Hi Traders, another potential counter trade with the EURUSD, for those who also managed to enter the previous pattern and got long on this pair. We see now a signal for counter trade. I am currently long on this pair and GBPUSD and we hit both targets TP1 and end of the week not quite getting the TP2 but we are in for break even on the second targets either way. I think its sitting at around 120pips for TP2 at the moment.
We also have a 618 fib Ret confluence close to the 78.6 Cypher Entry from the Bat A Leg to the Cypher C Leg which adds to the probability for a reversal. We may also see a possible outside return before hitting our TP2 or the 78.6% Cypher Entry which may also add a harmonic move AB=CD which would add more probability for price reversal. RSI is also showing close to over brought. Not that I use this for my strategy just good to keep an eye on it.
As always Entries Stops and Initial targets are in screen. Pattern is invalid if we fall below C leg or move beyond the X Leg.
Enjoy
We also have a 618 fib Ret confluence close to the 78.6 Cypher Entry from the Bat A Leg to the Cypher C Leg which adds to the probability for a reversal. We may also see a possible outside return before hitting our TP2 or the 78.6% Cypher Entry which may also add a harmonic move AB=CD which would add more probability for price reversal. RSI is also showing close to over brought. Not that I use this for my strategy just good to keep an eye on it.
As always Entries Stops and Initial targets are in screen. Pattern is invalid if we fall below C leg or move beyond the X Leg.
Enjoy
Comment:
Entries hit on the EURUSD Cypher - TP1 and TP2 moved upwards to our 38.2% and 61.8% of the D completion - CD Retrace - BIG Bat paid off nicely and rolled over to hit all targets TP1 and TP2 - always good to get the counter trade we see often with advanced patterns - mostly when in consolidation and moving sideways.
Comment:
TP1 hit 35 pips Stops moved to break even for our target 2 - let it roll and see if we can get some more.
Comment:
Targets Hits nice trade indeed - Target 2 hit for +35 TP1 +64 TP2 for a total of +99 for the trade.