A note on an ongoing trade
Going to exit part of the trade which entered at the shown arrow, by completion of the Cypher pattern. Will enter long again after a 0.382-0.618 dip from 0.7405
The pattern has some interesting structure.
i) XA leg a complete 5-wave corrective wave
ii) B point is about 50% retracement of XA Leg
iii) BC leg is an exact 1.414 extension of AB
iv) CD is completing through a 5-wave impulsive (to be confirmed) wave
v) 0.7405 is a test of 133 EMA on Daily time frame
vi) RSI is at a significant high level on H4.
vii) There is a divergence between RSI and Composite Index (which demonstrates the areas RSI fails to diverge)
Going to exit part of the trade which entered at the shown arrow, by completion of the Cypher pattern. Will enter long again after a 0.382-0.618 dip from 0.7405
The pattern has some interesting structure.
i) XA leg a complete 5-wave corrective wave
ii) B point is about 50% retracement of XA Leg
iii) BC leg is an exact 1.414 extension of AB
iv) CD is completing through a 5-wave impulsive (to be confirmed) wave
v) 0.7405 is a test of 133 EMA on Daily time frame
vi) RSI is at a significant high level on H4.
vii) There is a divergence between RSI and Composite Index (which demonstrates the areas RSI fails to diverge)