How to determine the difference between a shark and a cypher as they are very similar. If I have time I'll try to catch the 5-0 trade on this one also. Extra addition: as you can see there were a lot of sellers in the 0.886 retracement too (as it is the first entry spot for a shark). You can determine if this is a false selling point by using the ABCD. You sell...
potential cypher pattern setting up TP1: 134.000 TP2: 133.440 SL: 133.56
Shark pattern on the UJ 1H chart. Will complete this week. If it completes on the 0.886 it will bounce on the major trendline (forming a wedge) from the Daily (check it out for yourself). It will go up until the 38.2 retracement of the AD leg at least. Maybe shoot up again to 61.8 retracement and beyond. And as always, only trade the D.
Go long on completion of both patterns, nice risk / reward. You can take a bit of your profits off the market at the 38.2 retracement of the last legs. Happy trading!
With just a little bit on the RSI left to get overbought we can reach a pretty decent cypher and ride it down to the 1.60875 level. Where the pair might go up again and go through the roof on bullish sentiment or we go down lower and continue the downtrend it originally started.
So my last setup was kind of messed up, excuse me for that. We had a CRAB pattern (not Bat) accompanied by a Cypher Pattern. The Cyper Pattern was stronger than the crab pattern and that one, as it seems now, is getting filled nicely. If we get a nice confirmation on that pattern it might go even higher eventually completing a nice Gartley pattern before we start...
DO NOT TRADE THIS. This was an eearly morning for me apparantly seeing it that it is NOT a bat pattern and that I presumable took the wrong impulse leg. Do not trade this trade like I' ve setted it up!
Now it's a little late to jump on this wagon but still a great trade opportunity. Well, I kinda messed it up with the chart but this goes up to 110.
I think you can trade this pattern pretty aggressively since you can wait for pretty big confirmation candles. The long term trendlines have been proven to be very strong. It all depends if the 98.26 line (B) is going to hold now and it goes back down after a pretty solid up week. If it does not, it might bounce at the 0.886 but I am not that certain to trade it...
Set up two patterns for EUR/USD. If it completes it will go down again especially considering EUR/USD is at a major resistance level. TP1 on 38 level of AB leg. TP2 on 68 level. I will trail it and let it run though after it has hit TP1, move S/L to breakeven and check out this trade. Very possible that it falls all the way to the 1.346 level.