Sell If the next week bar closed red , down the blue horizontal dashed line
Here on the USDCAD we are in a long term down trend, but we are currently on the "top" of an outside return - which means we are at a decission point where price can continue the longer term downtrend, or continue the short term uptrend. On the chart we got a bearish Cypher formation at structure resistance, so IF price gets up to our PRZ level -Then we go short....
Looking at a bullish gartley pattern here. If the price gets down to my kill zone between the 76.4 retracement and 1.272 extension, then I'm looking to go long. If the price gets to my first target when I'm long, then I'm going to move my stops to break even, and I'm also going to take half of my position if target 1 is reached. This also gives me a good risk vs reward.
If Pattern Completes Then I Will Look at RSI IF RSI is Overbought Then I will Look for Candlestick Confirmation
IF DXY finds previous support, trend resistance AND closes above the 96.12 level on the day chart, THEN a long position will be taken. If DXY does not find support and closes below past trend resistance, THEN a short position will be taken. Happy Trading
Newbie Pattern Trader Think I see a Cypher Pattern IF pattern completes Then I will wait for candlestick confirmation IF I get candlestick confirmation Then I will go short
Everything can be seen or read on the CHART.