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.
Tom, can we expect a pullback? Or a continuation of the downward trend?
UnknownUnicorn180388
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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.
Neill
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Hi Tom, good trade well done.
UnknownUnicorn180388
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Hi Neill, Thank you.
DenizBartu
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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.
UnknownUnicorn180388
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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.
DenizBartu
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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.
UnknownUnicorn180388
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Great work, you too.
DerekUweri71
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Excellent work Tom. I totally missed this because I was focussing on a potential Shark pattern forming.