Forex cypher pattern

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HOW TO TRADE BULLISH CYPHER HARMONIC PATTERN.

(b) Price at 61.8% of XA = Price at A-(Price at A-Price at X) X 0.618.

7 comments :

Which time frame is the best to plot the Cypher wave hourly or30 mins.

Dear Nyashadzashe Banabas,

I learned thad D = 0.786 of XC. Why are you teaching this like that?

I am doing the same thing dear .

Forex mini trading is a way to trade using much less capital than 99% of people realize is even possible. Find out the details from someone who knows. indicator mt4.

It is simpler to use the fibonacci expansion tool and using 100% is the same result.

Forex Training Group.

I bet you have traded some chart patterns during your trading career. Double Tops, Double Bottoms, Head and Shoulders – we all know these. Therefore, today we are going to take our knowledge of chart patterns to the next level. I will introduce you to Harmonic Patterns, which are a little more advanced as far as trading patterns go. Although they are harder to spot, it is certainly worth watching out for them, since these patterns can lead to highly profitable trading opportunities when analyzed properly. So in this article, I will be teaching you how to implement harmonic pattern trading.

Harmonic Patterns in Forex.

Harmonic chart patterns are considered harmonic because these structures have an integral relationship with the Fibonacci number series. Identified harmonic patterns conform to crucial Fibonacci levels. As you may already know, Fibonacci numbers can be seen all around us in the natural world, and these harmonic ratios are also present within the financial markets.

Harmonic trading in the currency market includes the identification and the analysis of a handful of chart figures. In most of the cases these patterns consist of four price moves, all of them conforming to specific Fibonacci levels. Therefore, a harmonic chart pattern should always be analyzed using Fibonacci Retracement and Extensions tools. For the more inclined, there are also several harmonic indicators and software programs that will automatically detect various harmonic trading patterns. The most widely traded harmonic patterns include the Gartley pattern, Bat Pattern, Butterfly Pattern, Cypher pattern, and the Crab pattern.

Gartley Harmonic Chart Pattern.

The Gartley pattern was introduced by H. M Gartley in his book, Profits in the Stock Market, The Gartley pattern is sometimes referred to as Gartley 222, and because 222 is the exact page in the book where the Gartley pattern is revealed. So the Gartley pattern is the oldest recognized harmonic pattern and all the other harmonic patterns are a modification of the Gartley pattern. Let’s now take a look at the legs within the Gartley formation:

XA: This could be any move on the chart and there are no specific requirements for this move in order to be part of a harmonic pattern.

AB: This move is opposite to the XA move and it should be about 61.8% of the XA move.

BC: This price move should be opposite to the AB move and it should be 38.2% or 88.6% of the AB move.

CD: The last price move is opposite to BC and it should be 127.2% (extension) of CD move if BC is 38.2% of BC. If BC is 88.6% of BC, then CD should be 161.8% (extension) of BC.

AD: The overall price move between A and D should be 78.6% of XA.

The image below illustrates a Bullish and Bearish Gartley pattern:

The black lines on the image above show the four price moves of the chart patterns. The blue lines and the percentage values show the retracement relation between each of these levels. The green arrows show the potential price move of the pattern.

Bat Harmonic Chart Pattern.

The Bat harmonic pattern is a modification of the Gartley pattern, and was discovered by Scott Carney. The lines are a bit more symmetric and the pattern’s most important ratio is the 88.6% Fibonacci retracement:

XA: This could be any move on the chart and there are no specific requirements for this move in order to be part of a harmonic pattern.

AB: This move is opposite to the XA move and it should be about 38.2% or 50.0% of XA.

BC: This move should be opposite to the AB move and it should be 38.2% or 88.6% of the AB move.

CD: The last price move is opposite to BC and it should be 161.8% (extension) of BC move if BC is 38.2% of BC. If BC is 88.6% of BC, then CD should 261.8% (extension) of BC.

AD: The overall price move between A and D should be 88.6%% of XA.

This is how the bullish and the bearish Bat harmonic chart patterns appear:

As you see, the Bat harmonic pattern is similar to the Gartley pattern, however, the retracement levels are different. Both are considered internal patterns because the ending D leg is contained within the initial XA move.

Butterfly Harmonic Chart Pattern.

This is another modification of the Gartley harmonic pattern, which consists of the same four price moves. The retracement levels, though, are different, and this is considered and extension pattern as the ending D leg extends outside the initial XA leg.

XA: This could be any move on the chart and there are no specific requirements for this move in order to be part of a harmonic pattern.

AB: This move is opposite to the XA move and it should be about 78.6% of XA.

