TomHall

GBP/USD - Cypher Pattern

FX:GBPUSD   British Pound/U.S. Dollar
1378 6 37
On the GBP/USD             4h chart we have a potential short opportunity at a strong resistance zone .

As you can see price has surpassed the D leg of the Cypher Pattern , so now I feel it is necessary for price to hit 1.550 psychological number before looking short on this pair.

The price reversal zone is between 1.545 & 1.550 which is large, this is due to price narrowly touching 0.382 B leg, giving a much shorter D leg completion.
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Potential targets for the Cypher Pattern placed at the .382% and .618% retracement of the C to D move.
Stop loss would be placed above X leg structure resistance .

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Very good, I have a short lined up as well but purely based on the re-test of previous structure.
snapshot
+1 Reply
alex.a Nico.Muselle
a year ago
Nico, What is the first indicator? The name is invisible ~
+1 Reply
Nico.Muselle MOD alex.a
a year ago
That would be the ATR - 14 period, I use it to determine how far the SL should go above structure
+1 Reply
alex.a Nico.Muselle
a year ago
I have more questions. I PM you.
+1 Reply
GBPNZD reversal from highs 15m 2wk


I agree with GBP reversal; just different pair.
+1 Reply
FxSaint
a year ago
Had same for weekly analysis idea. Good to know you are in it too.
WEEKLY ANALYSIS (2nd Nov 2015) - GbpUsd
+1 Reply
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