EYEING A POTENTIAL BEARISH CYPHER-CAN WE GET SHORT?
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Following my earlier analysis on 
AUDCHF (see related ideas link below-and take a deep breathe), in line with my expectation of price consolidation for the next few days into next week (praying I don't get egg on me face), I'm eyeing a Potential Bearish Cypher Pattern in formation on the 1 hour chart.
If price action can push up to complete the pattern, then I'll be looking to short at market (trying aggressive entry at Cypher D completion,compared to conservative wait for confirmation entry with harmonic patterns-thought came to me yesterday so I'd test it out properly), with an ATR based stop above X point of the Cypher, and target/TP at the close of A point of the Cypher.
Reward to Risk is just shy of a 2:1 so I'm good on this one.
Let's see if I've learnt anything or will make my teachers shake their frustrated heads at me :D.
PS: Re-read my previous post onAUDCHF and want to make a correction - I meant to say "Trading Business" not "Trading Game", in case anyone understandably assumes I may not be taking this seriously or just doing it for kicks and giggles (can't say the other word).
Granted I am extremely ecstatic at the new knowledge and positive - and not so positive but had and followed a plan - results (maybe still working on the Conscious Incompetence or is it Conscious Competence phase), realising I may need to reel it in but I am certainly gung ho that I will 'MASTER' (Imagining a booming bellowing voice that brings trading to it's knees-Muhahaaha-Going to enjoy this as well ;)) this craft by force by fire (little Nigerian thing going there).
So here we go!!!
AUDCHF (see related ideas link below-and take a deep breathe), in line with my expectation of price consolidation for the next few days into next week (praying I don't get egg on me face), I'm eyeing a Potential Bearish Cypher Pattern in formation on the 1 hour chart.If price action can push up to complete the pattern, then I'll be looking to short at market (trying aggressive entry at Cypher D completion,compared to conservative wait for confirmation entry with harmonic patterns-thought came to me yesterday so I'd test it out properly), with an ATR based stop above X point of the Cypher, and target/TP at the close of A point of the Cypher.
Reward to Risk is just shy of a 2:1 so I'm good on this one.
Let's see if I've learnt anything or will make my teachers shake their frustrated heads at me :D.
PS: Re-read my previous post on
AUDCHF and want to make a correction - I meant to say "Trading Business" not "Trading Game", in case anyone understandably assumes I may not be taking this seriously or just doing it for kicks and giggles (can't say the other word).Granted I am extremely ecstatic at the new knowledge and positive - and not so positive but had and followed a plan - results (maybe still working on the Conscious Incompetence or is it Conscious Competence phase), realising I may need to reel it in but I am certainly gung ho that I will 'MASTER' (Imagining a booming bellowing voice that brings trading to it's knees-Muhahaaha-Going to enjoy this as well ;)) this craft by force by fire (little Nigerian thing going there).
So here we go!!!
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Calling this one.Major resistance at 7719 is preventing the pattern from completing.
You gotta know when to hold em, know when to fold em, know when to walk away, know when to run...
AUD/CHF 60 MINUTE BEARISH CYPHER - DOA!
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