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.
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!!