Nico.Muselle
Short

EURGBP - Back to back patterns - Bear Cypher

FX:EURGBP   Euro Fx/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 .
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 MOD Practiceaccount
a year ago
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.

USDJPY - the Cypher pattern explained.
Reply
Practiceaccount Nico.Muselle
a year ago
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.
Reply
Nico.Muselle MOD Practiceaccount
a year ago
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.
Reply
Practiceaccount Nico.Muselle
a year ago
Ok! thank you so much, have nice day.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out