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Post Info TOPIC: How to Use the Cypher Pattern in Forex?


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How to Use the Cypher Pattern in Forex?

Your first take-profit is at the 0.382 retracement of the CD line and the second take-profit is at 0.618 of the CD line. For risk management, you could close half of the position at the first take-profit and close the rest of the position at the second take-profit. The entry point is at point D, at the 0.786 retracement of the XC line. The stop-loss should be set below the X point at 10 or more pips below for intraday traders, or somewhere between 20 and 30 for those trading on the daily charts. It is a good idea to adjust your stop losses after your take-profits have been triggered. You could, for example, move the stop loss to the entry point when the first take-profit is hit. This will prevent a market reversal back across the D point from wiping out your previous gains.

-- Edited by Alex Kaminskii on Wednesday 18th of August 2021 06:58:21 AM

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