Cypher 1H long

Reading the 1H timeframe
Although I'm currently short with the Shark886 pattern for the longer term, the pair is still making higher highs on the lower timeframe.

With a clear extension of 127.2% of X to A the pair should drop to at least 78.6% of X to C at .7180. This is where this Cypher pattern completes. Also, this completion point comes together at the broken upchannel on the 4H chart (blueish).

Although I do not use the RSI as a primary indicator, I would like to see some hidden bullish divergence for some confirmation.

Setup
Entry: 0.718
Stoploss: 0.7163
target 1: 0.7196 (1:0.94)
target 2: 0.7206 (1:1.53)
target 3: 0.7213 (1:1.94)

Since I'm short, I'm not shooting for any extended targets..

Trade active

Comment:

Keep on hanging there T1 is almost hit. If you found that spike down of any significance, you might want to adjust your T1 downwards along with the original drawn projected fibonacci retracement tool..

It looks like the broken channel has been tested. But at what cost? Look at the RSI and on the one hour chart and think of it in context:
- the RSI tells me it is oversold at the retest 1H, a little bounce could occur..

Trade closed: target reached:

T1 reached. Set all other stoplosses to breakeven!

Have a good day!

Trade closed: target reached:

T2 reached.

Trade closed: target reached:

All targets reached