Hello traders, recently found this cypher pattern on
USDCAD
daily chart..This is a buy set up for those who dont know how to trade this pattern..There are two options here for you to take this trade, either you set a buy limit order at 0.786 retracement of X-C leg where the pattern complete OR you can wait for RSI divergence, double bottom or many other confirmation that shows the price going to go up before you enter the trade..For me, of course im gonna wait for better risk/reward..I will take just one target for this trade because we still in bearish trend..Stops must be below X point..Goodluck traders :)
USDCAD
daily chart..This is a buy set up for those who dont know how to trade this pattern..There are two options here for you to take this trade, either you set a buy limit order at 0.786 retracement of X-C leg where the pattern complete OR you can wait for RSI divergence, double bottom or many other confirmation that shows the price going to go up before you enter the trade..For me, of course im gonna wait for better risk/reward..I will take just one target for this trade because we still in bearish trend..Stops must be below X point..Goodluck traders :)