Potential Bearish Cypher Pattern forming on 2 hour chart. Wait for the D point completion at 78.6% level. We might also look for the market to be overbought near the D point completion. Stops can go 10 to 20 pips above the X point.
Trade setup: 1. Choose position size lot based on your preference 2. Short at 78.6% retracement of XC leg (D point completion) 3. 1st target is 38.2% retracement of CD leg 4. 2nd target is 61.8% retracement of CD leg 5. Once 1st target achieved, move stops to break even