Here we have a developing cypher pattern on the Swiss verses the US dollar. This pattern agrees with my strategy where the bearish pattern completed in the positive deviation area of both the last 100 and 200 moves. this pattern is likely to rally down into the negative deviation , but i have placed my limit at the .618 extension of the BC leg, because i had a lot of trades last week go bust by just a few pips.
My entry is at point D , my stop is at the structure just above point X because i don't want the market to retest that high and then decide to fulfill my trade, while i got stopped out 20 min before.
And my limit is at the .618 extension of the BC leg, you might also consider using point A as you limit. In my experience , A is a great limit for cypher patterns.
Thanks for checking this out , please like comment and fol,low me for more trades and information , maybe questions about trading!
And as always Good Trading Everyone!
My entry is at point D , my stop is at the structure just above point X because i don't want the market to retest that high and then decide to fulfill my trade, while i got stopped out 20 min before.
And my limit is at the .618 extension of the BC leg, you might also consider using point A as you limit. In my experience , A is a great limit for cypher patterns.
Thanks for checking this out , please like comment and fol,low me for more trades and information , maybe questions about trading!
And as always Good Trading Everyone!