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 !!
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 !!