Sorry Guys, we were looking at this as a structure trade and the Cypher is in fact invalid. Been a long week.
Comments
faisalhasnoon
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this is valid in the 4H chart but still did not hit the 78.6 fib :)
DKrastev
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Actually it is not a valid Cypher, since the C leg closes beneath the 1.414 Fib level. Apart from that it is a good structure trade and there is Fib retracement, as well.
JasonGraystone
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Yep. we were looking at this as a structure trade. MISTAKE. Its been a long week!
Mustafoinc
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You do work hard! Good job on catching that mistake!
JasonGraystone
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Yep! I wouldnt enter the Cypher anyway as the risk is too large. But as I say, we were looking at it from a structure trading prospective. have a great weekend.
SergeantPringles
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well every cypher that dips below the 1414 can be seen as invalid if you go down the timeframes enough. at some point you will get a close because the candles would get so small and ud get so many. i personally think , if you look at all the (common) timeframes and you can find one where the close is above the 1.414 and the pattern itself has a reasonable amount of candles (my rule is 50+ candles) then its valid. which would be true for the 4H in this case. which is why i will trade it.
but thats ofc based on my ruleset.