tpick74

tpick74

We have a simple short cypher pattern set up on the EURCAD 1H time frame. There is much to this one set your targets at the 38.2% Fibonacci retracement and your follow on targets where ever they are supposed to go. Get your stops above the X point by a few pips.

tpick74

Any pattern trader out there loves consolidation because for us it means we tend to get many opportunities to trade. Currently the EURCAD is no different. We had a cypher pattern set up and roll over pretty much right once it hit the entry, today we have another chance at a cypher pattern. Entries are at 1.4023 and you need to get your stops under the x point. The...

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If you like taking big trades on the hourly, this one is for you. It is an advance cypher pattern set up that normally has targets at the 38.2% and 61.8% Fibonacci retracements of the C-D leg. For this pattern you're going to have to have at least a 100 pip stop but thankfully the R:R is a little more then 1:1 which is not very normal for the cypher pattern. Just...

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After a massive bull move pushing this pair up over 300 pips, we are finally getting a good retracement and potentially a place to get long. Price has retraced down into structure, the RSI has gone extremely over sold, and we also have the 78.6% Fibonacci level at the current price as well. If you are an aggressive trader then you could hop on right now and still...

tpick74 Updated 

Well this is getting a little crazy. We have had 3 cypher patterns on the USDJPY in the past week which is above normal on the hourly chart. The last one was profitable but only to target 1. Lets see if this one will fill and do better.

tpick74

This is the first long cypher on the usdjpy in a while now. As most of you know, the fundamental news and the trend is very bullish for this pair so this might be a good opportunity to get long with the trend. Normal targets for advanced patterns are the 38.2% and 61.8% retracement of the C-D leg but you could shoot for targets at the 118.4 - 118.6 levels. My...

tpick74 Updated 

I know most people have finished trading for the year but as for me, I'm not done yet because I'm still learning. We have a cypher pattern on the USDJPY. The D completion point was at 117.55 and price did come up a little past it but we are moving the right way as of right now. If price retraces a little you could still get in this I would just warn you to get...

tpick74 Updated 

Its pretty rare to get a couple of cypher patterns to form so close to each other on the hourly chart but it looks like we are going to see another one pretty soon. Yesterday we had one complete and hitting target one after dealing with a little bit of pain. The way I trade advanced patterns is by moving profit targets so they are always the 38.2% and 61.8% of the...

tpick74 Updated 

Well earlier today we had a failed cypher pattern on the 1 hour chart for the dollar yen but I said dont stop there because we might get another attempt at one. That other pattern has set up it and has entries at 117.72. One thing you will have to look out for on this one though is the stop placement. As most of you know, the market tends to respect structure. For...

tpick74 Updated 

On the Eur/Cad we have a pattern that might not stand out to everyone because it is a little sloppy. It is one I that stuck out to me however. It is a cypher pattern entry at the 78.6% retracement of the X-A leg I have drawn on the chart with targets at the Fibonacci levels, 38.2% and the 61.8%. If you're a cypher pattern trader and this one stood out to you then...

tpick74 Updated 

For any cypher pattern traders out there, we have a nice cypher setting up on the dollar yen hourly. Entries for cyphers are at the 78.6% Fibonacci retracement and this one is at 118.10. The major problem with the cypher pattern is that they have an inverse risk to reward for target ones but it makes up for that by how often it hits targets. Be sure to get the...

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I am currently trading only things I have backtested which isnt very much yet but I believe is the only way to trade with certainty. One of the things I trade is the Cypher on USDJPY on the 1H. A nice long cypher has set up with entry at 101.83. Always be sure to know where your stops and targets are before you even place your entry orders. My stops are 1 ATR...

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I trade the bat pattern a little different then most people but there was a valid bat for me which completed earlier and has already gone up to hit target 1 and 2 and it might just be setting up another gartley if price moves up. The only thing you should watch out for if you are looking at taking the pattern is that your stops will probably be right at where the...

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On the USDJPY there are two bats that have set up, as long as they meet your rules, they only hit the 38.2% for there A-B legs so if you need a 50% then they arent valid but for me they are. The nice thing about this type of set up is that no matter where the market goes I will be able to get in on the move no matter what. So now all you have to do is place the...

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I know two of those have already happened and I hope other people caught these because there was a bat and a cypher pattern that completed and got both targets one and two. Well the first bat did as long as you has smart stop placement, my stops should have been hit but I saw the 120 even handle right below it so I had moved stops to below that and didnt get...

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Finally this is the last pattern on my charts for the day, another bat pattern set up. This trade is going against higher time frame analyses so its not looking great but if its in your system then you need to trade it anyway.

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While this is technically a Gartly pattern set up, I have the entry a little lower then most people would have it because my system says I need at least a 1:1 risk to reward. If you system says you need to enter at the 78.6% or the 127.2% then your entries need to be different. This pair is consolidating well though so it is a good looking trade as long as it...

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This one might be another problem because the higher trend for the EUR/USD is very bullish but if it does complete this one might be another good trade to look for extended targets. I would just watch out for holding this over the weekend because as most of you know, the Euro isnt the most sound currency in the world we live in now.