EURGBP - Back to back patterns - Bear Cypher

FX:EURGBP   Euro / British Pound
While I am still grabbing pips from the previous trade I posted ( a bullish bat pattern, see link below), a new pattern is taking shape. A bearish cypher can complete around 0.7130.

If price action reaches the red zone, I will look for a sign to stop and reverse the trade, so at this moment I cannot give you an exact entry point. Stop Loss would go above 0.7160 and targets would be the 38,6 and 61,8% retracements of the CD leg of the cypher pattern .
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Good morning Nico. I have a doubt about the Cypher, and would be incredible if you can answer it.. Is there a limit for the wick of B aside of X? Or any limit at all for the wick of C?

Thank you.
+1 Reply
Nico.Muselle Practiceaccount
Hi Stefano, I published the rules for the cypher pattern some time ago. Just click on the chart below and read the explanation. If you would have more questions, don't hesitate to ask.

Practiceaccount Nico.Muselle
Awesome, surely the best explanation i have seen. So in conclusion the only limit for the wick of B is X while the close in under the .618, and the wick of C could be anywhere while it doesn't close under the 1.141 level? Sorry if i'm redundant.. i wasted a lot of time backtesting other patterns because of doubts like this, you are helping me a lot.
Thanks in advance.
Nico.Muselle Practiceaccount
As far as the wick for B and C is concerned, I personally do not trade if they exceed the max for the close ...
You can check also with Akil_Stokes as the Cypher pattern was developed within the company he is working for.
Practiceaccount Nico.Muselle
Ok! thank you so much, have nice day.
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