Bearish Cypher completion here. Limit order at the D point with initial stops ATR based. Trail stops as price moves lower until they are hit.
Based on my brokers quotes the C point didn't actually hit the 1.272 level and therefore, you could class this as an invalid Cypher trade. I will be taking the trade however, as it was 0.5 pips away from hitting the 1.272 and, as mentioned previously, these fib levels are zones of support and resistance
Good luck.
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I will be waiting for the limit order to be hit however, if it is in your trading plan, this might be a good opportunity to enter the trade short here. The double top & RSI divergence at previous structure resistance coupled with the completion "zone" of a Cypher pattern... Everything adds up to a nice setup.
I agree but your cypher drawing is wrong here. You should us the cypher draw tool and not the garley tool. Hereby my drawing .... regards!
ollyt33
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@vduquenne, Ah, very true. I trade through mt4 so just use TradingView to record my trades. But yes, for the the purpose of other people looking at the pattern I should've used the Cypher tool!