Akil_Stokes
Short

AUDCHF: Bearish Cypher

FX:AUDCHF   Australian Dollar/Swiss Franc
Brought to my attention by one of my Syndicate Members, what we're looking at is a bearish Cypher pattern. If you take a look at the recent movement of the market we've just put in a new structure low (LLLC) and the Cypher completion comes at a retracement back into previous structure along with a 38.2 Fibonacci retracement from our bigger swing.

Unfortunately for me this isn't a pair that's in my trading portfolio so I won't be able to participate, but certainly thought it was worth             the share for those that do trade this pair.

Akil
Trade Empowered

YouTube: https://www.youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg
Blog: http://ratiotradingmentor.com/

Rebounds

Hi Akil,

Very interesting considering it is almost the same scenario as AUDJPY 240 bearish cypher completing at 94.94, just 25 pips below the 50% retracement of last big down move.
+3 Reply
lpernetta PRO lpernetta
In the case of AUDJPY, price is having a very hard time breaking above 94.20 though. Time will tell.
+2 Reply
Just checked it out, I agree that scenerio looks even better structurally
+1 Reply
H Akil,

How do you decide what pairs to put in your portfolio? Apart from the obvious reasons of majors etc. Also as a newbie starting out is it "OK" to trade most pairs for a couple of months?
+2 Reply
There's a lot that can go into picking pairs including diversity, volatility, strategy and system. I always recommend starting off by trading a single strategy on a sing pair. Then as you get more comfortable you can add more.
+1 Reply
Looks like it's ready to move down to the .83+- region. I'll take this trade as soon as I spot a decent entry.
+1 Reply
Cypher completed but kept on going :-(
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Isn't the extra length part of the PRZ in this case?
+1 Reply
Yes technically price action reverse anywhere within the X leg and still be a valid pattern
+1 Reply
MarbleOne Akil_Stokes
I didn't know that. My risk reward is terrible on this one, as is my position sizing! :) I got in at 0.8382..
Do you re-fib your 38.2 target from the eventual reversal (if it happens) or leave it at the original completion point?
Am a noob and still in the emotional/moving stops around/knee-jerk phase. On a demo.
+1 Reply
I readjust my fib with current price action
+1 Reply
MarbleOne Akil_Stokes
Stopped out for mega-pips!
Akil, where can I go to find a breakdown of the rules for each pattern?
And thank you for your continued enthusiastic teachings, looking forward to next week..
+1 Reply
We have training courses that teach them in detail, but for a basic breakdown you can always run a google search. Just be careful since there is a lot of false info on the web
+1 Reply
Book wise, "Trade What You See" is a very good intro book, then after that Harmonic Trading is good as well
+2 Reply
MarbleOne Akil_Stokes
Thanks, will look for the books.. Agreed about the variable/wrong info on the web.
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IvanLabrie PRO Akil_Stokes
Akil, what do you think of Connie Brown's 'Fibonacci analysis'?
It's a tough read, but fascinating imho.
Reply
I've never read anything from her so I'm not sure
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IvanLabrie PRO Akil_Stokes
I got it as a reccomendation from David Alcindor, really good read.
+1 Reply
Very good book, and works very well on High Time frame. She uses the Fibonacci different from Akil and Jason. I believe that Harmonic Trading is a different school from what Connie offers. Great discipline should be taken into consideration to don't mix up, the two approaches. Kindly- Hamed
+3 Reply
IvanLabrie PRO HamedAghajani
Thanks for the clarification, have a nice weekend ;)
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Akil_Stokes PRO HamedAghajani
You guys got me interested now, think I'll add it to the list. Maybe I can get to it this December as the markets slow. Thanks fellas!
+2 Reply
Nice David Alcindor is a trader I highly respect as well as a good friend of mine, so if he reccommends it then I trust that it's GREAT.
+1 Reply
What's the name of the book you recommend?
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http://www.amazon.co.uk/gp/product/1576602613?ie=UTF8&camp=213733&creative=393177&creativeASIN=1576602613&linkCode=shr&tag=eauciuen06-21
+3 Reply
HamedAghajani PRO HamedAghajani
It shall drive you crazy on ignoring extreme highs and lows of the market and combining that with Fibbonacci
+1 Reply
IvanLabrie PRO HamedAghajani
Definitely...it's not second nature to me yet, hard to get it right 100% of the time.
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Akil_Stokes PRO HamedAghajani
Thanks, I'll add it to the list, which never seems to end for some reason.
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AUDUSD about to drop big time...this should follow suit I guess, although usdchf shows chf's weak.
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