FxWirePro
Long

Cable forms bullish Cypher pattern, good to buy at dips

FX:GBPUSD   British Pound/U.S. Dollar
671 3 7
Harmonic Pattern Formed- Bullish Cypher pattern

Potential Reversal Zone (PRZ)- 1.5078

Cable has declined till 1.5100 after breaking minor support 1.5150. It is currently trading at 1.51233.

Any break below 1.5050 will drag the pair till 1.5029/1.5000. The pair's minor support is around 1.5090.

On the higher minor resistance is around 1.5160 and break above targets 1.5190/1.5220 (support turned into resistance)

It is good to buy at dips around 1.5085-90 with SL around 1.5050 for the TP of 1.5160/1.5220.
Nicemate
a year ago
Hello nice call. But your model becomes invalid only if price reaches X, so why is SL at 1.5050 ? Thanks,
Reply
FxWirePro Nicemate
a year ago
I gave stop loss at 88.6%
Reply
skgogoi
a year ago
If you are going long, you could have bought much lower near 1.5055 (S2 daily support, S1 was at 1.50889), where you could have got a better price. Don't you think price may fall further to 1.5026? Thanks
Reply
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