ThomasJeff_DCM
Short

USD-CAD Potential bearish Cypher pattern completion

FX:USDCAD   U.S. Dollar/Canadian Dollar
Here we have a potential bearish Cypher pattern with trend.
The Risk/Reward is not very good on this one about a 1:1 because of the last resistance area showed on the chart to be safe.

We got about a 75-80 % win rate on this pair with Cyphers so thats the only reason for taking a 1:1 trade here!

DISCLAIMER this is NOT a valid Cypher pattern , i made this idea too fast and oversaw the A-B retracement closed above the 0.618 fib retrcement!! But TradindView don´t allow you to delete your posts.

Kind regards,
Thomas Jeff
hi thomas,

AB leg closed above 0,618 and extension point of XA is almost same with the A point.
so it is still valid cypher?

thanks
Reply
ThomasJeff_DCM korhancakir
Holy mother you are right, i made a late night check after i did back testing all night, and i must have over looked it. I will delete it immedialy. Thanks for telling me, i just made a quick fib, i don´t know how i over looked it.

Thanks
Kind regards
Thomas Jeff
Reply
ThomasJeff_DCM ThomasJeff_DCM
Ohh sorry i forgot to anwser your question, no the A - B leg have to touch at least the 0.318 but can not close above the 0.618 as you pointed out. AND the X leg termination, the PRZ level can not be above/under the B leg.
Reply
ThomasJeff_DCM ThomasJeff_DCM
And to anwser the last question about the extention leg being almost the same as A don´t matter, because its the extention from the B leg and it can move in any way it want´s as long as it don´t close above 1.414 extention of X - A but it must touch the 1.272

I hope that helps else write me PM and i can send you a picture with step by step process to draw a Cypher to your mail
Reply
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out