GBP/CHF: Bearish Cypher pattern but beware: broken trendline(s)!
Depending on whether or not the big boys take notice of my trendlines (LOL) this Cypher may or may not play out!!
SO BE CAUTIOUS WITH THIS ONE!
Pattern traders however may choose to take this pattern regardless of other possible structures.
We might be up for a retracement or re-test of broken trendline(s) anyway and since we could be testing the 1.5000 round level very soon I am willing to take a chance with the pattern too!
The pattern might already be complete now but I'm reluctant to enter at market and will try enter just below 1.50000 to get the best possible R/R. SL above X of the Cypher, 2 targets as in the chart.
Very small position though, I'm not entirely convinced on this one! I might close it early or hedge it depending on future PA.
SO BE CAUTIOUS WITH THIS ONE!
Pattern traders however may choose to take this pattern regardless of other possible structures.
We might be up for a retracement or re-test of broken trendline(s) anyway and since we could be testing the 1.5000 round level very soon I am willing to take a chance with the pattern too!
The pattern might already be complete now but I'm reluctant to enter at market and will try enter just below 1.50000 to get the best possible R/R. SL above X of the Cypher, 2 targets as in the chart.
Very small position though, I'm not entirely convinced on this one! I might close it early or hedge it depending on future PA.
Comment:
Possible double top!
