Priceline of Ethereum / US Dollar has formed a bullish cypher pattern and entered in potential reversal zone. We have a 50 simple moving average support within the potential reversal zone which can help the price action to hit the sell targets soon insha Allah. But beware that MACD is still strong bearish and stochastic is oversold but did not give any bull cross sofar moreover the volume profile of complete pattern is showing that traders are still interested to trade below the potential reversal zone even the POC of volume profile is also below the PRZ area therefore I would suggest to wait for MACD to turn weak bearish or for bull cross from stochastic RSI then buy. I have defined targets using Fibonacci sequence:
Buy between: 190.30 to 143.09
Sell between: 227.21 to 316.18
Regards, Atif Akbar (moon333)
Transakcja zamknięta: osiągnięto wyznaczony cel
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By the grace of Allah the most high this trade generated more than 100 percent profit
It is not a very good idea to my mind because cypher formation rules exploit the candle close as invalidation feature. For example, a pattern is invalid if the B-point price closes beyond 0.618XA OR the C-point price closes beyond the 1.414XA. There are also swing identification rules that require a retracement to have at least one candle of opposite color...
To much stuff should be ignored to apply cypher formation to Heikin Ashi. This is just my opinion:)
moon333
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@Alexander_Nikitin, Thank you so much for such an informative comment, I will also notice this in future charts with cypher patterns if i will find this flaw then will start using simple candles with cypher, thanks again
happytradesmore
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Point B doesn't exactly hit
moon333
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Yes my friend there is minor difference coz in live charts some times you can't find the exact figures and need to ignore the minor differences if the rest of the pattern is following the figures required for the pattern in this chart the price action is retraced 0.307 fib rather than 0.382, if you are fond of following the text book perfect patterns then I think my 2 week ETHBTC chart will be better to follow it is very close to the text book here is the link for you thanks:
coms
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Hey moon333,
Thanks very much.
Am following,you have an amazing strategy!
moon333
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@coms, Ur welcome my friend and also thank you so much for encouragement and appreciation, I will try my best to keep up the good work, need your support, thanks
It is not a very good idea to my mind because cypher formation rules exploit the candle close as invalidation feature. For example, a pattern is invalid if the B-point price closes beyond 0.618XA OR the C-point price closes beyond the 1.414XA. There are also swing identification rules that require a retracement to have at least one candle of opposite color...
To much stuff should be ignored to apply cypher formation to Heikin Ashi. This is just my opinion:)