EUR-USD Potential bearish Cypher pattern

FX:EURUSD   Euro Fx/U.S. Dollar
The market is kinda slow not much to trade for me today, waiting for a lot of orders to be filled.
So in the mean time i fell over this little opportunity with a Cypher at a multi month support turned resistance. The pattern is small so i´m a little worried for spikes so i´m on half position on this one. RSI is on its way to overbought.

Comments good or bad is welcome

Kind regards
Thomas Jeff
Sell or buy
Hei its a Sell as price goes up againt a long-term resistance when it reaches the entry point, then you can go with one or two positions, depending if you want to go for both targets or only the first one.
Thank you my friend..... This is a long-term..
Well its a setup on the H1 chart so maybe a day or two depends on how much the market moves, there is a lot of news comming out tomorrow and friday, so that is gonna make things move. For the better or worse =D
True ... I wish I could be good news
Heh yeah me too, but i trade a 12 pair portfolio and i got a few pending orders in both directions so i guess if bad luck happens, we get stopped out one place, and take profit another. Thats why the Risk:Reward is important. I only trade what the charts say, i don´t take much notise of news. Sometimes a good news can have a negativ effect on the market and vice versa.. So i let other people worry about that =)
True ...
Yeah unfortunately, but if we just keep our hands off the smaller timeframes on the days with strong news like FOCM ect. then it usually goes alright
I prefer the long time frames because they are a few risks ... Reverse short time frames in which the risks are great
Well its true a spike is more dangerus on a H1 or 15 min then on a H4 or daily timeframe. I got a lot of trades on the H4 and a single one on the daily right now. This one is the only H1. But the backside is that your patience have to be very very good to wait a week or more for price to unfold on your trade when trading higher timeframes. So i do a little of both to depending on how much time i have
But in the long time frames have a chance to achieve great profits ... for you are with Trend ..
Well it depends you can trade retracements in trends with shorter targets and small risk sometimes also. It really depends on your trading method what will be best. And the only way to get an indication of if your strategy is profitable longterm is if you backtest it for every timeframe on every pair you want to trade. Then you got a very good indication of if you have an edge on the market or not. And of you have then you just carry on with a good money management system
This one is an exciting one, we got close to get stopped out, but now we are back to break even. Remember pacience pays off so lets wait and see whats going to happen
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