FX:GBPUSD   British Pound/U.S. Dollar
Hey, mates. Cypher advanced formation completed. Have a bit better risk to reward on this one.
very good... thanks.
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Do you draw your ratios differently than a traditional Cypher because I am not familiar with your ratios at all.
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shaunieFX shaunieFX
The D point is usually .786...Your B seems to be off as well. Just curious.
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I draw the ratios exactly the way they were discovered by the founder of the Cypher pattern, Darren Oglsebee. B-point should at least touch 0.382xa and should never close beyond 0.618xa. D point is 0.786xc. The pattern remains valid until price goes to x. So the valid entry for the cypher is 0.786xc-1xc range. The rules are extremly easy. Can't understand why you are so confused. If you don't know the rules well, I advise you to stay away from the pattern.
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shaunieFX Alexander_Nikitin
I understand the rules just fine, and trade the Cypher all the time. I agree the Cypher is the easiest of all the harmonic patterns. My D leg just terminates exactly at the 786, keeping in mind that the pattern is still valid as long as it doesn't close above the X point. Your D point terminates nearly at the X point...that's where my curiosity was.
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I was late to draw the pattern in advance. I was late to put a limit order. There are two kind of D-point. The theoretical D that should reverse at 0.786, the line where you put your limit order. And the factual D, the place where the price actualy reverses. One uses the second D to calculate targets (e.g.0.382CD, 0.618CD) and to enter at market if price exceeded 0.786 and didn't touch x yet. The logic is that D is not a strict point but rather a range.
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:(
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Great R:R. I'm in!
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Good. If it meets your rules then Good luck))
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