On the EUR.CHF 1hr chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.
The price reversal zone on this pair is between 1.0742 & 1.0758 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move. There is also opportunity to look for extended targets at around 1.0695 Stop loss would be placed above X leg structure resistance.
congratulations to you! your 1 st target hits! you are the best!
UnknownUnicorn180388
⋅
@MarkSterensohn, Thanks very much :-)
I hope your week is going well.
juristerei
⋅
Very nice recognized, bravo man!!!
UnknownUnicorn180388
⋅
@MarkSterensohn, Thanks very much mate
juristerei
⋅
@tomhall, but acctually not a good idea to go short, because price is above SMA50, EMA100, EMA200. Also the price hasn't gone below EMA 200 (H1) .It has just broken pivot point R1 again. In fact we're in up- trend. But maybe next time or to try from 1.07629 level.( R2)
I guess the banks watch out strong the 200 EMA line.
UnknownUnicorn180388
⋅
@MarkSterensohn, If it doesn't fit your rules then simply look for the next opportunity.
For me personally I don't focus on banks, funds or independent traders, If the strategy you implement is well backtested and has an edge over the market then that's all you need.