From a structure standpoint, price was moving bullish indicated in purple. Price made a higher high from the last leg. Price then violated previous structure by making a lower low (indicated in pink line). A bearish cypher was created with a double top at entry. I am in a short position. My targets are 0.618 Fibonacci level from C to D leg of the cypher. Stops...
The cable has stopped its C correction wave right on 50% Fibonacci retracement of the first Impulse in h4 chart; we can clearly see a Cypher pattern, now price is in PRZ and there are good chances for an upside movement until 1.2390;
in h1 chart Rsi has just crossed 50;today USA data were mixed and the inflation CPI meets the forecast but 1.8% is STILL UNDER FED...
Overall I'm bullish on GBPUSD. looking for a quick intraday short to later go long to end the month or start next month around the 1.25 area. Today it rejected PERFECTLY to the pip from %50 of the weekly game. I want it to climb a little higher starting into next week and give me around 200 pips to the downside. The potential pull run with 1:10 RR is what I'm...
I agree with many traders that LTCUSD has important level around $66.
I also agree that we can expect bounce from $66.
But I would also like to disscus about another scenario.
"What to do if B Line at $66 is broken"?
This is my Litecoin Cypher Scenario.
Cypher Pattern – Rules:
The Cypher pattern starts with a market price that establishes the X and A points....
Here we have a possible cypher harmonic, wait for some candlestick patter before entering long. Again our rule is to wait for a pin bar or an engulfing pattern in the prz without which we don't go long.
Trading forex can be a fantastic business but, without education can be a pain in the neck!!!!
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.