wwzrd

wwzrd

Resistance level have been tested a few times, which indicates a good level for entry. Break beyond resistance level will indicate that the trade is no longer valid.

wwzrd

The requirement for a gartley pattern is a 0.618 retracement of point B and 0.786 (0.7855) retracement of XA for entry point. BC projection should be either 1.272 or 1.618 which in this is 1.272 (0.7876) Previous structure is crucial

wwzrd

There's no detailed explanation as the pattern is only half way completed.

wwzrd

PRZ is around 1.5636 which is a 0.886 retracement of XA and 1.5595 which a 1.618 projection of BC. SL is placed slightly above X which makes this one of my favourite pattern because of the risk/reward ratio.

wwzrd

I don't usually trade cypher because of the risk to profit ratio, but this what I see

wwzrd

Been waiting for this pattern since AB leg formed. So let's just wait again

wwzrd

Wait for a retracement then make an entry.

wwzrd

Something to support my pattern based on previous structure of USDCAD.

wwzrd

Why I think it's going to form a cypher? Look left to the structure. for details on structure

wwzrd

Shorted USJPY at 124.25 based on my previous pattern on USDJPY. Break below 123.56 for better confirmation and may also close as a doji or shooting star on daily chart.

wwzrd

0.618 retracement on trendline for entry and stop loss slightly below support

wwzrd

Turn to weekly chart and look at the structure for previous resistance(horizontal line) CORRECTION first take profit should be around 122.00 which is not correct in the chart

wwzrd

The first take profit should actually be around 1.2263

wwzrd

One may not always be right, but let's just wait and see.

wwzrd

Trying out smaller time frame

wwzrd

1. AB should be 382 or 618 retracement of XA 2. BC can either be 113 or 141.4 3. CD must be 78.6 retracement of XC Green horizontal line at 1160 for entry price and 1137 for stop loss slightly below X Turn to weekly chart and you can see that it has been retracing around that area a few times which indicates a strong support.

wwzrd

It might going up towards 1.2378 or 1.2480 area based on previous support before continuing it's way back down. Further movement lower than A might lead to a new pattern

wwzrd

1. AB should be 382 or 500 retracement of XA 2. BC can be either 382 or 886 retracement of AB 3. CD should be 886 retracement of XA Why I'm trading this pattern? You can look at the previous support and resistance on the daily chart