Hi Traders, I posted this last week just quickly onto another chart without any details regarding the trade. More so just something to keep on the radar.
For those who are long on the small 1HR cypher like myself, we always look ahead. Either the small cypher will hit targets or price will drop. Either way if it hits targets and drops we have this opportunity. If price stops us out we still have a potential chance here.
As always Entry, Stops, and Initial Targets are on screen. Entry level we have a Psychological price level 1.30000, 78.6% Retrace Cypher Entry, 1.414 Fib Inversion
Risk on this trade is usually not a 1:1 for Cyphers TP1 - If price action reverses on the 78.6% with a D completion we would look to take the following on this trade
75 pips Initial TP1 - 125 pips Initial TP2 - 200+ pips
SL 80 pips per targets total loss 160 pips.
Pattern will be invalid if price action closes beyond the 1.414 Fib Ext from XA Leg
Pattern will be invalid if we violate the X Leg
Trade will need to be managed if we get a D completion adjusting targets until we have a price reversal if not stopped out.
Enjoy, Happy trading and good luck this coming week.
For those who are long on the small 1HR cypher like myself, we always look ahead. Either the small cypher will hit targets or price will drop. Either way if it hits targets and drops we have this opportunity. If price stops us out we still have a potential chance here.
As always Entry, Stops, and Initial Targets are on screen. Entry level we have a Psychological price level 1.30000, 78.6% Retrace Cypher Entry, 1.414 Fib Inversion
Risk on this trade is usually not a 1:1 for Cyphers TP1 - If price action reverses on the 78.6% with a D completion we would look to take the following on this trade
75 pips Initial TP1 - 125 pips Initial TP2 - 200+ pips
SL 80 pips per targets total loss 160 pips.
Pattern will be invalid if price action closes beyond the 1.414 Fib Ext from XA Leg
Pattern will be invalid if we violate the X Leg
Trade will need to be managed if we get a D completion adjusting targets until we have a price reversal if not stopped out.
Enjoy, Happy trading and good luck this coming week.
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Another addition to our probability for price reversal zone. BAT Pattern Formed we now have a good PRZ
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Targets to be adjusted with D Completion.