TomHall
Short

GBP.USD - BEARISH CYPHER SETUP - 1.2480

FX:GBPUSD   British Pound/U.S. Dollar
On the GBP.USD 1hr chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.

The price reversal zone on this pair is between 1.2480 & 1.2511
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 setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around 1.2373
Stop loss would be placed above X leg structure resistance .

Target 1 - 1.2432
Target 2 - 1.2404
Comment: GBP.USD - D leg now complete at 1.2480
Comment: Target 1 at 1.2432 should you have got short at 1.2480
Comment: Long opportunity at the break above 1.2540
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Nice setup, i have similar idea with TP 1.2200 lets see what market gives us... good luck!
+1 Reply
TomHall TOP FXPRO_TREND_TRADER
@FXPRO_TREND_TRADER, Thanks very much.
A solid RR if 1.220 was attained, hope it all goes well speak soon.
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Hi Tom, I tried to replicate the same pattern above, but it looks like C leg has extended beyond 141% of XA.( I have 171%). Shouldnt it make it invalid?

Thanks
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TomHall TOP reggiecyy
@reggiecyy, Hi,
Please note there is also broker discrepancies in regards to MT4 and TradingView so where was it you drew the pattern?
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reggiecyy TomHall
@TomHall,

Thanks so much for your response Tom. I had very similar price levels, X=1.251, A= 1.2422, C = 1.236. And I ended up with C>161.8% of XA?



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Still Valid?
+1 Reply
TomHall TOP DavidHansen
@DavidHansen, Everything is still valid :-)
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plz RSI setting tom
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@ridha94, RSI setting Is at 7, please note there is more indicators that come into play prior to entry.
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i think still more up towards 1.2540 ..regards
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TomHall TOP AmjadBakir
@AmjadBakir, it's certainly possible. Confirmation would be needed prior to a trader taking a position.
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@TomHall, sure thanks
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TomHall TOP AmjadBakir
@AmjadBakir, My pleasure.
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Amazing as always , mate!!!

What's the secret. How do you choose patterns? There're many patterns. You can draw the same in 1 hour chart.

But you choose every time the right one!!!?!!!
+1 Reply
TomHall TOP MarkSterensohn
@MarkSterensohn, Thanks very much.

There is no secret, it's all about consistency and knowing market structure.
It has taken years to implement my rules so it's all down to hard work.

I hope all is well.
+2 Reply
@TomHall, but how to learn your rules, mate?
+1 Reply
TomHall TOP MarkSterensohn
@MarkSterensohn, It's not something I teach mate, not because I don't want to share my content but it all comes down to psychology of having backtested the information yourself.
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hi Tom, thanks for sharing, I'm in this one based on EW (too many possibilities at this point) but personally if this one hits the 2nd target I would leave a runner, this could be the start of a bigger move. happy trading to all
+1 Reply
TomHall TOP NidalDarawsheh
@NidalDarawsheh, Hi,
My pleasure.
There certainly is a possibility of a further push lower if price breaks below 1.2404
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Hi Tom, now it comes back up to 1.247, do you recommend to short some again? Many thanks!
+1 Reply
TomHall TOP willzhang6
@willzhang6, Hi,
I personally wouldn't, not that it would be a bad idea but for me personally it wouldn't make sense to short now.
Reply
willzhang6 TomHall
@TomHall, Thank you so much.
+1 Reply
TomHall TOP willzhang6
@willzhang6, My pleasure, have a great day.
+2 Reply
Thanks tom, 1 short hit tp 1, and another short just stop at be
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Your first target was on point. While I entered this trade a bit too soon, before the full completion of the D leg I still I got a small profit from it. Thanks a lot, Tom. :)
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