Mates, a cypher advanced formation is on my radar today.
Unlike other advanced formations cypher was never derived from harmonic patterns. It was discovered by Darren Oglesbee from Tradeempowered.com. Cypher is not a harmonic pattern and never been one of them. Very specific rules of B and C point identification depend on a price close. TradingView has a description of this pattern but it is not correct: www.tradingview.com/...ideas/cypherpattern/ It's a pity.:(
Two years ago I asked the moderators to change the description to a correct one. One of them, Nico.Muselle (www.tradingview.com/u/Nico.Muselle/), agreed with me and we elaborated the correct text. This text was verified by Akil Stokes (a trading coach from Tradeempowered): "The Cypher pattern (discovered and defined by Darren Oglesbee) is a 4-leg pattern. In a perfect Cypher pattern the AB leg should be minimum a 0.382 retracement and the close should not exceed the 0.618 retracement of the XA leg. The C point should exceed the 1.272 extension and should not close beyond the 1.414 projection of the XA leg, and the D point should be a 0.786 retracement of XC". Initially this text was accepted and the description stood correct. But then TradingView updated its design and the description was changed to a wrong one again. I just don't understand it. Comment below if you wish TradingView provide only quality stuff.
Unlike other advanced formations cypher was never derived from harmonic patterns. It was discovered by Darren Oglesbee from Tradeempowered.com. Cypher is not a harmonic pattern and never been one of them. Very specific rules of B and C point identification depend on a price close. TradingView has a description of this pattern but it is not correct: www.tradingview.com/...ideas/cypherpattern/ It's a pity.:(
Two years ago I asked the moderators to change the description to a correct one. One of them, Nico.Muselle (www.tradingview.com/u/Nico.Muselle/), agreed with me and we elaborated the correct text. This text was verified by Akil Stokes (a trading coach from Tradeempowered): "The Cypher pattern (discovered and defined by Darren Oglesbee) is a 4-leg pattern. In a perfect Cypher pattern the AB leg should be minimum a 0.382 retracement and the close should not exceed the 0.618 retracement of the XA leg. The C point should exceed the 1.272 extension and should not close beyond the 1.414 projection of the XA leg, and the D point should be a 0.786 retracement of XC". Initially this text was accepted and the description stood correct. But then TradingView updated its design and the description was changed to a wrong one again. I just don't understand it. Comment below if you wish TradingView provide only quality stuff.
Transaction en cours