AUDJPY 4H Bullish CYPHER PATTERN @ Market
Updated
Hi Guys,
This is a weird looking CYPHER Pattern but still a valid one according to my trade plan. I didn't spot it till about an hour ago and saw that the market did not violate the X leg but actually bounced off of it so we know that the support level is pretty strong and therefore we can buy. The Risk to Reward ratio for these trades are much better but hardly occurs.
This is a bullish CYPHER pattern @ MARKET and stop loss will be placed below the X leg which we use as good support in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Trade Numbers:
Risk: 150 pips x 2 = 300 pips
Reward #1: 210 pips. R:R = 1:1.4
Reward #2: 320 pips. R:R = 1:2.1
Plan your trade... Trade your plan.
This is a weird looking CYPHER Pattern but still a valid one according to my trade plan. I didn't spot it till about an hour ago and saw that the market did not violate the X leg but actually bounced off of it so we know that the support level is pretty strong and therefore we can buy. The Risk to Reward ratio for these trades are much better but hardly occurs.
This is a bullish CYPHER pattern @ MARKET and stop loss will be placed below the X leg which we use as good support in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Trade Numbers:
Risk: 150 pips x 2 = 300 pips
Reward #1: 210 pips. R:R = 1:1.4
Reward #2: 320 pips. R:R = 1:2.1
Plan your trade... Trade your plan.
Trade closed: stop reached
-150 pips x 2 = -300 pips
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