UPDATE #2: Hey traders, if anyone was still holding onto this trade, then BOTH of your targets have been reached. All positions are now CLOSED for this setup.
UPDATE #1: Since we never triggered the entry on this pattern and the market has reached both targets. I will NOT be taking this pattern anyone, the pattern is still valid based on the rules. BUT according to my rules, if the market reaches 80% to 90% of my target without triggering entry, then I will NO longer be taking that trade.
Hello Traders,
Here we have a BULLISH Cypher pattern, near completion, on
USDOLLAR
. The market is under heavy selling pressure after it was unable to make a DAILY close above 12050 level. Market has also has started placing LL's and LH on 1 HR time frame, signalling a POSSIBLE change in trend. So, if you want, you can call this a counter-trend trade setup. We do have a good 1 to 1 good risk to reward ratio for the 1st target. See the chart above for more information.
See the chart below for 1 HR broken structure:
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)
UPDATE #1: Since we never triggered the entry on this pattern and the market has reached both targets. I will NOT be taking this pattern anyone, the pattern is still valid based on the rules. BUT according to my rules, if the market reaches 80% to 90% of my target without triggering entry, then I will NO longer be taking that trade.
Hello Traders,
Here we have a BULLISH Cypher pattern, near completion, on
USDOLLAR
. The market is under heavy selling pressure after it was unable to make a DAILY close above 12050 level. Market has also has started placing LL's and LH on 1 HR time frame, signalling a POSSIBLE change in trend. So, if you want, you can call this a counter-trend trade setup. We do have a good 1 to 1 good risk to reward ratio for the 1st target. See the chart above for more information. See the chart below for 1 HR broken structure:
Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)