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
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 ?
11021992
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@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.
@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
11021992
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@RD-Trades, Yeah I understand. I was actually a bit confused when I replayed it after your comment, haha.
RD-Trades
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@11021992, is your B leg retracement between a 382 & 50 or do you take it at the 618
11021992
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@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.
RD-Trades
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@11021992, so basically as long as the candle does not close above the 618.8% the cypher is still valid for you ,