Cypher Pattern - Bad Example #1
patterns supposedly have 80% completion ratio. This one failed
X - recent bottom
A - recent top
B - must touch 0.382 fib retracement and close BEFORE 0.618 of X-A. We have 0.463 - GOOD
C - must touch 1.272 fib extension and close BEFORE 1.414 of X-A. We have 1.367 - GOOD
D - nosedive required after C. Buy Entry - of X-C
We can see the price bounced in that area (the wick being much lower and touching X level. The pattern was close to being correct however the bears were too strong. If you were lucky - you could get a quick scalp.
Do Cyphers only work in sideways markets? Not in Bear/Bull markets?
I'll be following this up with some good Cyphers