GBPUSD 15M - Potential Cypher Pattern long @ 1.4380
HI all,
A re-analysis of the earlier potential Cypher long, with corrected A leg, setting up on the GBPUSD 15M @ 1.4380.
There are a couple of ways to play this trade. You could use it as just a standard cypher or it could be used as an entry on a Trend Continuation Trade looking for a larger move to the upside. Remember to play what's in your plan and stick to your rules.
For the cypher pattern:
Stops below X
Target 1 @ 1.4420
Target 2 @ 1.4445
For the Trend Continuation Trade:
Stops below X
Target 1 @ 1.4474 (retest of previous high)
Target 2 @ 1.4521 (1.272 Extension)
Cypher targets will be adjusted should the pattern complete. Trend Continuation Trade targets are static.
A re-analysis of the earlier potential Cypher long, with corrected A leg, setting up on the GBPUSD 15M @ 1.4380.
There are a couple of ways to play this trade. You could use it as just a standard cypher or it could be used as an entry on a Trend Continuation Trade looking for a larger move to the upside. Remember to play what's in your plan and stick to your rules.
For the cypher pattern:
Stops below X
Target 1 @ 1.4420
Target 2 @ 1.4445
For the Trend Continuation Trade:
Stops below X
Target 1 @ 1.4474 (retest of previous high)
Target 2 @ 1.4521 (1.272 Extension)
Cypher targets will be adjusted should the pattern complete. Trend Continuation Trade targets are static.
Trade active
Comment:
Target 1 on the Cypher reached for +39 pips.
Comment:
Target 2 of the Cypher hit for +64 Pips.
Target 1 of the Trend Continuation Trade hit for +94 Pips.
Target 1 of the Trend Continuation Trade hit for +94 Pips.
Trade closed: target reached:
Target 2 of trend continuation trade reached for +141 pips.
