Bearish Cypher Pattern on the Dow and DIA!
Updated
Hey Traders, we have a Bearish Cypher Pattern that is about to complete on the Dow and DIA -0.07%15 minute chart! This looks to be a good setup and I will be taking this trade.
Entry- 206.40
Target 1- . 382 Retracement (around 205.90)
Target 2- . 618 Retracement (around 205.55)
I will be trailing stops for Target 2 and actively managing this position, I do see more downside coming in the markets due to all the recent military announcements and much more. Please check out my idea from earlier today regarding the general markets (idea is linked below)
Thanks traders and good luck trading!
Entry- 206.40
Target 1- . 382 Retracement (around 205.90)
Target 2- . 618 Retracement (around 205.55)
I will be trailing stops for Target 2 and actively managing this position, I do see more downside coming in the markets due to all the recent military announcements and much more. Please check out my idea from earlier today regarding the general markets (idea is linked below)
Thanks traders and good luck trading!
Trade closed: target reached
Target 1 successful! Filled at 205.90! I have pulled my stops down to around break even for Target 2. I am looking to be filled around 205.60 for Target 2.Another Great Trade!
Trade closed: target reached
Hey Traders, i have decided to close this trade. unfortunately we did get the .618 retracement i was hoping for however we were able to close out the remaining position (target 2) with a nice profit. Target 2 was filled at 205.85. I have seen a couple long singles so I have actually flipped the trade to open up a small long position with Targets now at 206.60! Entry was at 206.02 about 10 minutes ago (3:40pm) good luck traders!
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