AshleyHitchon

Possible Bearish Cypher Pattern Still Developing

FX:USDJPY   U.S. Dollar/Japanese Yen
125 5 0
So far the rules have been met for an advanced pattern ( Bearish Cypher ). There is strong support down by the C leg around the 1.272 fib ext. if you look left on the 240 minute chart. This could be a reversal point and possibly continue to the D leg for completion. The B to C leg is still developing but this is on my radar to watch for the next week. I am putting stops at 122.029 after D leg completion. Target 1 is at 119.871, but I am considering taking targets 1 at 120.000 if this pattern does complete and hit target 1 as projected. This is my first published idea.
Not to be an ass or anything but that is not a valid Cypher pattern, you see right next to your B point the next swing up actualy closes above the 0,618 fib making the pattern invalid. So be careful with taking this one. There is a Bear cypher on there i just published if you got interest.

Kind regards
Thomas Voss
Reply
AshleyHitchon82
2 years ago
I appreciate your feedback. When I posted this idea the 2nd leg up past the .618 was not in my original idea, but you are right. It is now invalid because of the close above .618 on B leg. I am trying to practice patterns but I only know the correct ratios for cypher. I am open to any advice for other pattern ratios. Thank you!
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ThomasJeff_DCM PRO AshleyHitchon82
2 years ago
Ahh now i see what you mean, if you send me your email i can send you some instructions for some of the other patterns like Gartley and what not. Just promise me you backtest it with your own rules of confluence before just go out trading it.
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ThomasJeff_DCM PRO ThomasJeff_DCM
2 years ago
Try this for a start http://www.fxpipsology.com/advanced-patterns/
Reply
AshleyHitchon82
2 years ago
Thomasjeff, did you receive the message I sent? Thank you for the link. I will do the backtesting.
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