AUDCHF: Bearish Cypher

FX:AUDCHF   Australian Dollar / Swiss Franc
1348 28
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.

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AUDUSD about to drop big time...this should follow suit I guess, although usdchf shows chf's weak.
Cypher completed but kept on going :-(
IvanLabrie Fortuna_9
Isn't the extra length part of the PRZ in this case?
+1 Reply
Akil_Stokes IvanLabrie
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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