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
Good luck trading!!