nirav5
Short

Bearish Cypher on YESBANK

NSE:YESBANK   YES BANK INR10
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
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AbhishekHSinghCMT TOP AbhishekHSinghCMT
@AbhishekHSinghCMT, Harmonics -too should be confirmed before trading.
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nirav5 AbhishekHSinghCMT
@Abhishek Welcome. Yes that's a handle with care situation.
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HappyVijay AbhishekHSinghCMT
@AbhishekHSinghCMT, Sir What could have been reason for the Pattern Fail ? does any retracement is not correct ?
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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.
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munna907 nirav5
@nirav5, I think Point C is formed when prices extend the XA leg by at least 1.272
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nirav5 munna907
@munna907, Yes that is ideal scenario.
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@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.
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What does price rejection mean ?
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nirav5 Basty
@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.
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