We have spotted bearish Cypher pattern on Hindpetro 15 mins chart. RSI is already into overbought zone. Traders may enter short once price hits our entry level.
Trade Levels:
Entry: 541.90 Stop: 547 T1: 537.35 T2: 534.55
Good Luck!!!
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@sandy, cypher hit ratio is more than othen patterns ( based on back testing on forex pairs)
sandy
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@gulz, bro i was not talking about cypher i was talking about trade setup risk reward.it is hardly to achieve 1:1 if we consider t1 target as first .kindly dont mind safri .i shared my views
gulz
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@sandy, i didnt say that risk/reward is good - what i meant, cypher is the only pattern which i consider for trading as it gives more success/hit rate, though its risk/reward is not attractive . i shared my view :)
sandy
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@gulz, ah ok .may u plz share with me the success ratio of all the patterns pattern
I think you are asking something which you shouldn't ask as the result will vary from persons to person since the way we filter the patterns for trades, we should do the backtesting our own to develop a profitable system.
BAT- 59-60%
Garltey- 56-58%
Cypher- 70%+
With proper money management, amazing results can be achieved with Harmonics.