the patterns here are:
1. in blue color, a bearish cypher pattern with the short risk to reward ratio
2. in yellow color, a bearish gartley pattern with long risk to reward ratio
see the green rectangle which signifies area of fibonacci cluster and likely market reversal
these patterns are very close to the structure of the previous high and therefore have a higher tendency of going down. however market is market anything is possible and there is no 100% surety.
you can see the purple lines for ab=cd pattern completing above the area of green rectangle, but is about 88.6% retracement of the cd leg of ab=cd patttern.
use better entry technique
remember you risk to reward ratio, even as you can alter this to suite you
good luck
1. in blue color, a bearish cypher pattern with the short risk to reward ratio
2. in yellow color, a bearish gartley pattern with long risk to reward ratio
see the green rectangle which signifies area of fibonacci cluster and likely market reversal
these patterns are very close to the structure of the previous high and therefore have a higher tendency of going down. however market is market anything is possible and there is no 100% surety.
you can see the purple lines for ab=cd pattern completing above the area of green rectangle, but is about 88.6% retracement of the cd leg of ab=cd patttern.
use better entry technique
remember you risk to reward ratio, even as you can alter this to suite you
good luck
