Been in a down trend since the double top in April. I am showing a Bearish Cypher and I am predicting a drop to the B, but will let the profits ride to the A and possibly the C depending how things play out. I will update then...
For Educational purposes only. Please DYOR
With price nearing the overhead resistance line, 3 red candles in the last 3 days & the probability of mean reversion to the Kijun-Sen line against the background of bearish current market sentiment, it would be interesting to see how this pattern will work out.
I believe this could be a Cypher Pattern on the 15 minute chart. the bluish zone was identified and drawn on the 15 minute as well. The green zone is from the hour. It is downtrending on the DAILY. It's not a lot of pips but if it works out, it is still a profit depending on what you risk.
Even though last week has been a debacle (with some moments of recovering) for our green-bill currency; it seems we are going to have a recovering week ahead.
By agreeing on several points of our checklist such as the back-testing of a daily support line, the formation of a geometrical cypher pattern, and our price action showing a perfect hammer candle on our ...
$xrp is working on a cypher consolidation pattern right now with the PRZ(price reversal zone) aligning with prior support level as well. To be traded only if the pattern completes and price shows signs of reversal around the D point, targeting the 0.382 and 0.618fibs as targets.
Here is a bullish cypher pattern. Entry, Targets, & Stop Loss:
Entry = "D" Point
Target 1 = 382 Retracement of CD Leg
Target 2 = 618 Retracement of CD Leg
Stop Loss = 10 pips BELOW "X" Point
*Close out half position at Target 1 and move Stop Loss to Break Even for remainder of trade.
I think crude oil is in the completion zone of the Cypher pattern or if this pattern does not occur we should go to see shark pattern.
also, I can see the inside bar when the price goes above the inside bar we can take a long position.