Bearish Cypher on YESBANK

163 11 3
We are in the D leg of Potential Bearish Cypher pattern.
The View negates above 1290. If that happens we will have to look for the possibilities of Bearish Shark pattern.
Kindly wait for the price rejection before initiating the trade.
Order cancelled: Yesbank did not show reversal sign.
Nice & Thanks
AbhishekHSinghCMT AbhishekHSinghCMT
@AbhishekHSinghCMT, Harmonics -too should be confirmed before trading.
nirav5 AbhishekHSinghCMT
@Abhishek Welcome. Yes that's a handle with care situation.
HappyVijay AbhishekHSinghCMT
@AbhishekHSinghCMT, Sir What could have been reason for the Pattern Fail ? does any retracement is not correct ?
nirav5 HappyVijay
@HappyVijay, Harmonic patterns work upon Fibonacci ratios. Based upon different ratios different names have been assigned to different patterns. Cypher pattern will get activated normally with 0.786, 0.74, 0.886 of XC leg. Other ways are looking at 1.27, 1.414, 1.618 etc retracements of BC leg. Here Cypher pattern has failed.
Possiblity of Bearish Shark is still there. Without the confirmation of reversal initiating the trade is very risky.
munna907 nirav5
@nirav5, I think Point C is formed when prices extend the XA leg by at least 1.272
nirav5 munna907
@munna907, Yes that is ideal scenario.
@HappyVijay, Nirav is correct- get the market confirmation & then take the trade in patterns as we become bias to patterns & we want to see it unfolding our way- so, here question of getting correct trade goes into bin as ego replaces- which is dangerous for trading.
What does price rejection mean ?
@Basty, I mean Price action will stop going above, in other words wait for the bearish candle (sign).
SL would be around 1290. Bearish Cypher is a powerful pattern. If properly activated downward speed would be very fast.
I will update the targets once the reversal point will be identified.
EN English (IN)
EN English
EN English (UK)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out