dionvuletich
Long

XAUUSD 1hr Cypher Pattern

FX:XAUUSD   Gold Spot / U.S. Dollar
312 4 2
Trade closed: target reached: R1.1:1 Winner Target 1 second portion to BE stopped out for tiny win o/a <1:1 Winner

Actually, I agree with you that the price just finish a patten,and I think the up-trend line has already been broken.
+1 Reply
dionvuletich JamesZhang
Good luck with your trade..! at this stage it is not stopped out yet...

NFP pushed this Cypher to a quick win
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You do you call that trendline if it doesn't have 3 touches yet?
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dionvuletich Yahia.Awes
Don't use trend lines - only showing because it coincided with the pattern... I'm trading the Cypher pattern alone and you only need two points to draw a trend line as long as the points are significant
More touches does not necessarily make a level stronger

Trading trend lines is usually a bad idea or most things from off-the-shelf trading books... they have you buying late at an arbitrary level with meadiocre reward to risk ratios and large stops
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