On the GBP/USD 4h chart we have a potential short opportunity at a strong resistance zone.
As you can see price has surpassed the D leg of the Cypher Pattern, so now I feel it is necessary for price to hit 1.550 psychological number before looking short on this pair.
The price reversal zone is between 1.545 & 1.550 which is large, this is due to price narrowly touching 0.382 B leg, giving a much shorter D leg completion.
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher Pattern placed at the .382% and .618% retracement of the C to D move.
Stop loss would be placed above X leg structure resistance.
Website.
www.UKForexSignals.com
Learn To Trade The Cypher Pattern.
As you can see price has surpassed the D leg of the Cypher Pattern, so now I feel it is necessary for price to hit 1.550 psychological number before looking short on this pair.
The price reversal zone is between 1.545 & 1.550 which is large, this is due to price narrowly touching 0.382 B leg, giving a much shorter D leg completion.
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher Pattern placed at the .382% and .618% retracement of the C to D move.
Stop loss would be placed above X leg structure resistance.
Website.
www.UKForexSignals.com
Learn To Trade The Cypher Pattern.
