THE GOOD BULLISH CYPHER PATTERN for FX:EURUSD by chrystael

TradingView

808 views

nice trade on EURUSD with a bullish prediction to ride.

Good cypher with everything ending well at just 78.6% retracement .

but due to the fact that the AB=CD pattern ends deeper close to the 88.6%, i had to a bit extend the entry

looking at the chat, RSI is oversold already, ready to be bought with a divergence and market hitting target

PRZ is area of reversal in the big zone with the first one at 78.6% and second around 88.6%, so make a choice

risk to reward ratio could be adjusted to suit you

good luck and nice trade

Comments

Good eye!

Akil_Stokes

Hello prof! Please do you have anything to say in this respect? Your say would be mostly welcome and valued.

However thanks for stopping by. I appreciate it more than the profit i would make on this trade.

chrystael

Nope, everything lines up. Perfectly valid cypher. I don't like the time of year, but that's out of our hands

Akil_Stokes

Yea boss. But since im not stopped out, lets see if it will ride. Ideally stop loss should be a lil below the X point, but even in this setting it is not stopped out yet. Remember my news for today about eurusd when i told traders about it. Well, looking at everything if it will slip outta our hands finally.

Thanks for stopping by prof

Nice! We have some minor structure at that level too.

But in my opinion, going long on the EURUSD would still be consider a counter trend trade. If I were to long, I would look to take targets off at retracement levels and then continue riding the trend downwards.

KarYong

Thanks man. Nice idea

You have very small stop loss that's why You failed. Anyway... i'm also on similar trade but I'm afraid that large move up was followed by drop to D leg and "move has been made"

The euraud did quite fine, so far more than 1000 pips in profit. Hope target will hit good

Hey chrystael, I think your stops should should be 10 to 15 pips below the X point. Please correct me if I am wrong, you might be doing something different from what I see on the chart. Thanks!!

moneymaking

Ideally a stop loss is greater than the X point. And this is the reason i often have my entry points close to or at or above 88.6% retracement so my risk will be small. And that is the reason i dont not mostly trade 78.6% retracement gartley. As in this case i look for other confirmations to show that market is likely going below the 78.6% which i got right.

But stop is subjective, individualized. For me same here. If yoh wana know how i do mine then a personal message would suffice. Thanks