UPDATE#3: The breakeven stop loss has been hit. All positions are now closed for this setup.
UPDATE#2: Target #1 achieved, stop loss moved to break even.
UPDATE #1: Still no conformation from price action. Waiting on the sidelines for now.
Hello Traders,
Here we have a really good bullish cypher pattern that has already completed. Usually I enter at the 78.6% fib retracement level but in this case I am willing to wait a little longer, so that I can get confirmation from the price action. This will also allow me to reduce my risk on this setup, if the market comes even more deeper into the cypher pattern. So for now, I am on the sideline and waiting for good conformation. See the chart for more details.
Note: We might also be getting a potential double bottom at the 78.6% level. Watching this level very closely.
Please feel free to AGREE or DISAGREE with this idea. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)
UPDATE#2: Target #1 achieved, stop loss moved to break even.
UPDATE #1: Still no conformation from price action. Waiting on the sidelines for now.
Hello Traders,
Here we have a really good bullish cypher pattern that has already completed. Usually I enter at the 78.6% fib retracement level but in this case I am willing to wait a little longer, so that I can get confirmation from the price action. This will also allow me to reduce my risk on this setup, if the market comes even more deeper into the cypher pattern. So for now, I am on the sideline and waiting for good conformation. See the chart for more details.
Note: We might also be getting a potential double bottom at the 78.6% level. Watching this level very closely.
Please feel free to AGREE or DISAGREE with this idea. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)