Alexander_Nikitin
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a Cypher formation

FX:EURJPY   歐元 / 日圓
More patterns and rules on my website (the link is in signature section below this description)

Cypher Advanced             formation

Cypher Tools:

*Fibonacci retracements (38.2% , 61.8% and 78.6%)

*Fibonacci extension (127.2% and 141.4%)

Cypher Timeframes:

*The Cypher Advanced             formation was originally designed as a swing trading strategy. But it also works on lower timeframes.

Cypher Tactics:

*Seek to identify 4 market moves and 3 major Fibonacci zones. The combination of these moves forms the points (X, A, B, C, D) that fulfill the formation.

Rules of engagement: Criteria 1

The Cypher Advanced             formation starts with a market movement/impulse leg that establishes our X and A points.

Once X and A points have been identified, we then look for our first criteria.

Criteria 1: The market forms the B completion point by fulfilling at least a 38.2% retracement of the XA leg.

Note: AB move remains valid as long as there is at least a 38.2% retracement of XA and that it does not have a candle close past 61.8% of XA. A candlewick can go to whatever level here. Only a candle close is important as maximum allowed B.

Rules of engagement: Criteria 2

If criteria 1 has been met, then look for criteria 2.

Criteria 2: The market forms the C completion point by fulfilling at least a 127.2% retracement of the XA.

Note: BC             move remains valid as long as there is at least a 127.2% retracement of XA and that it does not have a candle close past 141.4% of the XA. A candlewick can go to whatever level here. Only a candle close is important as maximum allowed C.

Rules of engagement: Criteria 3

If criteria 1 and 2 have been met, then look for criteria 3.

Criteria 3: The market forms the D completion (entry point) by fulfilling a 78.6% retracement of the XC.

Note: D point must go past B. If it doesn’t then the formation is invalidated

Trade management: Entry, stops & targets.

Cypher Entry: Limit order is placed at D completion point.

Cypher Target 1: 38.2% retracement of CD leg. When attained half of the position closes & stop moves to breakeven.

Cypher Target 2: 61.8% retracements of CD leg.

Cypher Stop placement: Stop always goes past X. Either 113% XA extension or 1 ATR beyond X, or 1 to 1 measured distance to the first target.
Very nice setup, and 2nd target is an interesting area. Definitely on my radar for next week :-)

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