Cypher Pattern - 4 hour - SHORT opportunity
Cypher pattern coming up to an important supply/demand zone. Waiting for engulfing bearish candlestick close @ the top of the hour for entry.
Several good reasons to enter:
1) Coming up to previous strong supply/demand
2) An engulfing candle close at top of the hour at this zone shows sellers presence
3) Currently respecting downward trend line
4) Selling with the overall down trend
5) Cypher pattern
6) RSI oversold
Position 1: SL: 45 pips, Take Profit: 70 pips (@ .382 Fib)
Position 2: SL: 45 pips, Take Profit: 120 pip (@ .618 Fib)
Several good reasons to enter:
1) Coming up to previous strong supply/demand
2) An engulfing candle close at top of the hour at this zone shows sellers presence
3) Currently respecting downward trend line
4) Selling with the overall down trend
5) Cypher pattern
6) RSI oversold
Position 1: SL: 45 pips, Take Profit: 70 pips (@ .382 Fib)
Position 2: SL: 45 pips, Take Profit: 120 pip (@ .618 Fib)
Trade closed: target reached:
Position 1 Reached! Stop Loss rolls over to break even for Position 2.