moneymaking
Short

GBP/USD: Potential Cypher Pattern

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

Good luck trading!!
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Patience finally paid off. Good luck to all!!
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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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