Nico.Muselle
Short

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.

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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.
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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.
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Practiceaccount Nico.Muselle
Ok! thank you so much, have nice day.
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