I took this trade for several reasons:
- Cypher pattern completed and in my view is still a valid one (D leg did not passed X)
- strong RSI divergence at the bottom, which NSL could be only a bull trap for those who set a too close SL for the Cypher
- near double bottom with X and rejection
Details on the chart.
I took both Gartleys presented on the chart as well, making a superb profit on both.
- Cypher pattern completed and in my view is still a valid one (D leg did not passed X)
- strong RSI divergence at the bottom, which NSL could be only a bull trap for those who set a too close SL for the Cypher
- near double bottom with X and rejection
Details on the chart.
I took both Gartleys presented on the chart as well, making a superb profit on both.