jiahe911
Short

USDCHF cycher pattern?Short?

FX:USDCHF   U.S. Dollar/Swiss Franc
26 2 0
does anybody can tell me?is it correct?because i am new.a million thanks!
Many traders would call this a Cypher, but, it does not really fit the rules
as I understand them. It fits the pattern of a Shark a little better with pt D at the .886
around .8750. The reasons are:
A to B is greater than .500 and the X to A fib ext., pt C, has broken the 1.414
even though it has done so by only 3 or 4 pips.
I've found that Cypher have the best probabilities when the A to B fib is as close
as possibly to the .386 and does not go beyond the .500 -
and pt C only "taps" the 1.272 fib ext of X to A but never goes beyond the 1.414.
I don't bend the rules much on Cypher's - or any other pattern for that matter -
as it radically lowers the % of winners below .500
If you're interested, these websites have lots of free stuff about harmonics:
http://neoharmonics.com/learning/chapter-2-fibonacci-harmonics/
http://harmonictrader.com/
http://www.trade-forex-harmonic-patterns.com/harmonic-trading-tips-shark.html
Wishing you lots of pips in your pocket for 2014 and beyond !!!!
+1 Reply
jiahe911 dojitrader
thank you for teaching me,appreciate ~
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