UPDATE #2: Target #2 achieved, Good trade overall :)
UPDATE #1: Target #1 achieved, stop loss moved to breakeven !!
Hello Traders,
We've got a bullish Cypher Pattern that has just completed and the market is currently around the completion point, it's not the prettiest cypher but it is a valid one. This pair was able to break the 4 year weekly resistance and this is attracting many buyers in this pair. I have probably mentioned this in previous posts that, cypher patterns don't really have a good risk to reward. But this pattern has a pretty good winning percentage attached to it. Finding this type of pattern in the direction of the MAJOR trend is even better. For this particular setup, the risk to reward does seem to work in our favor. The stop loss is placed below the 4 hr trend line (black line), below the consolidation area (pink box) and below the round number of 2.1300. See the chart for more details.
Please feel free to AGREE or DISAGREE with this idea. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)
UPDATE #1: Target #1 achieved, stop loss moved to breakeven !!
Hello Traders,
We've got a bullish Cypher Pattern that has just completed and the market is currently around the completion point, it's not the prettiest cypher but it is a valid one. This pair was able to break the 4 year weekly resistance and this is attracting many buyers in this pair. I have probably mentioned this in previous posts that, cypher patterns don't really have a good risk to reward. But this pattern has a pretty good winning percentage attached to it. Finding this type of pattern in the direction of the MAJOR trend is even better. For this particular setup, the risk to reward does seem to work in our favor. The stop loss is placed below the 4 hr trend line (black line), below the consolidation area (pink box) and below the round number of 2.1300. See the chart for more details.
Please feel free to AGREE or DISAGREE with this idea. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)