lewglasgow
Long

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!
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Lewis Glasgow, Creator of Six Figure Capital.

Related Ideas

olly_price
8 months ago
How do you like to determine profit targets and SL?
Reply
lewglasgow PRO olly_price
8 months ago
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?
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olly_price lewglasgow
8 months ago
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.
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lewglasgow PRO olly_price
8 months ago
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.
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olly_price lewglasgow
8 months ago
Yeah I thought so, very nice risk/reward on this one I like it.
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olly_price lewglasgow
8 months ago
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
lewglasgow PRO olly_price
8 months ago
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
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