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!!

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.