These are some of my favorite trades. Trades with tons of confluence if you do not know what confluence is, its basically extra confirmation. My first reason to take this trade was based on a head and shoulders pattern on the daily chart. On the last leg of the head and shoulders it retraced to the 61.8 which is a major fib level for an AB=CD trade. And it formed...
These are rare and when they happen you take them as simple as that. This is two ABCD patterns completing need the same zone right before the 1.37500 Major Quarter. Can you say Confluence? When signals align like this you have to take advantage. No one knows what the market will do but the more confluence the higher your edge right? Enough rambling my entry point...
This is a potential bearish cypher on the daily. This trade will be more on the heavy swing side. Also the spread is super high so if that is a big concern for you this is not the trade for you. However these cypher patterns pay out the most consistently so i will happily pay the spread. My entry for this pattern will be 16.69842 right before the 16.70000 number....
