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
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:
- Harmonic Patterns are reversal patterns and mostly against the main trend on the chart they appear.
- 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.
- Pay attention to Time Frame, Trade Period and Estimated Completion Time, Accuracy and Recommended Lot Size clauses mentioned below.
- Do not risk more than 2% in one trade setup.
- 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.
- 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.
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