Hi All, I just wanted to share this with you to keep on your radar. We have a potential Bullish Cypher pattern here presenting us with a great opportunity for a long position. If we can see price push back down this way before breaking to the high side it would be an ideal opportunity to go long before price breaks up.
We can see here now with Fibonacci Retrace, Inversion and good levels of support. We can also look at any other filters you use for extra confirmation of a reversal at this point. RSI maybe will be O/S if we get down here. LTF or TTF may also show a D/B for another reason for entry.
If you went long at 1.32600 (+/-), where would you put your stop loss? I see all of the support levels you have labeled, but do you use 1.32257 you have labeled for the stop?
Oztrade
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Hi Tim, depending on the currency pair I would use a below 113% stop or ATR based - usually GBP pairs are more ATR based stops for me. I just reviewed this chart in 15m and would have stops below 1.32383 - T1 would be standard 38.2% then stops moved up. And I would trail my stop for extended targets above 61.8% after we make the LLLC with a 10pip trail from L/H - Did you have some thoughs on this one Tim its always great to hear from others.