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Bearish Cypher

EURJPY Bearish Cypher Completed on 1 Hour TF!Adequate harmonic bearish cypher has been formed!. I expect this pair to retrace slightly and head back up. You can refer to the attached link for further analysis. I personally would not trade this pattern, because for me it is one of the confluence factor for my main trend analysis. If you wish to trade you can do so at your own risk. TP target are set at 38.2 and 61.8 fib levels for SL you can go as high as risk to reward where it reaches 1:1. Harmonic patterns are difficult to spot and i have just put this here for my fellow traders to see and do their own analysis before going in.
Short
by FX618Analysis
3
AUD/NZD - Gartley 886 and CypherWhat's going on traders, I hope you've all had an excellent weekend. I'm bringing you an opportunity to keep on the watch list, today we have AUD/NZD on the 1h chart with a bearish gartley 886 and bearish cypher. Gartley patterns at an 88.6% retracement of XA are unique, this is utilised when the AB=CD completion extends past the 78.6% retracement which is the standard measurement. If we execute the trade based on the gartley, allow more room for the stop loss than usual... Between 1.0 and 1.13 of XA (beyond X). The cypher pattern uses a stop loss beyond X. Pay attention to both formations if we see price break above the 1.07800 area, we can then start considering a shorting opportunity. Feel free to share your views below.
Short
by LewisGlasgow
5
Cad/JPY Bearish CypherHey guys, today I'm looking at a couple of position on the JPY. The Japanese adjusted trade balance is expecting this evening at 00:50 GMT+1, with a positive consensus of 610 Billion higher than the previous release of 1.03 Trillion. With this in mind I have decided that it wouldn't be a bad idea to look at the potential entries in advance. The Cypher pattern here forms at a level of daily resistance where price has previously acted as support (see below). Cypher ratios are as follows: B = 0.382-0.618 C = 1.272-1.414 X to D = 0.786 Risk is at 2:1 and will be adjusted as the trade develops! I will update as time progresses.
Short
by KyleMcQuade
1
USDCHF Potential Weekly Short Position - Cypher Potential bearish cypher almost completed. If you enters soon as price completes the last leg, bear in mind that based on my ATR stop loss above x, this trade will not be a 1:1. Personally, I will NOT enter as soon as price hits the last leg of the cypher. There's a reason they say you should put you Stop Loss above/below X and thats because price can go that high/low against you. I will wait for price action to complete the last leg then look for a reversal as entry, anywhere up to the Stop Loss level, as reassurance and also to obtain a better R:R.
Short
by JoeyMvc
EUR/NZD Bearish CypherHappy Friday everyone, Just before the market closes for the weekend I am eyeing up this potential short. Heading into next week I will be monitoring this pair on the 4 hour chart to look for an ideal reversal candle (hanging man, shooting star or bearish engulfing). This pair may become volatile on Tuesday 26/04 as a result of the European Central Bank's decision rate. French Finance Minister, Bruno Le Maire, this week described ECB interest rates as 'clouds'. This can be taken in many ways however, since price has broken the weekly trend line and began to consolidate on the daily timeframe at a level of resistance, I don't mind looking for a potential short position should the correct candles arise. The ideal reversal candle I am looking for may come after price has surpassed my stop loss- in which case I will not take a trade, but know that price is currently in an area where a reversal is possible. The weekly trend line has broken after hitting resistance at 1.7481 (the highest price has been since 2016) back in December. Since then the daily time frame has made a lower high and re-tested the 1.71 area several times (see below). Since the last re-test of this level, price has also made a lower low. This may indicate loss of faith in the Euro before further decline or continuous consolidation. Cypher ratios B = 0.382-0.618 C = 1.272-1.414 X to D = 0.786 Risk as always is at 1:2 minimum (most commonly with the cypher pattern).
Short
by KyleMcQuade