Completed bullish cypher pattern

FX:GBPUSD   British Pound/U.S. Dollar
212 8 3
  • Long term (W): Ranging
  • Long-mid-term term (D): Ranging or uptrend (It looks like the downtrend is over.
  • mid-term (4H): Downtrend

The price is nearing the support at 1.5198, so this is a good place for reversal.
There is a bullish cypher pattern Feb 4th which completes today.
I put 2 limit orders just above the support I mentioned, instead of sticking to the 0.786 XC retracement, because of the support line and also to improve the Risk/Reward ratio.

What do think? Cheers!
I just closed my short of the GBP/USD this morning so I would agree that a reversal is coming
+1 Reply
I think, you took X from the middle of an impulse leg))
+1 Reply
nonobeijing Alexander_Nikitin
Alanxender, it is true that X is not at the very bottom of the impulse leg. But does this fact invalidate the pattern I drew? Had I put X lower, that would not be a cypher pattern anymore.
If you put your X a bit higher and to the right.... At that purple line.... Yeah ...(just checked the ratios). It wil be still a valid cypher pattern. Good luck in your trading)
+1 Reply
nonobeijing Alexander_Nikitin
Sorry Alexander, but I do not see how it is still a cypher pattern if I move X to the purple line... if I only move X, then C goes over the 1.414 XA extension...
It may go past 1.414 until it reaches 1.618. But we must not have a candleclose beyond 1.414.
+1 Reply
nonobeijing Alexander_Nikitin
Thanks Alexander for reminding me this. I simply forgot it. I am a fresh trader... Really appreciate having people like you to correct me.
+1 Reply
OK. I lost! I still a chance to use this cypher pattern. I wait for it to fall lower.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out