SNP 500 (ES) Cypher Pattern 1h

Diupdate
Symbol: ES
Time frame: 1h Chart

XA Move: Swing Low (X) at 2603.25 to Swing high (A) at 2766.25
AB Move: Using Fibonacci retracement of 38.2 of XA, we are able to get the B point at 2704 which price action hit and fulfill the criteria of a valid B.
BC Move: Using a Fibonacci price extension of 127.2 of XA, we are able to get the C point at 2811.50 which price action hit and fulfill the criteria of a valid C.
CD Move: Using a Fibonacci retracement of 78.6 of XC, we are able to get the D point at 2647.75 which price action hit and fulfill the criteria of a valid D.

Entry : 2634.25 ( 1 point above the wick of 2633.25 when you look left)
Stop: 2600.25 ( 3 points below point X)

Profit target 1: 2696.75 (Using fibonacci retracement of 38.2 of CD whereby D will keep shifting if the price goes lower)
Profit target 2: 2740.50 (Using fibonacci retracement of 61.8 of Cd whereby D will keep shifting if price goes lower)


If trading 2 or more lots, self half at profit target 1 and shift the stops for the remaining lots to entry price.

E.g. if trading 2 lots
Entry :2634.25 (2lots)
Stops: 2600.25 (2lots)
sell 1 lot at profit target 1 at 2696.75
Shift the stop of the remaining 1 lot to 2634.25
selling the remaining lot at profit target 2 at 2740.50

Risk: 136 ticks @ 12.50 USD per tick = 1700
1700 x 2 lots = 3400

Reward: Profit target 1 and 2 hit
first lot: 250 ticks @ 12.50 USD per tick = 3125
second lot: 425 ticks @ 12.50 USD per tick = 5312.50
Total: 8437.50

Reward : Risk ratio = 2.48 : 1
Trading ditutup: target tercapai
Profit target 2 hit.
Trade closed.
CypherFibonacciFibonacci ExtensionFibonacci RetracementHarmonic Patternssnp500

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