Cypher pattern setup on GBP/USD 30 min timeframe Short

British Pound/U.S. DollarFXCM

Description

⋅ Jan 26, 2016 1:10 PM

Looking for price to run up a little further into the 78,6% retracement from the X to C leg. ( 1.4321 ) to complete this bearish Cypher pattern.

Place stop above X and profit targets at the 38.2% and 61.8% retracement from the C to D leg.

Watch out for the news thats is coming out, better to wait what happens.

Always looking for feedback on my analysis, so be sure to comment !

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Trade closed: target reached

⋅ Jan 27, 2016 3:37 PM

Another target 2 winner !