11021992
Short

EURUSD: Bearish cypher pattern

FX:EURUSD   Euro / US-Dollar
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37
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Hi traders,

On this EURUSD 15MIN chart we have a potential bearish cypher pattern taking shape. As long as we don't close below 1.07097, this pattern remains valid.
Entry: 1.07504
Stop: 1.07625
Target: 1.07243 = R:RR 2.16

Good luck guys! Updates will follow.
Trade ist aktiv
Trade geschlossen: Ziel wurde erreicht: We made it!
Hey , i am just curious you entered the trade and said your you reached your target but on the chart where you put your stop loss , it was hit no ?
Antworten
11021992 RD-Trades
@RD-Trades, The trade was entered 3 bars after I posted this chart. In the point X I mainly care about the vertical movement. So I just put point D somewhere on the chart, as long as price is right. 8 bars after the entry, the target was hit.
After that price went up again and broke the structure, but I was already out of the trade by then.
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11021992 RD-Trades
@RD-Trades, Here's what happened:
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RD-Trades 11021992
@11021992, Oh okay now it makes more sense to me , nice find the reason why i asked is because my style of trading is just harmonics and structure based trades , that is why when i saw the first chart i was confused and was just curious to see what you meant
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11021992 RD-Trades
@RD-Trades, Yeah I understand. I was actually a bit confused when I replayed it after your comment, haha.
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RD-Trades 11021992
@11021992, is your B leg retracement between a 382 & 50 or do you take it at the 618
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11021992 RD-Trades
@RD-Trades, For the Cypher pattern the B leg can't CLOSE beyond the 61.8% Fibonacci retracement of the XA leg. It can go beyond it in the meanwhile, like it did in this case.
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RD-Trades 11021992
@11021992, so basically as long as the candle does not close above the 618.8% the cypher is still valid for you ,
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11021992 RD-Trades
@RD-Trades, For the B leg yes.
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RD-Trades 11021992
@11021992, oh okay sweet , what pairs you currently looking at right now ?
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