EUR.USD - Bearish Cypher Pattern - 1.1167

FX:EURUSD   Euro / U.S. Dollar
On the EUR.USD 1 hour chart we have a potential short opportunity at the D leg completion of a Cypher Pattern

The price reversal zone on this pair is between 1.1167 & 1.1192
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Fibonacci Confluence: 78.60% - 61.80%

Potential targets for the Cypher Pattern placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around 1.0962
Stop loss would be placed below X leg structure support .
I have noticed these patterns need a 1:1 rr to not get stopped out, at least recently. Either way keep them coming and also great choice on new color scheme.
+1 Reply
TomHall asiansupermarket
On the cypher patterns its also common to have an inverse risk reward, this is because they have a high success rate long term we can take that extra risk.
Thanks very much, being dyslexic i much prefer blue colours so i will stick with this one now :-)
question Tom: given the current move after your initial drawing of the potential cypher, is the pattern now invalidated or do you just keep watching for potential movement into D for a potential entry? Keep up the good work btw.
+1 Reply
TomHall jasonfungcn
For me personally the pattern is now invalid as price has broke and closed below the C leg.
If price now heads towards the D leg the trade wouldn't be taken.
Hey Tom,

Well spotted! I had to go down to the 30m chart to see it clearly.

If I could ask, do you actively trade patterns on EURUSD, and if, which? I'm backtesting at the moment and getting very poor results on the 60m charts (Gartley, Bat and Cypher).

Thanks and happy trading.
+2 Reply
TomHall PetriKleynhans
Yeah sometimes it's easier to lower the time frame for a more intricate entry :-)
I personally trade EUR.USD at a high success rate with the Bat & Cypher Patterns.
If you are getting minimal or negative results when backtesting you may need to adjust or just tweek your rules for entry.
+1 Reply
+1 Reply
TomHall tmanuelasorina
Trading in general is very subjective, if you do not see this as a Cypher Pattern that is not a problem.
There are many different strategy's that profit from the markets, so aslong as you are a profitable trader that is all that matters.
+2 Reply
Kareem tmanuelasorina
Could you tell me why?
+1 Reply
Sorry what is the question?
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