TomHall
Short

EUR.GBP - BEARISH CYPHER SETUP - .8598

FX:EURGBP   Euro / British Pound
On the EUR.GBP 1hr chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.

The price reversal zone on this pair is between .8598 & .8638
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around .8480
Stop loss would be placed above X leg structure resistance .

Target 1 - .8542
Target 2 - .8506
Comment: I have been informed some traders have been spiked into this position due to front running their orders.
Comment: A pullback to the .8550 level is expected.
Comment: If you front run your orders and got triggered your target 1 should now be attained.
Comment: A break and close below the last higher low, expecting a minor pullback to .8550 and a potential head and shoulders formation.
Comment: If you front run your orders and got triggered your target 2 should now be attained.
Comment: If you front run your orders and got triggered your extended target should now be attained.
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Until what point is the C leg acceptable? I usually trade with 1.27 fib retracement, but i saw here on your setup it worked also well on a lower C leg, even if it didn't reach the completion of the D leg for a few pips
Reply
TomHall TOP mburchia
@mburchia, That's correct the setup is still valid until it breaches the C leg, however it all depends on your rules.
+1 Reply
Is this live yet? Or still on it's way?
Reply
@fakker, Some traders got triggered in, for me personally it's not something I'm trading currently.
Reply
What do you mean by spiked?
Reply
TomHall TOP ramyraz07
@ramyraz07, The market can spike people into positions although on the surface it didn't hit their entry, its all to do with spread.
Reply
ramyraz07 TomHall
@TomHall, oh okay! thank you for the answer
Reply
. I also got bear butterfly in the zone.
+1 Reply
TomHall TOP madi052893trading
@madi052893trading, Nice setup mate.
Reply
@TomHall, it must be this. LOL!
snapshot
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