TomHall

GBP/USD - Bearish Cypher Pattern

FX:GBPUSD   British Pound / U.S. Dollar
1010 9 22
On the GBP/USD             1h chart we have a potential short opportunity at the D leg completion of a Cypher Pattern .

The price reversal zone on this pair is between 1.5099 & 1.5126
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Potential targets for the Cypher Pattern placed at the .382% and .618% retracement of the C to D move.
Stop loss would be placed above X leg structure resistance .

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Excellent work Tom. I totally missed this because I was focussing on a potential Shark pattern forming.
snapshot
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Tom, can we expect a pullback? Or a continuation of the downward trend?
+1 Reply
TomHall TOP cash0032
On all time frames price has now broken through strong trend lines.
Short term we will have a minor pullback as sellers take some profits, but longer term I see a bearish move from here.
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Hi Tom, good trade well done.
+1 Reply
Hi Neill, Thank you.
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Nice job but i would like to ask something. Here BC leg is even more than 1.618 of AB. Am I doing wrong or is there an exception here? By the way many thanks for your Gartley,Bat and Cypher Pattern explanations. I learned a lot.
+1 Reply
TomHall TOP DenizBartu
Hi,
The C leg is calculated with your Fibonacci extension tool taking it from X to A and back to X again.
The C leg must complete between the 1.272% and the 1.414%
I hope this has answered your question, if not contact me again.
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DenizBartu TomHall
I added -27.2 and -41.4 levels to retracement tool. Helps me to use one tool everywhere. But I got the idea thanks a lot. Now I see your cypher pattern here is perfect. Good luck.
+1 Reply
TomHall TOP DenizBartu
Great work, you too.
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