Last week we put this potential bearish Cypher pattern (left) on our radar, but because the risk was so large, it wasn’t a trade that I was able to take. Whenever this happens instead of calling it a day and deleting my charts, I always look for secondary reasons to enter. After blowing past the “D” completion the AUDCAD has found resistance at our “X” structure and has slightly retraced. As I look down to the 15 minute chart in preparation for today’s Live Trading session, I noticed a potential Cypher pattern within the bigger Cypher pattern that I can use to be involved in the trade. No it won’t be the same trade because going from 4 hour to 15 minute is just too large of a jump to expect the same results as far as target location, but it does give me a reason to get involved short at a level that I’m fond of.
With patterns like this, stops are always beyond the X leg and initial targets are looking for a 38.2 and 61.8 retracement. Of course extended targets wouldn’t be a bad idea in this scenario as well.
Akil Stokes
Chief Currency Analyst
TradeEmpowered.com
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With patterns like this, stops are always beyond the X leg and initial targets are looking for a 38.2 and 61.8 retracement. Of course extended targets wouldn’t be a bad idea in this scenario as well.
Akil Stokes
Chief Currency Analyst
TradeEmpowered.com
Click the link below to subscribe for more FOREX TRADING videos
youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg?sub_confirmation=1
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The Trading Coach Podcast
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Free Trading Computer Buyers/Builders Guide - tradingcomputerbuyersguide.com/optin-629312741738938873920
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Coaching, Courses & Community
tieronetrading.com/
The Trading Coach Podcast
anchor.fm/thetradingcoachpodcast
Free Trading Computer Buyers/Builders Guide - tradingcomputerbuyersguide.com/optin-629312741738938873920
tieronetrading.com/
The Trading Coach Podcast
anchor.fm/thetradingcoachpodcast
Free Trading Computer Buyers/Builders Guide - tradingcomputerbuyersguide.com/optin-629312741738938873920
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.