Hey traders, just thought to post up these 2 cypher patterns which have formed on GBPAUD for those who trade these patterns/pair and possibly missed these.
As always if we break the C leg on the RED Cypher and close beyond a 1.414 Fib Ext from XA legs this pattern becomes invalid. If either patterns go past the X legs then also these become invalid. Depending on your rules for entry as we see many times X can be breached but the pattern still completes to our targets without being stopped out.
As always set your Entries Targets and Stops at the levels used for trading cyphers, or depending on your system strategy for trading cyphers based on your backtest results.
Also remember if or when an entry is hit, stops are to be moved to the entry position when price action hits our TP1 which is the 38.2% Fib Ret
Stops always beyond our X legs
Entry is at 78.6% Fib Ret from the XC
Enjoy and trade consistent with no emotions.
As always if we break the C leg on the RED Cypher and close beyond a 1.414 Fib Ext from XA legs this pattern becomes invalid. If either patterns go past the X legs then also these become invalid. Depending on your rules for entry as we see many times X can be breached but the pattern still completes to our targets without being stopped out.
As always set your Entries Targets and Stops at the levels used for trading cyphers, or depending on your system strategy for trading cyphers based on your backtest results.
Also remember if or when an entry is hit, stops are to be moved to the entry position when price action hits our TP1 which is the 38.2% Fib Ret
Stops always beyond our X legs
Entry is at 78.6% Fib Ret from the XC
Enjoy and trade consistent with no emotions.