Yuba_Tamazgha
Short

Cypher Pattern on Gold

FX:XAUUSD   Gold Spot / U.S. Dollar
Very nice confluence with the 1.27 ext measured from C to B leg lining up with 0.786 retracement of X to A. We have good structure resistance dating back to early May '13. Let's see if this pattern can reverse price.

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yeah of course, there is alot of posibilities, the market right now is sideways but the pattern is with the higher time frame trend direction, with some luck there is even the posibility of trailing stop and making a really good amount of profit shoting for extended targets...
+1 Reply
Yuba_Tamazgha eXcess0070
I like the way you think mister ;)
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Yuba_Tamazgha eXcess0070
And if you think about it, it fits great within a wedge pattern.

snapshot
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eXcess0070 Yuba_Tamazgha
Yeah I spoted that too... but I would call it a pennant pattern or triagle from a higher timeframe ( pennant pattens use to break in the direction of the trend as well as that kind of triangles ) really good positibity of taking extended targets, stop based on that cypher and targets based on higher timeframe analysis, should give us an awesome R/R, ( I don't trade this ) but I'll keep an eye on this, pretty interesting :)

I like the way you make your analysis btw... :)
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Nice pattern, looks pretty probably a good turning level... but where is your stop loss?
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Yuba_Tamazgha eXcess0070
Trader's should place stops where there's previous structure resistance, while keeping in mind of not risking no more than 2% of equity in the account. This trade can very well satisfy a R/R of 2:1
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