It has been pretty quiet on the live trading side of things since I reduced my portfolio to 2 pairs a couple weeks ago (so have been focusing on learning, and practicing as well as setting goals and structuring the future of my trading journey a bit better).
We are presented with an interesting opportunity with this Cypher here that could be taken with various target-taking scenarios :
1) conventional targets at 382 and 618 retracement
But because of where pattern is forming and because pair is trending on H1, scenario 2 and 3 could be considered as a trend continuation trade with extended targets
2) 618 retracement for T1 and retest of C leg for T2
3) retest of C leg for T1 and retest of previous resistance for T2
If patterns complete, I will be going for scenario 1 on my live account and will test scenario 2 and 3 on my demo account.
Good luck in the markets today, and wishing everyone a great weekend !
We are presented with an interesting opportunity with this Cypher here that could be taken with various target-taking scenarios :
1) conventional targets at 382 and 618 retracement
But because of where pattern is forming and because pair is trending on H1, scenario 2 and 3 could be considered as a trend continuation trade with extended targets
2) 618 retracement for T1 and retest of C leg for T2
3) retest of C leg for T1 and retest of previous resistance for T2
If patterns complete, I will be going for scenario 1 on my live account and will test scenario 2 and 3 on my demo account.
Good luck in the markets today, and wishing everyone a great weekend !
Trade active
Trade closed: target reached:
T1 hit. Stop moved to BE