This pair is making a possible cypher pattern. I am looking for an entry around 121.90. Targets are on the chart
Comments
GeorgeKapas
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@SaeedRehman I did the same analysis last night. Entering at 121.90 is on the 78.6% which is where the cypher takes us from the previous High. My only concern is I have been looking at cyphers when they hit the 127% extension. If they don't hit this level then I void the cypher. Why do you feel this is a good entry and why do you feel the market will react in your favour at this point?
SaeedRehman
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@GeorgeKapas, I hope the cypher pattern will complete around the area I have marked on the chart. This converges with the 786 & .882 level. For me these are key as it allows you to reduce your risk. There is also a trendline from the larger timeframes which coincides with the completion of the cypher pattern. That is why think the market will go down
lulaay
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121.900 is too strong to breakout can i short now ???
SaeedRehman
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@lulaay, You can short now if you want, but your risk/ stop loss will be greater. As long as you can cope then its up to you. I like to reduce my risk, sometimes patience is key