I am currently long on the Cypher . I had to adjust my entry to make it fit my maximum risk. In other words, I moved my entry a few pips down in order to risk no more than 100 pips.
Just keeping you updated
This has been a painful trade. I adjust my targets, so target 1 is at 136.45. I just want to move my stop to break even, but I can't yet. The market made a higher high higher close, so it would not surprise me to see a retracement before hitting target 1.
We could just go straight down, but let's be optimistic!
Stop loss moved to Break even because price came within 2 pips from target 1. Risk-free trade.
Trade closed: stop reached:
Stopped out for break even.
My prediction is that we will get up to at least where your target 1 is, where recent structure seems to be. I looked at the higher timeframes too, and there seems to be quite a bit of structure right around your target 1.
I am starting to really look at structure cause I really want to / need to get the whole picture, not just patterns. Its really fascinating I think.
Good luck with this trade :)