The Cypher was discovered by Darren Oglesbee and though it is technically an advanced pattern formation, it is often associated with and traded alongside harmonic patterns. It has specific Fibonacci measurements for each point within its structure. The B point retracement of the primary XA leg lies between 0.382 and 0.618, the C point should be a 1.272 to 1.414 projection of the primary XA leg and the D point should be a 0.786 retracement of XC. The first target would be the 382 retracement of CD and the second target the 618 retracement of CD.
The stop would go beyond the next structure support / resistance beyond the X-point. Conservative traders may look for additional confirmation before entering a trade, for instance an aligning RSI value or a specific candlestick pointing at a reversal. The Cypher Pattern can be either bearish or bullish. TradingView has a smart Cypher Pattern drawing tool, created especially for this popular pattern. Please note that the ratio line between the A and C points represents how far C extended the XA leg. The ration line between the X and D points represents how far D retraced the XC leg.
Bullish Cypher pattern on 4 Hour Chart of RBL Bank. BUY around 654-655.
just started learning Harmonics, don't know how to perfectly calculate Target(s) and SL, yet
Bullish Cypher & Shark pattern on Daily Chart of BIOCON. BUY around 527-530(Cypher) and 507-509(Shark).
I just started learning Harmonics, don't know how to perfectly calculate Target(s) and SL, yet
Upon factorising two fundamental events, US GDP and JPY’s policy decision, the counter wiggled both sides.
It indicates uncertainty in the counter as both the events emanated positive outlook for their respective economy.
Then the DXY index went through a profit booking rally, owing to which USD/JPY also slid.
But, now the counter has two short-term reversal...
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