A possible bullish Cypher pattern:
In 2-day time period chart, the priceline of NEM has also completed a formation of bullish Cypher. There are also good supports of 25 SMA and 100 simple moving averages in buying zone. Now if on the daily time frame chart the price action does not complete the final leg of Shark and we receive the bullish signals by the MACD and Stochastic, then our buying and sell targets should be as per bullish Cypher pattern which is as below:
Buy between: $0.4804 to $0.3475
Sell between: $0.5853 to 0.8367
As per the above targets, this trade will also have a good profit possibility of 140%, and the loss possibility is also big that is 28%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
In 2-day time period chart, the priceline of NEM has also completed a formation of bullish Cypher. There are also good supports of 25 SMA and 100 simple moving averages in buying zone. Now if on the daily time frame chart the price action does not complete the final leg of Shark and we receive the bullish signals by the MACD and Stochastic, then our buying and sell targets should be as per bullish Cypher pattern which is as below:
Buy between: $0.4804 to $0.3475
Sell between: $0.5853 to 0.8367
As per the above targets, this trade will also have a good profit possibility of 140%, and the loss possibility is also big that is 28%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.