@bagasafx, C point of a cypher pattern should be minimum 1.272 extension of the XA leg. In this case this is not a valid cypher.
WavePro
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@FXTurkey, thank you for the reply, what you say is the usual but not always the case. Harmonic patterns are created by the rules of Fibonacci numbers and 1.13 (1,128) is a Fibonacci number. You may have done backup tests and of course, you may not accept 1.13 as an extension of the XA leg.
But, the cypher pattern is Originally discovered and defined by Darren Oglesbee ( Executive Producer at The Jason Stapleton Program), the Cypher pattern is a 4-leg pattern. It is not as common as other patterns, though it's widely used in Harmonic trading and analysis. Due to its rare occurrence, traders should make room for adjustments to the Fib levels that are used in the pattern charting.
The key elements of this pattern are:
The Cypher pattern starts with the X and A points
Point B retraces to the 0.382 – 0.618 Fibonacci level of the leg XA
Point C is formed when prices extend the XA leg by at least 1.272 or within the 1.130 – 1.414 Fibonacci extension
Point D is formed when it retraces the 0.782 Fibonacci level of XC.
WavePro
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@bagasafx,
FXTurkey
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@bagasafx, @bagasafx, yea I know oglesbee, jason stapleton, akil, graystone even tick trader mike and their former team which was tradeempowered. But the description of "Point C is formed when prices extend the XA leg by at least 1.272 or within the 1.130 – 1.414 Fibonacci extension" basically means that C point can be between 1.130 and 1.414 extension. By the way oglesbee also described that c point testing candle can not close exceeding 1.414. Our tests are performed with 1.272-1.414 levels similar to scott carneys description. We have close to 4500 trade statistics for cypher so we rely on them.
WavePro
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@FXTurkey, ''Point C is ....... within the 1.130 – 1.414 Fibonacci extension'' proves my case and it is enough for me to use this tool in my trading system if the creator of the pattern says so and this is not enough for you, that is it. Having such statistics and knowing the entire team is great and good for you, I also watched yours and the whole tradeempowered videos and aware of your and their systems too, you do great. I also red the Scott Garney's 3 books for harmonics and prepared an excel table and I can share it with you too if you like. I take 1.13, you 1,27 and we both have valid reasons for that. This is the beautiful part of this platform and trading, sharing ideas and discuss. Thank you for the great discussion, have great profits and good day...
FXTurkey
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@bagasafx, agreed. Thanks for your contribution. Good luck.