BC: This move should be opposite to the AB move and it should be 38.2% or 88.6% of the AB move.

CD: The last price move is opposite to BC and it should be 161.80% (extension) of BC move if BC is 38.2% of BC. If BC is 88.6% of AB, then CD should 261.80% (extension) of BC.

AD: The overall price move between A and D should be 127% or 161.80% of XA.

This is how the bullish and the bearish Butterfly harmonic chart patterns look:

Notice that the Butterfly harmonic chart pattern indicates that the AD move should go beyond t he initial price move (XA). In this manner, the Butterfly harmonic pattern is considered an external formation.

Crab Harmonic Chart Pattern.

The Crab harmonic pattern has some similarities with the Butterfly chart pattern. The Crab pattern actually looks like a stretched Butterfly sideways. The Crab also suggests that the last price move goes beyond the initial move, where a Fibonacci extension should be used. The Fibonacci levels used to identify the pattern are described below:

XA: This could be any move on the chart and there are no specific requirements for this move in order to be part of a harmonic pattern.

AB: This move is opposite to the XA move and it should be about 38.2% or 61.8% of XA.

BC: This move should be opposite to the AB move and it should be 38.2% or 88.6% of the AB move.

CD: The last price move is opposite to BC and it should be 224% (extension) of BC move if BC is 38.2% of BC. If BC is 88.6% of AB, then CD should 361.80% (extension) of BC.

AD: The overall price move between A and D should be 161.80% of XA.

This is how the Crab harmonic chart pattern looks like:

Cypher Harmonic Chart Pattern.

The Cypher chart pattern is similar to the other chart patterns we already discussed, however, it has one specific difference. The BC move of the Cypher chart pattern goes beyond the XA move. This means that we use an extension level on AB in order to measure the BC output. Below you will find the list of the Cypher pattern retracement levels:

XA: This could be any move on the chart and there are no specific requirements for this move in order to be part of a harmonic pattern.

AB: This move is opposite to the XA move and it should be 38.2% or 61.8% of XA.

BC: This move should be opposite to the AB move and it should be anywhere between 113.0% and 141.4% of the AB move.

CD: The last price move is opposite to BC and it should be 78.6% of the general XC move.

See below the structure of the Bullish and Bearish Cypher formation.

Again, the important consideration of this pattern is that the BC move goes beyond XA and it is an extension of AB. Therefore, we measure CD with a retracement of XC and not on BC. This is so because the general move is XC, which is bigger than the partial BC.

Let’s now identify a couple harmonic trading examples on a chart.

Harmonic Chart Formations Analyzed.

The image below will give you an example of an actual harmonic pattern on a candlestick chart:

This is the H4 chart of the USD/CAD currency pair for May, 2015. The formation we are looking at is a Butterfly pattern.

We start with a bullish XA move. Then comes a contrary AB move which is 78.6% of the XA move. The next BC move is opposite to AB and it takes 88.6% of AB. CD reaches 161.8% extension of BC and also 127% extension of XA.

These retracement levels confirm the presence of a bullish Butterfly chart pattern. As you see, the USD/CAD price records a significant increase after the confirmation of the pattern.

Let’s look at another one now:

This is the H4 chart of the EUR/USD for Nov – Dec, 2012 showing a bullish Cypher harmonic pattern.

We start with the AB move, which takes about 38.2% of the XA move. Then comes the BC move which approximately reaches the 141.4 extension of the AB move. The last move we identify is the CD move, which is about 78.6% of the big XC move. This is how we identify the bullish Cypher pattern. As you see, after creating point D, the EUR/USD price starts a solid price increase.

Trading Strategy Using Harmonic Chart Patterns.

When trading with harmonics it is important to recognize the entry point at Point D, but equally important is to have a sound exit strategy. Let’s take a look at how we can trade harmonic patterns that incorporates simple risk management rules.

Stop Loss Order when Trading Harmonic Patterns.

There are several different methods for managing a trade once you have identified a harmonic setup. A simple but effective method to implement would be wait for price confirmation at the D point and place a stop loss just beyond that immediate swing point. Have a look at the image below:

This is the same first example with the bullish Butterfly chart pattern. This time we have indicated the potential place where a Stop Loss order should be placed when trading the pattern. Notice that the Stop is relatively tight in comparison to the following price increase. This provides for a very attractive return to risk ratio when trading the pattern. And this is why harmonic setups are such great chart patterns to trade. There is very little left to judgement because the Fibonacci relationships within harmonic patterns gives us an exact location of the potential turning point. If the price goes beyond that point, the pattern fails and we simply do not enter the market.

