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Cypher Pattern - Bad Example #1

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
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DISCLAIMER - Your money is not in danger but guaranteed to disappear if you follow my trades. These ideas and trades are mostly for my personal use as a journal, but I try to provide as much value as possible to the community

Cypher 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 - 0.786 retracement 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
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