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USDCAD Bearish Cypher Pattern And Scalping Opportunity

USDCAD Bearish Cypher Pattern And Scalping Opportunity

On the smaller charts we have 2 bearish reversal patterns. A bearish Cypher and Bearish Alt Bat Pattern. Scalping short opportunity

Pattern /Reason: bearish Cypher and Bearish Alt Bat Pattern

Time Frame: M15

Accuracy of the Pattern: 73%

Setup No: USCA300701

Recommended Lot: 0.20

Trade Period: Scalping / Intraday

Active/Pending: Pending

Trade: Short

Entry: 1.31870 – 1.31920

Stop Loss: Above 1.3200

TP1: 1.31700 / Reached

TP2: 1.31600 / Reached

TP 3: 1.31450

Divergence/ Convergence Confirmation: Not Yet – Will be updated.

Candle Pattern Confirmation: Not Yet – Will be updated.

Moving Average Confirmation: Nothing Particular

The trend of the Timeframe: BULLISH

The trend in the Daily Chart: BULLISH

Update: TP2 reached and I book partial profit

 

Warning and Things to Pay Attention:

  1. Harmonic Patterns are reversal patterns and mostly against the main trend on the chart they appear.
  2. Target levels are determined by MM Calculation as the pattern has not been completed yet. They may vary 3-5 pips according to the completion level of the predicted patterns.
  3. Pay attention to Time Frame, Trade Period and Estimated Completion Time, Accuracy and Recommended Lot Size clauses mentioned below.
  4. Do not risk more than 2% in one trade setup.
  5. We usually book partial profit at the first target and move our stop loss to entry or break-even level. Use your own risk/profit management to exit the trade.
  6. We are publishing potential opportunities. There are no certainties and traders bets on possibilities. Read the setup carefully before entering a trade and take your own decision.

USDCAD Bearish Cypher Pattern And Scalping Opportunity Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

 

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