EURGBP: Potential Bullish Cypher from the FMP Long

FX:EURGBP240

Euro Fx/British PoundFXCM

Description

⋅ Dec 11, 2016 9:21 PM

Here's a look at the potential bullish Cypher formation discussed in this week's Forex Market Preview video

Comments

Obsy

⋅ Dec 11, 2016 11:15 PM

@Akil_Stokes The BC extention is greater than 1.414. Since the general rul for a cypher is BC extention between 1.272 and 1.414, as this goes beyond 1.414, does it not invalidate the cypher pattern?

Akil_Stokes

⋅ Dec 11, 2016 11:32 PM

@Obsy, That would be incorrect

yuenkhang

⋅ Dec 12, 2016 2:19 AM

@Akil_Stokes, you mean it is still a valid one?

Akil_Stokes

⋅ Dec 12, 2016 12:26 PM

@yuenkhang, Correct it's still valid if the 1.414 is hit

yuenkhang

⋅ Dec 13, 2016 7:21 AM

@Akil_Stokes, thanks Akil!

UnknownUnicorn300837

⋅ Dec 12, 2016 6:20 AM

@Obsy, The BC leg can touch the 1.414 as long as it does not close passed it. So both Cyphers are valid in this case!

Hope that helps.

Obsy

⋅ Dec 12, 2016 7:13 AM

@journeyofarookie2.0, Perfect answer. This is what i expected all along. Thanks man, it really helped

Elvis.Deonarine

⋅ Dec 12, 2016 2:06 AM

hey man nice one i have trade it it fits my trade plan. i know you are not trading it from video. i like the analysis, i bought because of the longer time frame

Akil_Stokes

⋅ Dec 12, 2016 12:27 PM

@Elvis.Deonarine, Nice! Way to stick to your plan & best of luck with the trade

Elvis.Deonarine

⋅ Dec 12, 2016 12:39 PM

@Akil_Stokes, i TP #1 on structure 0.8420 based on my analysis i also bought EU as a correlated trade TP #1 @ 1.0615. + 60 on both. keep up the great educational stuff man. i have rolled stops to break even on both secondary.