Take Profit Zones when Trading Harmonic Patterns.

Since we already know when to enter the market and where to place our stop loss, it is time to discuss how long we should stay in the trade. I will now introduce you the potential target levels of a harmonic chart pattern.

As you may have already guessed, the targets of a harmonic pattern should be related to the levels of the pattern itself. Let’s now include these target levels on our bullish Butterfly example:

Again, this is the same bullish Butterfly example on the USD/CAD. This time, in addition to the Stop Loss level, we have added four potential targets in front of the price move.

The first target is related to point B on the chart. It is the level, which indicates the price drop during the AB decrease. The second target marks the C point on the chart and the price top after the BC increase. The third target is the high which appears as a result of the XA increase. As you see, these are the three targets which are related with the levels of the Butterfly pattern. However, we have a fourth target as well which price should approach in cases where we complete the previous targets. The fourth target is indicated by the 161.8% extension level of the CD price move.

Notice that the price increase continues beyond the fourth target in this example. Therefore, one could also employ a trailing stop to stay with his long position until the price show signs of weakening. Keep in mind, there is no one standard way of managing your profit targets when trading harmonic patterns, but it is important to maintain consistency in whichever exit methodology that you utilize.

Some traders like to use additional trading tools to confirm harmonic signals. Some of the more popular trading indicators to get exit signals when trading harmonics are Moving Averages, MACD, or Stochastics. In additional, one should always keep an eye out on higher time frame Support and Resistance levels in conjunction with harmonic setups. Also, higher Fibonacci extension levels could be used in order to determine further price targets when trading harmonic chart patterns.

Adjusting the Stop Loss Order when Trading Harmonic Patterns.

An important consideration when trading harmonic patterns is the use of a trailing stop to take advantage of larger price moves and protect ones capital as prices begin to move in our intended direction. It is a good idea to modify your Stop Loss based on the price action in order to lock in profits. The image below will show you an example of how to adjust your Stop Loss order according to the price move:

We use the same USD/CAD chart with the bullish Butterfly pattern.

Every time the price completes a target, we adjust the Stop Loss order to be located below the lowest bottom at the time of the target break. On our image above we see that this guarantees us a stay in the market even after the fourth target is completed.

Conclusion.

The harmonic chart patterns are an advanced form of chart pattern analysis based on Fibonacci numbers. The basic harmonic patterns consist of four price moves which are contrary to each other. The four legs are named XA, AB, BC, and CD. The difference between the harmonic patterns is the Fibonacci levels they retrace or extend to. The oldest recognized harmonic pattern is the Gartley pattern. The other harmonic chart figures are Fibonacci modifications of the Gartley pattern. These are: Bat Pattern Butterfly Pattern Crab Pattern Cypher Pattern We should always implement sound risk management rules when trading harmonic patterns, or any strategy for that matter. Stop Losses should be placed right beyond the D point after the price confirms the pattern and then reverses the move. There are four targets that can be used when you trade harmonics – the A, B, and C swing levels and the 161.8% Fibonacci extension of the CD price move.

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Forex CYPHER pattern.

TABLE OF CONTENTS:

The Harmonic Cypher pattern is visually an inverse pattern of the more common Butterfly harmonic pattern (read more about butterfly pattern). It is not as commonly occurring as the Butterfly pattern and is distinct by the strict rules that govern the Cypher harmonic pattern. The Cypher pattern was discovered and defined by Darren Oglesbee.

The chart below illustrates a bullish and a bearish Forex Cypher pattern .

Forex cypher pattern – Bullish and Bearish.

The main rules of the Bullish and Bearish Cypher patterns are as follows:

Cypher Pattern – Rules.

The Cypher pattern starts with a market price that establishes the X and A points . Once this leg is determined, the pattern evolves. Point B retraces to 0.382 – 0.618 Fibonacci level of the leg XA Point C is formed when prices extend the XA leg by at least 1.272 or within 1.130 – 1.414 Fibonacci extension level Point D is formed when it retraces 0.782 Fibonacci level of XC Point D is also where prices are expected to reverse Targets are determined as 0.382 and 0.618 Fibonacci retracement levels of the CD leg Stops losses are placed a few pips below or above the high or low of point X.

Forex cypher pattern Targets.

Bearish Cypher Pattern – Sell Trade Example.

The following chart illustrates a bearish cypher pattern example.

BearishCypher Pattern, Sell Set up.

After forming the (XA) leg, price retraced to 0.566% to form point (B) From (B), the (C) leg extended (XA) by a 1.418% From (C), price then rallied to point (D), marking a 0.972% retracement of (XA) The short position after point D saw prices falling to 0.382% and 0.618% of the CD leg with stops at the high above or near (X)

Bullish Cypher Pattern – Buy Trade Example.

