With the huge drop of this pair thanks to the relatively good numbers announced for USD and the unchanged interest rate for CAD, we are sooner near to completion of this Cypher pattern than expected. It's not quite in the reversal zone yet but a little further down during tomorrow's early session is certainly possible.
Comments
FeelsFX
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So the price did not get into the reversal zone. Is the pattern invalid regardless the premature reversal ?
Nico.Muselle
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I'm afraid that price action indeed decided to reverse a little before the PRZ so the pattern did not complete. In theory the pattern is not invalid as no price level has been broken, but chances that it will still complete and reversal will happen in the predicted zone have become very slim now. As far as I am concerned this pattern can be removed from the radar.
FeelsFX
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so u didnt enter long on it ?
Nico.Muselle
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No I did not, so nothing won, nothing lost on this.
However, I entered a short trade. based on the structure that was hovering around 1.2510 for about 6 hours on the CD leg which gave me a good profit using previous structure as Target 1 and 1.2415 as Target 2.
GospodE
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GOOD work sir!
Nico.Muselle
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Thank you for your support ! :)
IvanLabrie
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If it drops under 1.239 it'll be a pretty hard support breach...strongest support level is at around 1.2453 and it was already breached.