Potential cypher @ 1,7906

FX:GBPNZD   British Pound / New Zealand Dollar
117 4 5
If we get up there before making the pattern invalid.
One could talk about the A-leg, choppy and best looking leg, but something I would have counted as valid in my backtesting. Almost a 100 pips of risk.

What do you guys think, is this something you would trade, if it completes? I am curious to hear what other traders have to say.

The fact that I am iffy about trading this one, especially with that kinda of risk, makes me sit at the sidelines for this one.

Still interesting and educational to analyze...

This is not a signal, nor should you take this idea for anything but an idea. I am in no position to tell anyone what to do. I only want to create discussion, and to train my eye.. Good luck to everybody in the markets.

Order cancelled: Pattern never formed, keep looking, well on Monday that is, since my trading plan tells me not to trade Non Farms :)

Related Ideas

Have to agree not a X leg to me. As you say Johan very choppy does not feel me with confidence you could even say your x leg could end at where your c leg starts.
+1 Reply
johan.larsson Ian.Watts
Thanks Ian.
It´s good to create some discussion I think. To see the ideas of other traders etc.
Not a Cypher I would have spotted in my backtesting, XA leg is not an impulse or anchor leg... Your BC leg is what I have on my radar as a XA leg (really ahead of the market)..
But if it is one you would have spotted, go for it man, stick to YOUR plan !! ;)
+1 Reply
johan.larsson journeyofarookie2.0
I noticed that I am more picky now when looking for patterns then when I started backtesting.
I might actually go back in my backtesting and delete the ones I don´t see whith my "new" eyes, I have screen prints on all of them so it´s pretty swiftly done.
+1 Reply
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