Just placed my orders for this bullish cypher in the USDCHF @0.9756. This pair has been in a short-term uptrend and so i'm looking for more bullish potential. This idea contains a stop loss below point X and a fibonacci based target point.
That was amazing! Well played. What exactly is a bullish cypher, or even a cypher in general?
TradingFellow
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It's a 4-legged "harmonic pattern" based on fibonacci levels. The pattern contains 5 important points, to start with the X point and to end with D. In the perfect scenario the A to B leg is the 0.382 retracement or the 0.618 retracement of the XA leg. The C leg should be between the 1.128 to 1.414 extension of XA and point D should be a 0.786 retracement of XC.
I hope you've heard of these levels before but if not there's always room to learn :)