Countertrend trade. Trade it with caution.
Get some profits off the market after a 23.8 retracement, then let it run.
If you can monitor it and close it out on a nice long wick on 1.64.
lace stops at 1.65.
There is at least 60 pips profit in this one.
How to determine the difference between a shark and a cypher as they are very similar. If I have time I'll try to catch the 5-0 trade on this one also. Extra addition: as you can see there were a lot of sellers in the 0.886 retracement too (as it is the first entry spot for a shark). You can determine if this is a ...
Shark pattern on the UJ 1H chart. Will complete this week. If it completes on the 0.886 it will bounce on the major trendline (forming a wedge) from the Daily (check it out for yourself). It will go up until the 38.2 retracement of the AD leg at least. Maybe shoot up again to 61.8 retracement and beyond. And as ...
With just a little bit on the RSI left to get overbought we can reach a pretty decent cypher and ride it down to the 1.60875 level. Where the pair might go up again and go through the roof on bullish sentiment or we go down lower and continue the downtrend it originally started.
So my last setup was kind of messed up, excuse me for that. We had a CRAB pattern (not Bat) accompanied by a Cypher Pattern. The Cyper Pattern was stronger than the crab pattern and that one, as it seems now, is getting filled nicely. If we get a nice confirmation on that pattern it might go even higher eventually ...
DO NOT TRADE THIS. This was an eearly morning for me apparantly seeing it that it is NOT a bat pattern and that I presumable took the wrong impulse leg. Do not trade this trade like I' ve setted it up!