It's been a busy week of charting so far, and now I'm looking at a potential bearish cypher on the 1 hour chart.
You can see from my analysis of the daily chart below that price has begun to test resistance at the high before the X point- meanwhile price has recently made consistent higher highs and higher lows. However after the recent re-test of the high at our X, we have now seen a lower low. This is a sign that growth in this pair is easing and we may need some big news before higher highs are made.
Within the next 24 hours we will see the release of the Swiss Unemployment Rate- as well as the British Trade Balance and GDP estimate. I wouldn't like to take a trade while this news is being announced, however it may be the cause we need to push price towards our PRZ for another re-test of resistance.
Cypher ratios
B = 0.382-0.618
C = 1.272-1.414
X to D = 0.786
Please keep an eye on the candlesticks as they will tell us which direction price is looking to turn. I will update the analysis as time goes on.
Risk with this trade is at 1:2.
You can see from my analysis of the daily chart below that price has begun to test resistance at the high before the X point- meanwhile price has recently made consistent higher highs and higher lows. However after the recent re-test of the high at our X, we have now seen a lower low. This is a sign that growth in this pair is easing and we may need some big news before higher highs are made.
Within the next 24 hours we will see the release of the Swiss Unemployment Rate- as well as the British Trade Balance and GDP estimate. I wouldn't like to take a trade while this news is being announced, however it may be the cause we need to push price towards our PRZ for another re-test of resistance.
Cypher ratios
B = 0.382-0.618
C = 1.272-1.414
X to D = 0.786
Please keep an eye on the candlesticks as they will tell us which direction price is looking to turn. I will update the analysis as time goes on.
Risk with this trade is at 1:2.
Comment:
Order cancelled:
This pattern has dropped much earlier than expected- the pattern has lost it's structure and I will not be taking this trade.
