Now on day chart after formation of successful pattern the price action has started the formation of pattern, sofar all fibonacci sequence is going good as required for now the formation of last leg is in process and I am expecting that it will be also formed accordingly and soon the priceline will be entered in potential reversal zone.
The PRZ area should be used a stop loss zone if a complete candle stick will be closed below this area.
of complete pattern is showing less interest of traders at this area.
But is and giving bear cross and is turned weak from strong , so here I would suggest to wait for to turn back strong or if the will be turned strong then wait for to turn it back to weak or wait for bull cross from then take the long position.
I have used Fibonacci sequence to set the targets:
Buy between: 166.30 to 161.63
Sell between: 171.16 to 181.23
Enjoy your profits and Regards,
Atif Akbar (moon333)
The Cypher was discovered by Darren Oglesbee and though it is technically an advanced pattern formation, it is often associated with and traded alongside harmonic patterns. It has specific Fibonacci measurements for each point within its structure. The B point retracement of the primary XA leg lies between 0.382 and 0.618, the C point should be a 1.272 to 1.414 projection of the primary XA leg and the D point should be a 0.786 retracement of XC. The first target would be the 382 retracement of CD and the second target the 618 retracement of CD.
The stop would go beyond the next structure support / resistance beyond the X-point. Conservative traders may look for additional confirmation before entering a trade, for instance an aligning RSI value or a specific candlestick pointing at a reversal. The Cypher Pattern can be either bearish or bullish. TradingView has a smart Cypher Pattern drawing tool, created especially for this popular pattern. Please note that the ratio line between the A and C points represents how far C extended the XA leg. The ration line between the X and D points represents how far D retraced the XC leg.
you can also visit this tradingview link to see complete accurate details:
Dear plz always try to learn from authentic sites or books rather than google coz most of the information on google is shared by different ppl is wrong thank you so much again my friend and regards.