Pattern Based Trade Setup - Looking to sell on the Cypher PRZ
A sell/short opportunity on a bearish cypher pattern completion. Its either I am gonna aggressively short/sell the market and stops just above the pattern's X point or wait for a confirmation once price enter at the PRZ hence the pattern is already completed. On the Daily market is already at the overbought area as its also forming a bearish Divergence as of now.
Cypher rule:
XApt - First market swing/leg
ABpt - 38.20% < 61.80% XA leg
BCpt - 127.20% < 141.40% point AB leg extension *price must not closed beyond 141.40 if it does, pattern is invalid.
Dpt completion - 78.60% XC leg - ENTRY
SL level: above/below the pattern's X point as we could determine it as a good support or resistance zone/level or with a good 1:1 Risk:Reward Ratio prior form the price completion (entry) to TP 1.
TP level: TP 1 on 38.20% AD leg, TP 2 on 61.80% AD leg and for TCT (trend continuation expect a formation of new highs/lows so on the recent lowest/highest price swing of the market structure (pattern).
Disclaimer: Trade at your own risk,. I will not be held responsible for any losses that occur in your account. You and you alone are responsible for deciding if you are comfortable accepting the risk involved in trading the Financial Market.
Cypher rule:
XApt - First market swing/leg
ABpt - 38.20% < 61.80% XA leg
BCpt - 127.20% < 141.40% point AB leg extension *price must not closed beyond 141.40 if it does, pattern is invalid.
Dpt completion - 78.60% XC leg - ENTRY
SL level: above/below the pattern's X point as we could determine it as a good support or resistance zone/level or with a good 1:1 Risk:Reward Ratio prior form the price completion (entry) to TP 1.
TP level: TP 1 on 38.20% AD leg, TP 2 on 61.80% AD leg and for TCT (trend continuation expect a formation of new highs/lows so on the recent lowest/highest price swing of the market structure (pattern).
Disclaimer: Trade at your own risk,. I will not be held responsible for any losses that occur in your account. You and you alone are responsible for deciding if you are comfortable accepting the risk involved in trading the Financial Market.