nonobeijing
Long

Completed bullish cypher pattern

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
212 8 3
Trend:
  • 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!
OK. I lost! I still a chance to use this cypher pattern. I wait for it to fall lower.
snapshot
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.
Reply
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...
Reply
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
I just closed my short of the GBP/USD this morning so I would agree that a reversal is coming
+1 Reply
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