Warnings: Market is in a strong uptrend, could potentially reach 616 then retrace down or continue the trend Validity: AB leg and CD leg show signs of symmetry, 414 extension
Warnings:
Look for wide range bars completing the D leg (could extend past .782) of the cypher
Market has been in a strong uptrend (keep contract size small)
If your trading using nadex as broker be aware of the time the pattern forms you want to have enough time to reach targets
Trade 1 - Aggressive traders enter at 414 extension of AB leg Trade 2 - Conservative traders wait to enter at 616 extension of AB leg
Trade active
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Entered at 414
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Just noticed my short positions where placed a bit bellow 414 Stop loss is at 6407 First take profit for the 414 trade is at 6362.7 Second take profit for the 414 trade is at 6351.4
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Stop reached for trade 1
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Reached to the 1.618 of the AB=CD pattern then price action retraced down