EUR/GBP - Bullish Cypher

FX:EURGBP   Euro Fx/British Pound
Today we are looking at EUR/JPY             on a 4h chart with a potential bullish cypher pattern, this looks very promising and it has an amazing risk:reward.

The measurements for a valid cypher are detailed below.
B: 0.382 - 0.618
C: 1.272 - 1.414
X to D: 0.786

As you can see from previous price movement our pair has been trading within a confined area, I'll be expecting a spike below our D point to hit support, completing our pattern then a sharp move to the upside!
Learn How to Trade the Most Advanced Market Patterns: https://www.sixfigurecapital.com

Join my Telegram Channel: https://t.me/SixFigureCapital

Facebook: https://www.facebook.com/lewglasgow/
Instagram: https://www.instagram.com/lewglasgow/
How do you like to determine profit targets and SL?
Depends which pattern I'm trading, I'll generally trade a minimum 2:1 ratio. When trading harmonics such as the cypher my stop loss will be set just below the X, what about you?
olly_price LewisGlasgow
I try to get SL just below to X, but if there is good levels of structure near the X I might put it lower or higher (so usually dependant on structure). Profit target at 0.382 and 0.618 Fib levels. I ask because I am looking for ways to modify my strategy to give myself a better risk/reward profile.
It sounds like we trade in a similar way, generally I'll use the same rules for projecting profit. I've doubled the range in this situation simply because the price has been moving within a zone.
olly_price LewisGlasgow
Yeah I thought so, very nice risk/reward on this one I like it.
olly_price LewisGlasgow
I think that given the upcoming brexit vote, swing trading is really good on GBP. Lots of volatility and uncertainty helping these large swings that harmonic patterns love to profit from.
+1 Reply
Looks like it's heading for our resistance, there are plenty of patterns shaping up this week so let's hope the volatility goes in our favour!
+1 Reply
United States
United Kingdom
Home Stock Screener Forex Signal Finder 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
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out