AUDUSD 1H TF - Bearish Cypher Harmonic Pattern ALREADY completed
**DISCLAIMER** I do not know what I'm doing, this is purely for entertainment purposes from the perspective of the audience; however, educational purpose from my own perspective if constructive feedback is given. Thank you.
Fibonacci retracement taken from the X point to A point price action wicks above 0.618 without closing past it forming the B point.
From the A to X point, price wicks above the 1.414 extension without closing past it forming the C point.
D point is completed at the .786 from the X point to the C point.
Target 1 is at the .382 from the C point to D point.
Stop Loss is at the 1.13 extension from the X point to C point.
HOWEVER, after pattern being completed at the .786 from the X point to the C point it CONTINUED to push beyond the entry point before pivoting.
Therefore Target 1 was ADJUSTED to the new .382 from C point to Pivot Point.
Assuming .786 entry point, the risk to reward ratio is affected by the adjusted targets:
Stop Loss at approximately 24 pips from Entry.
Target 1 (adjusted) at 13 pips from Entry giving a 0.54 Risk-to-Reward.
Target 2 (adjusted) at 28 pips from Entry giving a 1.16 Risk-to-Reward.
Fibonacci retracement taken from the X point to A point price action wicks above 0.618 without closing past it forming the B point.
From the A to X point, price wicks above the 1.414 extension without closing past it forming the C point.
D point is completed at the .786 from the X point to the C point.
Target 1 is at the .382 from the C point to D point.
Stop Loss is at the 1.13 extension from the X point to C point.
HOWEVER, after pattern being completed at the .786 from the X point to the C point it CONTINUED to push beyond the entry point before pivoting.
Therefore Target 1 was ADJUSTED to the new .382 from C point to Pivot Point.
Assuming .786 entry point, the risk to reward ratio is affected by the adjusted targets:
Stop Loss at approximately 24 pips from Entry.
Target 1 (adjusted) at 13 pips from Entry giving a 0.54 Risk-to-Reward.
Target 2 (adjusted) at 28 pips from Entry giving a 1.16 Risk-to-Reward.
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