I have closed the remaining of my gbpjpy position at the butterfly+structure. Too bad I was so busy closing and not entering long on that "bounce"
Interactive Trading Setups Disscussion
Plz check X position and internal retracements and extensions of the pattern.
When I take X of aug 12, I do not heva a B ret reaching 38.6, and if I take X from aug 13, I do not have an extension of XA to C@113 which would qualify as minimum for shark.
Even if your B meets the minimum 38.6 ret of XA, this would still qualify for a shark, not a cypher to my knowledge due to not reaching the minimum XA ext of 127 at the C point.
Btw, I was reading the announcement of the guys coming out with their version of cypher (C between 127-141 of XA), they claim the success rate above 90%. I have not experienced it yet, but definitely that one is a good reliable pattern in my experience as well.
Last edited by lobogabor; 08-20-2013 at 10:23 AM.
Thanks for the comments... I took X of August 13. The B is very close to the 38.2 XA retracement. I thought it was enough. The C point is at 127 AB Retracement and I took for the D the 0.786XA and the 2.0 BC projection... I unfortunatly don't have any experience trading the Cypher or shark pattern but this was seems to respect the cypher pattern picture posted some days ago... Is'nt it???
Regards
I am not sure if "very close" is good enough... to be seen. I have the same doubt when a bat B is above 50, but not reaching 61,8%.
Here is the cypher I know, but in that one I do not have the BC to D ratio, so I do not know that.
The major difference will be, when this cypher is to complete, you almost blindly can enter at 78.6% D, when it is a shark, or the cypher you attached, D will be anywhere bw 78.6-113%, and will need to make sure you have more confirmation where to enter.
Please test it out on several occations, and let me know what you find.
Source: http://cypherpattern.blogspot.hu/201...announces.html
Some others - you have to search through it.. http://cypherpattern.blogspot.hu/201...1_archive.html
Check this one out: http://cypherpattern.blogspot.hu/201...l#comment-form
Last edited by lobogabor; 08-20-2013 at 11:59 AM.
Dear Lobogabor,
Thanks a lot for all your help... I didn't really understand the Cypher pattern... Now it is absolutly clear and what I draw isn't a cypher, the C point should be the extension 127% to 141% and I didn't know that... And for the D point to be sure it must be the 78.6 XC retracement no???
Thanks a lot
Regards