Daniel.Dalo
Long

USDCHF - Bullish Cypher

FX:USDCHF   U.S. Dollar/Swiss Franc
Waiting to take first profits off at the 38.2 retracement, then at the 61.8 retracement. Looking OK for now, but let's see what happens :)
bouh52 PRO
2 years ago
Hello,
What software do you use to identify these patterns,
Thanks
Bali
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Daniel.Dalo bouh52
2 years ago
I'm currently not using any software, just trying to identify them myself. But I know there are some good softwares for doing that, for example AMP Monitor, Tradeempowered's Constellation, etc.
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Daniel.Dalo
2 years ago
UPDATE: this Cypher has already given us 30 pips at the first target (38.2 retracement) and stops were moved to breakeven. Now, I'm waiting for price to reach the second target at the 61.8 retracement. More conservative second target would be the 0.5 retracement level, wich was also hit recently, so nice profits from this Cypher pattern, let's see what else this pair could give us for this week.

snapshot
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Daniel.Dalo
2 years ago
Gladly, this one hit the second target as well at the 61.8 retracement, so very good trade.
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bouh52 PRO Daniel.Dalo
2 years ago
Hello , if you were to rank the patterns which ones has the best success rate i.e. bat, cypher , gartley

BR Bali
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Daniel.Dalo bouh52
2 years ago
Hello! I'm not quite sure about which one has the best success rate, but for what I've seen personally, I think that Bat and Cypher are the best options, both have great success rate and are the ones I see the most on charts. Also, I think that the highest probability trades off patterns are the one in which you find a strong structure level around the completion of the pattern.

A good example of what I'm saying is this chart:
snapshot


As you can see, there are two bearish Bat patterns, but I would be more confident about trading the red one, as it has a strong support level around point D. The yellow one is about to complete, but it doesn't have a good structure level around the completion point, so bottom line, you can increase significantly your odds on any pattern if you trade the ones that have strong support or resistance levels around point D.

I hope it's useful for you, as I said, the ones I like the most are the Bat and the Cypher. Good luck!!
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Daniel.Dalo bouh52
2 years ago
I've also found that the Shark pattern it's pretty good, has a very nice success rate and when it completes, if you reach the 0.5 retracement level as the target, you can trade the 5-0 pattern, so take a look at that one as well if you haven't already.
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