moneymaking

GBP/USD: Potential Cypher Pattern

Short
FX:GBPUSD   British Pound / U.S. Dollar
Potential bearish cypher pattern forming on 4 hour chart, with market currently at 78.6% retracement of XC leg. Also there is a good resistance zone , on 4 hour chart, from 1.57348 to 1.57203 (marked by solid red lines). Probably look for little bit extra conformation before jumping into the trade.

Trade Setup:
1. Use your trade management for the lot size
2. Short at 78.6% retracement of XC leg OR wait for a solid D point completion
3. Stops go 10 to 20 pips above the X point
4. The 1st target is 38.2% retracement of CD leg. When 1st target reached, move stops to break even
5. The 2nd target is 61.8% retracement of CD leg

Trade safe, Enjoy!!

Comments

Awesome Trade, both targets got hit. Hopefully you guys makes some nice money.

Good luck trading!!
Reply
Patience finally paid off. Good luck to all!!
Reply
Almost got to the 1st target but it bounced back up before reaching it. Still going to wait for the market to come back down. Good Luck to all !!
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