purplex
Short

Possible Cypher, AB=CD and Butterfly Pattern Formation

TVC:NDX   NASDAQ 100
Possible Cypher Pattern , AB=CD and Butterfly Pattern Formation - This is my first post hope everything goes well for everyone happy trading

Warnings:
  • Look for wide range bars completing the D leg (could extend past .782) of the cypher
  • Market has been in a strong uptrend (keep contract size small)
  • If your trading using nadex as broker be aware of the time the pattern forms you want to have enough time to reach targets
  • If market gaps on open and completes a patter be cautious (Look for a reversal signal)
  • If market gaps on open and you get into the trade get out of the trade near or once the gap closes in my experience once a large gap closes it acts as a support / resistance zone

Trade 1 - Aggressive traders enter Bat Pattern at .782 (6322.2)

Trade 2 - Conservative traders wait enter .886 (6327) as it's a double top , completion of AB=CD and in the zone of butterfly

Validity:
  • 3 large patters completing
  • Double top at all time highs
  • Crowed physiology taking profits from the rally up to all time highs. Greed / fear could drive the price down


Take profits with a retraecment from C to D at .386, .5, and .618

Trade ist aktiv: Reached Conservative entry point and first TP
Trade geschlossen: Ziel wurde erreicht: 2nd & 3 TP Reached for Conservative traders Trade complete!

I project price action dropping further until it hits first targets of the butterfly. (Long term)(6,300-6,272) (Keep contract size small if you're trying to enter again)
(Those who got in move stop/loss down to break even for a risk free trade)
Kommentar: First target reached for butterfly (A to D Retracement .618)
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