Bullish Cypher Pattern
Low RSI
Stuck in a channel
High reward/risk ratio.
Buy at .886 FIBO@ 1.33963
Low RSI
Stuck in a channel
High reward/risk ratio.
Buy at .886 FIBO@ 1.33963
Comment:
A candle has to close on 1.33963 before the pattern is relevant.
Trade active:
Entered at 1.34076
Trade closed manually:
Closed trade 1.34195
Reason 1 : It could be a double bottom. If it is, I'll apply the 2618 strategy.
Reason 2 : Pair has been ranging a little bit. I didn't have a higher-high higher-close candle, which I would've liked for confirmation of previous resistance (1.3422 shows a small bit of resistance).
I'll probably re-enter the trade tomorrow.
Reason 1 : It could be a double bottom. If it is, I'll apply the 2618 strategy.
Reason 2 : Pair has been ranging a little bit. I didn't have a higher-high higher-close candle, which I would've liked for confirmation of previous resistance (1.3422 shows a small bit of resistance).
I'll probably re-enter the trade tomorrow.
Comment:
Just want to clarify : Reason 1 is not really a valid reason to close a trade. But because of the small ranging of the pair, I exited it for the night. I don't personally like to hold on overnight position as well.
Trade closed: target reached:
Target of 0.382 FIBO is reached. Pattern did its job.