HamedAghajani

Cypher Completion- Trade progress report

FX:EURGBP   Euro Fx/British Pound
48 0 6
A note on an ongoing trade
Going to exit part of the trade which entered at the shown arrow, by completion of the Cypher pattern . Will enter long again after a 0.382-0.618 dip from 0.7405

The pattern has some interesting structure.
i) XA leg a complete 5-wave             corrective wave
ii) B point is about 50% retracement of XA Leg
iii             ) BC             leg is an exact 1.414 extension of AB
iv) CD is completing through a 5-wave             impulsive (to be confirmed) wave
v) 0.7405 is a test of 133 EMA on Daily time frame
vi) RSI is at a significant high level on H4.
vii             ) There is a divergence between RSI and Composite Index (which demonstrates the areas RSI fails to diverge)
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