FX:EURUSD   Euro / U.S. Dollar
Guys, a potential cypher pattern is on my radar. Looking for it to complete to enter long. Note a bearish head and shoulders pattern. Typically the stops for H&S are place just above the right shoulder. As we can see price spiked that level and moved to the downside. I think major players were pushing the price higher beyond the right shoulder to trigger the buy-stops to have buyers to counterpart their selling positions. I suppose, price will either consolidate sideways for some time or drop even lower. In this situation I won't place my extended targets but rather take the conventional ones. Have a good day.
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i think that head and shoulders was not fake. Because there is no head and shoulders. Look at h4 timeframe; at h4 it hasn't right shoulder, only has left sh. and head.
At h4, if we draw little bearish trend line (Head to Right shoulder to A to D); Cypher's D point is close to support line for long.
Alexander_Nikitin DegneksizCoban
@DegneksizCoban, if we talk about a pattern on 60 minute it should be valid or invalid based on 60 minute data. It is a big mistake in technical analysis to try to fit the pattern from one timeframe to another timeframe.
potentially make ab=cd again ,and go down
@BMS_TRADER, can be...
I also saw the H&S pattern and took it on the break of neckline, needless to say I was stopped out.

Even if this was first a double top trade and then a 61.8 retest price should have gone lower, so I do share the same opinion, I think we should see the Euro pullback a little bit.

Only difference is on my chart I have a first smaller cypher that already has completed and is currently at X.

But we are "on the same page". Just my humble 2 cents. Good weekend, cheers :)
@corleone7, thanks for you comment:)
corleone7 Alexander_Nikitin
@Alexander_Nikitin, the smaller pattern I was talking about just gapped into the 61.8% target , I would like to see some signals to enter short now ! cheers
@corleone7, nice. cha-ching.
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