Hey Traders, we have a bearish cypher pattern on the EURUSD 15 minute chart that is set to complete at an important resistance level. This is how I personally like to trade the cypher pattern as it provides high probability trades. If price does retest the 1.19755 level, I will be entered into a short position. My first profit target has been set at 13 pips. If the pattern completes and my first profit target is met, I will move my stop loss to my entry price in order to lock in profits from target one while giving target two a chance to run a little further. By moving my stop loss to my entry price after target 1 is met, I remove the chance of taking a loss on the second half of the position. If price falls below 1.19394 (Black line) before reaching my entry order, the cypher pattern will be invalidated therefore I will cancel my orders.
Also be sure to comment below if there is a trading topic that you would like me to do a tutorial on. Thanks Traders!
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Hey traders, unfortunately the cypher pattern was invalidated & we had to cancel our orders for entry. This will happen from time to time when trading harmonic patterns however this is one of the reasons they can be high probability trades.