I am currently having NZDUSD short position on the smaller cypher on the 60m chart, Anyway this bearish cypher is forming, I'll just keep an eye on that one too, I don't know and don't care if it'll reach up there or what news would be when it'll reach there, I just know that I'll be a seller when it's there. my strategy for that one is on the chart. enjoy!
anyone has a clue why target 2 is 128 pips away from my entry?
I am not trading gold usually, but I see bullish bat pattern forming
GJ forming cypher pattern, has some positive resistance to the left description on the chart
potential bullish cypher entry below 78.6% stop @ red line/close below red rectangle Targets lime line B point would move stops to B/E.
Entry @ blue line, stop at red line or close above red rectangle target 1 green line target 2 bullish bat pattern completion
Textbook stuff, my entry is at blue line, textbook entry would be at the 78.6%(6 pips below my entry) targets are green lines stop is the red line or close above red rectangle.
Ratio aren't perfect for cypher I'll try to reach the completion of the bearish bat of the 240m chart, good R:R. entry - blue line stop red line
Tradeable because it doesn't fits on fib rules for Cypher perfectly entry @ blue line stop @ red line targets @ green lines
Potential cypher is forming on EURAUD 240m, I'll buy below 78.6 of the cypher termination my stoploss below X @ red line Target 1 lower lime line + B/E Target 2 upper lime line
entry @ blue line Stop @ red line or close below red rectangle 1st target lower lime line + B/E 2nd target upper lime line.
Entry over blue line(right above 88.6%) stop below X around 1.13% or when price close below red rectangle zone(60m TimeFrame) Risk Reward isn't attractive, so I'll set breakeven @ the first green line and try to catch the whole move to the upper green line - 60 pips approx.
EURGBP setting up for bearish bat, short entry around 88.6% of XA red line would be my stoploss upper lime line would be Target 1 + B/E lower lime line would be Target 2
StopLoss below X(red ray) Target 1 & B/E @ 1st Lime line(below) Target @ @ 2nd Line Line(upper)
if price close below pivot A it'll negate the trade, The rest is over the screenshot
We don't live in a perfect world, hence no all patterns are perfect patterns, this is tradable gartley and if there are sellers in the market they are around the rectangle of point X