Yesterday a posted a chart showing some analysis that I did on the EURUSD trying to predict the next shorting opportunity. Although price action reached my killzone, it didn't rally high enough for me to get short.
Later in the day the market completed a "pain free" bullish Cypher formation, and the ensuing rally has provided me with another opportunity to look for potential shorts in my original killzone with the difference being that this time I know I have an aggressive reason to get short due to the potential Bearish Advanced Gartley Formation.
Akil Stokes Chief Currency Analyst & Head Trading Coach TradeEmpowered.com -The Premier Online Trading Education Company
This is a plain and simple failed re-test of a recent high.
Akil_Stokes
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You are correct Mustard, it is a failed retest of previous structure resistance as well
JeanConsole
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Hey Akil! Just curiosity, I didn't took this one because it didn't fit my trading plan, but l see that it did hit your TP. Seems like you move your TP as price action moves to your stop right? Doesn't that mess out with your RR? Or we have different datas :p Either way, keep it up bro
Akil_Stokes
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Hey Jean, yes adjust your targets will skew the original Risk Reward ratio
SebastianRasch
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Good call with the TP! Spot on. Thanks.
Akil_Stokes
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Thanks
UnknownUnicorn101425
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Do you see this as a valid Cypher, i can´t desside if the B leg is valid or not? I´n my opinion its not enough of a move to be a outside return?
Akil_Stokes
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I haven't measured it out yet, but yes that "b" leg would work fine for me thomas
UnknownUnicorn101425
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Thanks a lot for your anwser, well news just trew in a huge candle.. ohh these markets
This is a plain and simple failed re-test of a recent high.