As many of You are familiar with the Cypher Pattern.In this Scanerio We have Cypher Last Leg in formation which will complete the Pattern and from where we can place our Long position
Typical Cypher has these Fib Levels
1- Cypher pattern starts with the X and A points
2- Point B retraces to 0.382 – 0.618 Fibonacci level of the leg XA
3- Point C is formed when prices extend the XA leg by at least 1.272 or within 1.130 – 1.414 Fibonacci extension
4- Point D is formed when it retraces 0.782 Fibonacci level of XC.
How I trade this Pattern ?
First of all at the Completion of D , I personally Dont place orders ,What i do is
1- wait for market to go close to X to get a Good R/R
2- wait for double bottom on H1 or H4
3- Candlestic formation ( Bullish Hammer or Bullish Engulfing Candle)
Targets :
First TP is 0.382 Fiv retracement from C to D
TP2 can be varied Depending on Structure levels
SL : Below the X
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Typical Cypher has these Fib Levels
1- Cypher pattern starts with the X and A points
2- Point B retraces to 0.382 – 0.618 Fibonacci level of the leg XA
3- Point C is formed when prices extend the XA leg by at least 1.272 or within 1.130 – 1.414 Fibonacci extension
4- Point D is formed when it retraces 0.782 Fibonacci level of XC.
How I trade this Pattern ?
First of all at the Completion of D , I personally Dont place orders ,What i do is
1- wait for market to go close to X to get a Good R/R
2- wait for double bottom on H1 or H4
3- Candlestic formation ( Bullish Hammer or Bullish Engulfing Candle)
Targets :
First TP is 0.382 Fiv retracement from C to D
TP2 can be varied Depending on Structure levels
SL : Below the X
If you like Our work, Please Appreciate with a Thumbs Up .
Good Luck Trade Green
Trade active
Comment:
Comment:
+68 Pips Profit Already .
TP1 Hit ... Lets wait for Higher Targets to Get hit :)
TP1 Hit ... Lets wait for Higher Targets to Get hit :)
