Bearish Cypher Harmonic Pattern has been formed in the daily chart of India cement, which is highly reliable. It is neither end of uptrend nor start of downtrend, but as per the completion of Cypher harmonic pattern, Price may fall upto 0.618 retracement of CD leg. Hence first target would be 0.382retracement of CD leg i.e 100.65 and next target would be 0.618...
In SBI, we have perfect-potential cypher formation if all goes as expected we will be getting reversal around the 305's zone to downside. RSI also looks bit oversold but on cypher completion it may go well above current levels.
Aggressive traders can enter Right on touch of 305's zone
Conservative traders look for additional setups in the zone or an reversal...
A Bearish Cypher near completion on 15 mins chart of KARNATAKA BANK.
Trade levels are as follows - Wait for price to test the Potential reversal zone & watch price action before making entry.
ENTRY ( PRZ Completion) : 178.5
TARGET 1 : 175
TARGET 2 : 172.9
STOP : 182.3
Trade with Care
A Bearish Cypher may complete axis bank on this week.
Trade levels highlighted on chart.
Watch price action once the price hit potential price reversal zone (PRZ) before making entry.
Trade with Care
Hi Guys.. Hope everyone had a profitable week.
Here on BHEL chart, it looks like Cypher will complete soon giving us an opportunity to get into short trade. Previous support near pattern completion gives additional confirmation on short entry. Cypher has low risk/reward compare to other harmonics but has higher winning percentage.
Bearish CYPHER Pattern on Shri Ram Transport and will break on downside. Stochastic on overbought and will have correction. So, its lead to fall some extent.
Short below - 936
Target 1 - 908
Target 2 - 890
target 3 - 870
Stop Loss - 980
Reward Points = 66
Risk Points = 44
Sometime cypher gives inverse Risk:reward but worth it
Though we get few points in patterns, their success ratio are higher than most moving avg based techniques
Check your cypher ratio's n enter the trade
Prev.post ( Let's Ride the waves ) - still valid
I will be out today, so there won't be more post for the day, Sorry Guys !
Happy Trading !