moneymaking

XAUUSD: Potential Cypher pattern (4 Hr)

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
Potential Bullish Cypher Pattern is almost complete on 4 hour chart. The market is near the 78.6% retracement of the XC leg, look for bit more conformation before taking the trade. Market is at the oversold level on RSI . Stops can go 10 to 20 pips below the X point.

Trade setup:
1. Choose position size lot based on your preference
2. Long at 78.6% retracement of XC leg (D point completion)
3. 1st target is 38.2% retracement of CD leg
4. 2nd target is 61.8% retracement of CD leg
5. Once 1st target achieved, move stops to break even

Please correct me if I have made any mistake, by leaving a comment below. Thank You :)

Trade Safe and Good Luck to all !!