Reading the 1H timeframe
Although I'm currently short with the Shark886 pattern for the longer term, the pair is still making higher highs on the lower timeframe.
With a clear extension of 127.2% of X to A the pair should drop to at least 78.6% of X to C at .7180. This is where this Cypher pattern completes. Also, this completion point comes together at the broken upchannel on the 4H chart (blueish).
Although I do not use the RSI as a primary indicator, I would like to see some hidden bullish divergence for some confirmation.
Setup
Entry: 0.718
Stoploss: 0.7163
target 1: 0.7196 (1:0.94)
target 2: 0.7206 (1:1.53)
target 3: 0.7213 (1:1.94)
Since I'm short, I'm not shooting for any extended targets..
Although I'm currently short with the Shark886 pattern for the longer term, the pair is still making higher highs on the lower timeframe.
With a clear extension of 127.2% of X to A the pair should drop to at least 78.6% of X to C at .7180. This is where this Cypher pattern completes. Also, this completion point comes together at the broken upchannel on the 4H chart (blueish).
Although I do not use the RSI as a primary indicator, I would like to see some hidden bullish divergence for some confirmation.
Setup
Entry: 0.718
Stoploss: 0.7163
target 1: 0.7196 (1:0.94)
target 2: 0.7206 (1:1.53)
target 3: 0.7213 (1:1.94)
Since I'm short, I'm not shooting for any extended targets..
交易進行
交易結束：目標達成:
T1 reached. Set all other stoplosses to breakeven!
Have a good day!
Have a good day!
交易結束：目標達成:
T2 reached.
交易結束：目標達成:
All targets reached
It looks like the broken channel has been tested. But at what cost? Look at the RSI and on the one hour chart and think of it in context:
- the RSI tells me it is oversold at the retest 1H, a little bounce could occur..