XAUUSD: A 2nd Cypher Forming on the 4 Hour

FX:XAUUSD   Gold Spot / U.S. Dollar
Shared this idea with you yesterday during my Live Trading Room hours, so i didn't have a chance to write an explanation of what I was looking at.

What we had here (in orange) was a bearish Cypher pattern completion. The "D" leg of this Bearish Cypher also happens to be the "C" leg of a potential Bullish Cypher that would complete down at $1,110.97. I got the question the other day about "which pattern occurs most frequently" and my answer was the Cypher pattern mainly because it often comes after the completion of another pattern.

It's been a pretty big week in the markets. I'm looking forward to a final day of "Good Trading" (following my rules) and enjoying a nice weekend. I'm wishing the same to you traders.

Also if you didn't hear it yesterday, make sure you check out my latest trading video where I share a Great A Success Story from a trading friend of mine. Here's the link https://www.youtube.com/watch?v=OnzLKZhfSzM the Success Story Starts at minute 10:30

Akil Stokes
Chief Currency Analyst at http://www.TradeEmpowered.com
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Hello Akil.. Nice work.. just want to ask you about the RSI indicator you use. does it really work in helping you confirm your entries?
+1 Reply
Akil_Stokes YemiTrader
Thanks Yemioline, I use the RSI to help with my analysis, mainly to look for extreme overbought/oversold conditions as well as divergence. So by itself it doesn't mean much to me but it does play a role as one of the clues i look for when looking for opportunities.
now up or down ???

now.... up or down ???
Akil_Stokes FrtkaFrtka
Who knows, that's all up to the market. All we can do is wait for the next opportunity
+1 Reply
Deniz Gok Akil_Stokes
Yes bravo
+1 Reply
Good Day Akil,
Has this trade hit any of your stop loss targets?
Des Des
or where would sl go for this trade..
For advanced patterns all stops need to go beyond the "X" leg
+1 Reply
Des Akil_Stokes
Thanks that makes a lot more sense now.
by the way just gotta say much respect to you and what you do.
also all the information you provide for free on tradeempowered and to the public.

You're an inspiration and roll model in the trading world.

Well done for how far you've gotten!
+1 Reply
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