A COMMON CYPHER PATTERN ISSUE

Dear cypher pattern traders,

After seeing this for a while now and having a discussion with one of the moderators on this site, I wanted to clarity something about the CYPHER PATTERN. Typically I don’t like to comment on how other traders are trading but seeing how our vice president is the founder of it, I’m comfortable correcting commenting on this particular setup and hopefully the following can cut down on the amount of pattern recognition errors.

When drawing out the pattern please make sure to use the FIBONACCI EXTENSION TOOL and NOT the pattern drawing tool in order to project your “C” leg. The Fibonacci extension levels that you will see using the pattern drawing tool IS WRONG (as far as which extension it measures).

As you can see when using the pattern drawing tool a 1.564 Fibonacci extension is projected (looking like it pulls the extension from a B-A inversion). However, when using the Fibonacci extension tool from X to A and back up to X we have a 1.272 which is the needed min requirement for the "C" leg

I really hope this helps with some of you who have been confused when drawing this out.

Take care traders

Akil Stokes
Chief Currency Analyst at www.TradeEmpowered.com