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60m

GBPUSD 60M - Potential Cypher Pattern Short @ 1.3496Hi all, We came close a little while ago to entry for a Cypher pattern short on GBPUSD 60M @ 1.3496. Technically the pattern is yet to complete but if you front run your orders you may already be filled. Stops above X T1 @ 1.3446 T2 @ 1.3414 As always targets will be adjusted should the pattern complete. Should we reach T1 before the pattern technically completes I will consider this pattern fulfilled due to getting so close to entry.
Short
by Andy_Parrish
GBPJPY 60M - Potential Bat Pattern Short @ 156.08Hi all, Just broken down the GBPJPY 60M chart and there is a potential bat pattern short up @ 156.08. This area also has additional supporting reasons to short. We have some structure looking left. We have a 382 fib retracement from the whole move down on the higher time frame, as well as a 50% fib from the last outside return. We have a 1.618 ext of the initial move up from the C leg of the Bat, a 1.272 ext of the second push from the C leg and a 1.414 fib inversion higher up. We also have 2 ABCD patterns completing in the same area. Stops above X Where you shoot for targets here will depend on how you want to play this. If you're just trading the Bat then: Target 1 @ 154.39 Target 2 @ 153.35 If you're playing it as trend continuation to the downside you could put your initial Target 1 at previous structure down @ the 152.00 area then maybe look for an extension for target 2's. As always though, trade what's in your plan folks!
Short
by Andy_Parrish
EURUSD : late night bear Cypher forming on the hourly Bearish Cypher pattern @ 1.09225 Target 1 1.08933 Target 2 108742 Stops 1.09556 (Based off of a 1.13 fib inversion from the C to X leg) In addition to that, we have other reasons for entry. Not only does the pattern complete in an area where three major resistance levels coalesce (as dictated by the four hour), the overall leg of the move down has a .618 retrace in that same congestive area where the pattern completes. Note the B to C leg pattern and how the pattern is not drawn from the wick down there in this particular instance. That is because according to rules governing cyphers, that actually is a 1.618 extension. However, the pattern is allowed to wick down there, provided it closes at or above the 1.414 which it did in this instance. I predict we will wick to the completion point of the pattern, as price will test this strong area and ultimately get rejected downwards. This pattern has an ugly risk/reward profile, so plan accordingly....
Short
by BennyManieri