TomHall
Short

NZD/USD - Bearish Cypher Pattern

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
On the NZD/USD             1 hour chart we have a potential short opportunity at the D leg completion of a Cypher Pattern .

The price reversal zone on this pair is between 0.6802 & 0.6832
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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great one tom. thanks for this view on the pair
+1 Reply
TomHall TOP Tijmen_K
No problem at all.
If I don't speak to you before have a good Christmas & New Year.
+1 Reply
Tijmen_K TomHall
same to you sir happy holidays
+1 Reply
hi tom
i love this pattern a lot but i have a question the same bar on the x has exceed the A leg but you totally ignore it can you please explain why did you ignore it and thanks a lot
+1 Reply
TomHall TOP faisalhasnoon
Hi,
It is personal preference, you can draw the X to A on the same candle or the way it has been drawn above it wont make any difference to the pattern completion.
I hope this helps.
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but if you draw in the same candle this pattern will be invalid becuz x to c doesn't not touch 127 febo .. am i right ? :)
+1 Reply
TomHall TOP faisalhasnoon
It all depends on which charting package you trade with, for me this is valid.
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alright tom it was great talking to you and happy new year and christmas too :) i would love to send you a gift but i live far far a way , you have helped me a lot with my trading :)
+1 Reply
TomHall TOP faisalhasnoon
Have a great Christmas & New Year also, it is my pleasure.
Speak soon.
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Happy New Year and Christmas
+1 Reply
You too.
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can you tell me what is a price reversal zone ? and when to apply it and when not?
+1 Reply
TomHall TOP AhmedAssal
A price reversal zone is just an area I watch as price approaches.
I have PRZ zones on all trades.
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same to you..........!!!!
+1 Reply
Have you entered this trade?
+1 Reply
TomHall TOP dhanes71
Yes the trade is live.
+1 Reply
Hi there. Should the entry poibr still be at D? Or the top most red line?
+1 Reply
Hi,
Depending on your trading style.
You can either front run order set at the D leg completion, this is good if you have a day time job or want to enjoy the day.
Alternatively you can await to see how price reacts as it approaches the price reversal zone and then decide from there.
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Fuse00 TomHall
Thx... might try to enter at that top red line.
+1 Reply
Best of luck.
Have a good Christmas & New Year!
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cash0032 Fuse00
I'm confused. The price already has touched the PRZ top line?
+1 Reply
TomHall TOP cash0032
The 2 red dotted lines are an area of interest also known as the PRZ zone.
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TomHall TOP Mughal2657
Nice setup!
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Mughal2657 TomHall
thanks TOM
+1 Reply
saiaanfx TomHall
Sir i don hav ny fixed strategy. i entered now.hope dat everything will go on your way........
+1 Reply
TomHall TOP saiaanfx
If you are trading on a live account, I would strongly suggest you build a proven profitable strategy which you can stick to.
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saiaanfx TomHall
if dis go ryte sure will join u soonnnnnnn
+1 Reply
Just curious, how exactly would you built a strategy and especially how do you backtest it? I know how to backtest an EA but how do i backtest a manual executed strategy?
+1 Reply
GetRichOrDieTrading GetRichOrDieTrading
Sorry if its a newbie question that you keep getting asked ;) Merry Christmas, Tom!
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TomHall TOP GetRichOrDieTrading
It's no problem at all.
Merry Christmas!
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TomHall TOP GetRichOrDieTrading
First and foremost you should build a strategy around your lifestyle.
For example if you have a job can you trade around it, do you work day and night shifts or do you have all the time in the world to trade.
Secondly you must build your strategy from the ground up.
If you are trading patterns, you must choose the patterns you want to trade. You must then backtest them individually on the time frame and on the currency pair of your choice, you must then do this repeatedly.
It is certainly a long process, however if want to be part of the 5%-10% of winning trades is must be done.
+2 Reply
isn't this a shark pattern? The difference is on sharks the BC leg retraces 127-1.618 off the AB leg, where as the cypher pattern retraces 113%. The shark will project a CD Leg up 88.6%-113% off the XA retracement.
+1 Reply
TomHall TOP derekvela
To be honest I don't trade the Shark pattern so I am unsure on how profitable it is long term.
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derekvela TomHall
Oh ok, It's a pretty good pattern. Almost like the cypher but with a few differences on the PR zone and I always take profit a few pips before getting to the 50% retracement. It normally turns into the 5-0 pattern
+1 Reply
TomHall TOP derekvela
Aslong as it brings you in profit that's the main thing :-)
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a nice double top/ engulfing on the 1hr aswell; looks promising...
+1 Reply
TomHall TOP marcus123
It does indeed
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Still short?
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Merry Xmas ....!
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