Hey Traders, we have a bearish cypher
pattern on the EURUSD
15 minute chart that is set to complete at an important resistance level
. This is how I personally like to trade the cypher pattern
as it provides high probability trades. If price does retest the 1.19755 level, I will be entered into a short position. My first profit target has been set at 13 pips. If the pattern completes and my first profit target is met, I will move my stop loss to my entry price in order to lock in profits from target one while giving target two a chance to run a little further. By moving my stop loss to my entry price after target 1 is met, I remove the chance of taking a loss on the second half of the position. If price falls below 1.19394 (Black line) before reaching my entry order, the cypher pattern
will be invalidated therefore I will cancel my orders.
I hope this was helpful to you! If you would like to learn more about these patterns and how to trade professionally for a living, please check out my recently released courses here. https://www.facebook.com/TradersNsights/posts/1277166779158134
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