Happy monday everyone,
WAnted to share with you guys a couple opportunity I have on my radar for the beginning of the week.
First this potential Bull Cypher on AUDCAD H1. If patterns complete with a candle close under the B leg, the H1 bull trend will be violated and will be looking to get involved with conventional targets on this pattern (38,2 and 61,8 Fib retracement). However, if it only spikes down and reverses without a candle close beyond the B leg, then the CYpher could be used for extended targets instead of conventional targets.
It all comes down to what YOUR trading plan says and how it allows you to get involved. In my case, it will be conventional targets in both occurences as MY trading plan does not allow me (yet) to take extended tragets on Cypher patterns.
WAnted to share with you guys a couple opportunity I have on my radar for the beginning of the week.
First this potential Bull Cypher on AUDCAD H1. If patterns complete with a candle close under the B leg, the H1 bull trend will be violated and will be looking to get involved with conventional targets on this pattern (38,2 and 61,8 Fib retracement). However, if it only spikes down and reverses without a candle close beyond the B leg, then the CYpher could be used for extended targets instead of conventional targets.
It all comes down to what YOUR trading plan says and how it allows you to get involved. In my case, it will be conventional targets in both occurences as MY trading plan does not allow me (yet) to take extended tragets on Cypher patterns.
