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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Merry Xmas ....!
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Still short?
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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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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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TomHall TOP Mughal2657
Nice setup!
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