The following chart illustrates a bullish cypher pattern example.

BullishCypher Pattern buy set up.

After the ( XA ) rally, prices retraced to 0.462% to mark point (B) From B, price rallied back but did not make a new high, but just close enough to point (A) high to mark (C) From (C), prices then fell below (B) but above (X), retracing (XA) to 0.763 From (D), price then rallied to reach the 0.382% and 0.618% retracement level of (CD). The entry would have been a few points above (D) with stops at (X)

Important points when trading the Cypher Pattern.

The cypher forex pattern is not as common as other harmonic patterns such as Gartley’s or butterfly patterns Although the occurrence of the cypher pattern is rare, it is by no means a pattern that offers a higher probability Due to the rare occurrence of the cypher pattern, traders should make room for adjustments to the Fib levels Waiting for the perfect cypher pattern will result in the trader watching the charts for a very long time with no valid set up occurring The cypher pattern can occur on any time frame, but is best to use on H1 and higher.

Please where can I get this cypher pattern indicator, I mean the one in the image above.

Cypher Patterns Trading Strategy – How to Draw Cypher Pattern.

The Cypher Pattern Trading Strategy will teach you how to correctly trade and draw the cypher pattern. More, you can use the cypher harmonic pattern on its own and have a profitable Forex trading strategy. It’s no mystery that geometric patterns can be found in the Forex price chart and the cypher pattern is a very good representation of that. The Cypher pattern forex is part of the Harmonic trading patterns and is the most exciting harmonic pattern as it has the highest winning rate.

Our team at Trading Strategy Guides is building up a step-by-step guide about Harmonic trading patterns and we recommend starting reading the introduction into the harmonic patterns here: Harmonic Pattern Trading Strategy - Easy Step By Step Guide .

It’s vital and indispensable to read the introductory article into the harmonic patterns as this will give you a better understanding of this.

The Cypher pattern forex works in every market and on any time frame, but we at Trading Strategy Guides recommend avoiding the lower time frames and only stick to the higher time frames, preferably the 4h and the daily chart. We want to make sure our readers are satisfied so if your main thing is trading in the lower time frame don’t miss the chance to read the Best Stochastic Trading Strategy - Easy 6 Step Strategy which lately has drawn a lot of attention from our readers.

We want to let you know that we’re going to continue in our efforts to provide you with all the necessary tools and information you need to successfully trade the Harmonic patterns. In this regard, we’re going to have a series of strategies soon that trades other Harmonic patterns like:

Before we get started, let’s look at what indicators we need to successfully trade the Cypher Pattern Trading Strategy:

In order to better identify the cypher pattern forex and to be able to draw cypher patterns, you’ll have to use the Harmonic Pattern Indicator (see Figure below). You can detect the Harmonic Pattern Indicator on most popular Forex trading platforms (TradingView and MT4) in the indicator section.

Don’t forget that you actually need to draw the Cypher pattern forex by yourself and check it matches the Fibonacci rules. We’re going to discuss this in more details in the next few paragraphs.

Now, let’s move forward and define the Cypher pattern forex.

What is the Cypher Pattern Forex?

In the harmonic pattern world, the Cypher pattern forex is a four leg reversal pattern that follows specific Fibonacci ratios. The Cypher pattern forex appears less frequent than other harmonic patterns because it’s hard for the market price to satisfy such rigid Fibonacci ratios. The Cypher pattern forex needs to satisfy the following Fibonacci rules:

AB= 0.382 to 0.618 retracement of the XA swing leg; BC= extend to minimum 1.272 and maximum 1.414 of the XA swing leg; CD= retrace to 0.786 of the XC swing leg;

Defining the Strategy.

The first rule of the Cyper pattern Forex is the retracement from X up to A has to come down and touch the 0.382 Fibonacci ratios but can’t close below the 0.618 Fibonacci ratios. Between the 0.382 and 0.618 Fibonacci retracements of XA swing-leg, we have our third point of the Cypher pattern forex labeled “B”.

The next rule of the Cypher pattern forex is a Fibonacci extension of the XA leg that comes in 1.27 but it doesn’t exceed the 1.414 Fibonacci ratios, this point of the move is labeled “C” and completes the BC swing-leg of the Cypher pattern forex. The final leg of the Cypher pattern where our orders will be executed, which is at the finishing point D. The point D is located at the 0.786 Fibonacci retracements of the entire move started from X up to C.

Cypher Pattern Trading Strategy.

