GBPUSD Bullish Cypher @ 1.5093

FX:GBPUSD   British Pound/U.S. Dollar
753 7 13
A potential Cypher pattern here on FX:GBPUSD             @ 1.5093.

Generally the Risk/Reward on Cypher Patterns is inversed but as you can see on this set up, price action has just touched the 1.27 extension then retraced. This means that the 786 retracement from X to C is lower and as I base my stops at a Fibonacci extension from A to X, this offers me about a 1 to 1 risk reward.

Unfortunately, because I place my stops this way, my risk would be over 100 pips (front running orders and stops) therefore I cannot take this one but will be looking for other reasons to get involved down at that level that do meet my trading rules.

If you use the conventional 10 pip stop loss, then you could see that the risk reward is even better and less than 100 pips.
Very nice!
Jason, do you know much about Main St Alpha and did you ever get involved in that? I'm curious because I make minimum wage and could never make a living trading with the income I make right now. I heard it was a way for a good trader to be funded in order to actually make good money trading.
Perhaps that's how you started making a living, or did you just have a lot of money to begin with?
It's possible to start trading with 200$ account and have more than 10K $ by the end of the year, mate))
J_Graystone PRO Alexander_Nikitin

If you have $200 in your account and you are wondering if you can raise $10,000 in 12 months, you would have to generate a almost 30% return on investment every month! If you find a trading system that offers you those kind of returns, then hit me up! ;-)
40% every month))
and it's not the system itself that generates the return but mm.
Hey, I have never used main street alpha but its definitely a great way to attract investors and raise capital for your own trading account. Keep going!
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