If you love cypher
patterns but didn’t catch this one yet, now might be the time. First off we have a completed cypher
. Price action has come up into previous resistance at X but has not violated the 1.6150 level. The market has also double topped in that resistance zone
. We are now much closer to our stops than when I personally got in at D completion (1.6065). Because of this, depending on where the market gaps, the risk reward ratio is way better than before at a hefty 4.51 where the market is currently sitting. We also have 1.414 confluence at that double top
from a Fibonacci extension
of the A to B leg. Looks like a good place to get short. Feedback is always welcome if you want to leave your thoughts in the comment section below. Good luck and good trading!