what separates the winners and losers in this business. If you found this useful leave a like, it motivates me to keep posting for you! Good trading, Luke
Long
by Beebags
2
OIL: Bullish CypherHi Traders, There is a bullish cypher pattern with a D leg completion at $41.90. This trade has been on my radar for a while now and it finally looks likely to complete. Trade details: Entry: $41.95 Stop: $38.90 Target 1: $45.55 Target 2: $47.95 The method I used to trade this type of setup is very simple. 1) Identify pattern 2) Place a pending order a few ticks/pips ahead of the D completion 3) Set stop loss below/above the X point 4) Set targets at the 38.2% and the 61.8% retracements of the C to D leg 5) If and when price reaches the 38.2% target, half the position is closed and the stop loss is moved to my entry point to protect profits 6) Let trade play out, only two outcomes are possible from here. Either the price moves to my 2nd target or to my stop and the trade is complete. Remember to leave a like if you found this idea helpful! Good trading, Luke
TVC:USOILLong
by Beebags
2