UPDATE #2: Trade setup invalidated. Focusing on future setups.
UPDATE #1: The current market price is a good selling entry level. This same pair has formed another bearish cypher pattern on the daily time frame. I have entered into short position based on the daily cypher pattern. Check out the daily pattern that I have recently posted, in the related ideas below.
Hello Traders,
We've just gotten the completion of a BEARISH Cypher pattern, it is important to note that this is on weekly time frame. This causes our stop loss to be pretty big, but the risk to reward ratios work in our favor. Notice the black trend line that has been tested at least twice within the 4 year interval and hiding our stop loss above this major trend line will be advantageous to us. I would consider this more of an outlook instead of an actual trade setup, especially because of the huge stop loss. The major weekly trend is very bearish and having a good harmonic pattern in the direction of the major trend is worth keep an eye on. I am personally bearish on this pair and will be looking for any type of shorting opportunities on lower time frames.
Please feel free to AGREE or DISAGREE with this idea. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)
UPDATE #1: The current market price is a good selling entry level. This same pair has formed another bearish cypher pattern on the daily time frame. I have entered into short position based on the daily cypher pattern. Check out the daily pattern that I have recently posted, in the related ideas below.
Hello Traders,
We've just gotten the completion of a BEARISH Cypher pattern, it is important to note that this is on weekly time frame. This causes our stop loss to be pretty big, but the risk to reward ratios work in our favor. Notice the black trend line that has been tested at least twice within the 4 year interval and hiding our stop loss above this major trend line will be advantageous to us. I would consider this more of an outlook instead of an actual trade setup, especially because of the huge stop loss. The major weekly trend is very bearish and having a good harmonic pattern in the direction of the major trend is worth keep an eye on. I am personally bearish on this pair and will be looking for any type of shorting opportunities on lower time frames.
Please feel free to AGREE or DISAGREE with this idea. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)
