GBPUSD bullish cypher pattern
Updated
Hi traders,
On the GBPUSD can see a potential cypher pattern forming. Completion is at point D. The original entry for this pattern is at the 78.6% Fibonacci retracement, but I like to use the 88.6% Fibonacci retracement, because of the larger R:RR. Target is based on previous structure.
Entry: 1.29031
Stop: 1.28225
Target: 1.30608 = R:RR 1.96
Good luck! Updates will follow.
On the GBPUSD can see a potential cypher pattern forming. Completion is at point D. The original entry for this pattern is at the 78.6% Fibonacci retracement, but I like to use the 88.6% Fibonacci retracement, because of the larger R:RR. Target is based on previous structure.
Entry: 1.29031
Stop: 1.28225
Target: 1.30608 = R:RR 1.96
Good luck! Updates will follow.
Order cancelled
The C leg has closed beyond the 141.1% Fibonacci extension, so the pattern is no longer valid. Entry deleted.
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