LDO Daily Bullish Cypher Opportunity
Hello Traders,
A Bullish Cypher presented itself and completed last night hitting the .786 retrace on the LDO Daily chart. The XABCD Cypher Pattern meets the criteria for a legitimate Bullish Cypher.
Risk/Reward over 3:1 sized up with the long tool for target and stop loss.
Additionally we have Class A Bullish divergence starting to play out on MACD and Squeeze Momentum oscillators (Lower low on price, higher low on oscillators) at the pattern completion zone of the the bullish cypher, adding to the case for a long position on this cypher.
A Bullish Cypher presented itself and completed last night hitting the .786 retrace on the LDO Daily chart. The XABCD Cypher Pattern meets the criteria for a legitimate Bullish Cypher.
Risk/Reward over 3:1 sized up with the long tool for target and stop loss.
Additionally we have Class A Bullish divergence starting to play out on MACD and Squeeze Momentum oscillators (Lower low on price, higher low on oscillators) at the pattern completion zone of the the bullish cypher, adding to the case for a long position on this cypher.
Still locked into this trade. Stop loss was not triggered and the harmonic is holding up. Since the last update, added more to the stack around $1.50.
First profit target remains the 0.618 fib retracement, if it continues to run we would target the 0.786 or 0.886 fib retracements for further profit taking targets.