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.
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
UnknownUnicorn101425
⋅
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
UnknownUnicorn101425
⋅
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.
UnknownUnicorn101425
⋅
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
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