KVE
Short

EUR/GBP: Potential bearish Cypher @ 0.8696

FX:EURGBP   Euro Fx/British Pound
72 0 7
3 months ago
I was watching this to see whether or not the down channel would hold and it didn't...
Maybe this is the start of a new up wave (of which we may have just completed wave 3 of 1) or maybe this is just an X wave of a larger degree correction. I'm not sure at this point but I'm slightly inclined to say this whole structure looks corrective ... I included some possible counts on chart to show what I mean...

I did short 0.8690 about an hour ago but I think it might go up again so I trailed SL to BE already, I actually hope it completes this cypher so I can get a better short entry...
On this TF we still have room to go up based on stochastics and RSI so it's still possible I think.

Do keep in mind though that patterns like these have a better chance of working when they complete at the end of a correction, which is not the case here... But still, with confluence it is good to short so if I see lower TF exhaustion, ending structures or other signs of possible reversal close to the PRZ then I will take it, without confirmation I will skip it...
3 months ago
Trade closed manually: Just closed the short I had from 0.8690, we never made it to the PRZ and the pulback we witnissed was significant enough imo to assume that the Cypher completed a little shy of the exact 0.786...
Anyway, profit is banked, waiting for another opportunity now...
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