Going forward, you’ll learn how to trade the Cypher Pattern with a very simple set of rules that will try to minimize risk and maximize profits. There is one more important thing that we need to learn before to actually define the Cypher pattern trading strategy rules, which is to give you indications on how to apply the Harmonic pattern indicator.

Step #1 How to draw cypher patterns.

I would walk you through this process step by step. All you need to do is to follow this simple guide and see figure below for a better understanding of the process:

First, click on the harmonic pattern indicator which can be located on the right-hand side toolbar of the TradingView platform. In the MT4 terminal you can locate the harmonic pattern indicator in the Indicators library. Identify on the chart the starting point X, which can be any swing high or low point on the chart. Once you’ve located your first swing high/low point you simply have to follow the market swing wave movements. You need to have 4 points or 4 swings high/low points that bind together and form the Forex harmonic patterns. Every swing leg must be validated and abide by the cypher pattern forex Fibonacci ratios presented above.

Now, we’re going to lay down the Cypher pattern trading strategy rules.

Step #2 Buy Entry: Buy once CD-swing leg reaches 0.786 retracement of the XC swing leg.

From a risk management point of view, it may be the case that the Cypher pattern is the most exciting harmonic pattern as it has the highest winning rate. Our backtesting results have proven over and over again that the cypher pattern forex is a very reliable harmonic pattern.

Buy with a market order at the opening candle preceding the completion of the D point at 0.786 Fibonacci retracement of the XC leg. Once the market touches the 0.786 level we assume that wave D is in place, because we can’t control how far the market it will go. We’re only concerned for the Fibonacci ratios to me satisfied.

We can note that the price only had a small deviation below the 0.786 Fibonacci ratio – our entry point.

The next important thing we need to establish is where to place our protective stop loss.

Step #3 – Stop Loss: Place the Protective Stop Loss below wave X.

For the Bullish Cypher pattern Forex, you normally want to place your protective stop loss below the point X. That’s the logical place to hide your stop loss because any break below will automatically invalidate the trade.

The next logical thing we need to establish for the Cypher patterns trading strategy is the logical place for our take profit level.

Step #4 Bullish Cypher Pattern Forex – Take Profit: Take profit once we reach the point A.

The Cypher patterns trading strategy is a reversal strategy and we want to make sure we capture as much as possible from the new trend. If you’re not a fan of reversal strategy and you prefer instead a trend following strategy, we encourage you to follow the MACD Trend Following Strategy - Simple to learn Trading Strategy a strategy that has attracted a lot of interest from the Forex trading community.

The Cypher pattern has a conservative take profit target. We want to take profits once we reach the point A of the pattern.

Why, do we take profit so early?

As with the majority of the harmonic patterns, it’s best to lock in profits as soon as possible and since the Cypher pattern is one of the most profitable harmonic patterns we can give it more room for the price action to breath and have the chance to at least see a retest of the wave A.

Note** The above was an example of a BUY trade using the Bullish Cypher patterns trading strategy. Use the same rules for a SELL trade. In the figure below you can see an actual SELL trade example.

Conclusion.

The rules of the Cypher pattern trading strategy are pretty much straight forward, however, even though it has a bigger winning ratio than the other harmonic patterns, the Harmonic Cypher structure can be spotted very rarely on the chart so we need to take full advantage of the instances it shows up.

We hope the Cypher patterns trading strategy rules have been clear and succinct. If you still have questions, please leave them in the comment section down below.

Like this Strategy? Grab the Free PDF Strategy Report that includes other helpful information like more details, more chart images, and many other examples of this strategy in action!

Tap here now to get the E-Book Completely Free.

Thank you for reading!

If you spot any current Cypher patterns on your chart and you want to share please do! We can give you some feedback on it to make sure it is following the rules of this Cypher pattern strategy.

Thoughts on this guys?

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We have a Cypher Patterns Trading Strategy that we developed a while back and we think this one you are going to enjoy!

This strategy is part of a series of harmonic pattern strategies that we have developed..

Its a great strategy for day traders and occasional scaplers.

This strategy is a little advanced so when you read it please take special note of all the important steps.

Let us know if you need anything from us!

-The Team Trading Strategy Guides.

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We posted a new bat pattern strategy on our blog!

Hello Traders and happy Friday!

We wanted to share our new trading strategy we posted on our blog this week.

In Fact, here are the easy step-by-step rules we created for you:

This is Part 3 of our 6 part harmonic pattern series we will develop:

Let us know if you need anything!

Enjoy your weekend,

-Trading Strategy Guides.

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EFC Trade Signal: GBPAUD.

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