NZDJPY (Daily Cypher Pattern)
Updated
Confirmations for Cypher Pattern:
- A to B must touch 0.382 but cannot exceed 0.618 (on this case B is at 0.5)
- B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension)
- C to D must touch 0.786 of X to C
- First TP at 0.618 of D to C (Fibonacci)
- Second TP at 0.382 of D to C (Fibonacci)
Look how X to B distance is 0.381 (around 0.382!)
A to C distance is 1.284 (around 1.272!)
X to D distance is 0.792 (around 0.786!)
B to D distance is 1.529 (around 1.618!)
This are my confirmations for a Cypher Pattern and with MACD I get to confirm bearish impulse, now lets wait and see what happens. - Daily Chart
Also this Cypher Pattern is a completed Ending Diagonal on 4h Chart (Scroll down to see).
Good Trading.
- A to B must touch 0.382 but cannot exceed 0.618 (on this case B is at 0.5)
- B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension)
- C to D must touch 0.786 of X to C
- First TP at 0.618 of D to C (Fibonacci)
- Second TP at 0.382 of D to C (Fibonacci)
Look how X to B distance is 0.381 (around 0.382!)
A to C distance is 1.284 (around 1.272!)
X to D distance is 0.792 (around 0.786!)
B to D distance is 1.529 (around 1.618!)
This are my confirmations for a Cypher Pattern and with MACD I get to confirm bearish impulse, now lets wait and see what happens. - Daily Chart
Also this Cypher Pattern is a completed Ending Diagonal on 4h Chart (Scroll down to see).
Good Trading.
Note
Decided to show Bullish Ending Diagonal on Daily Chart so I can use some more technical analysis. Now confirmations for an Ending Diagonal:
- 5 points respecting trendlines
- 1 and 4 at same price
- 0 to 1 same distance as 4 to 5
- take profits are between 0.786 and 0.886 retracements
Also used some Support and Resistance to confirm previous prices and feel more confident on my entries.
The thing about Ending Diagonals and Ending Channels is that at the end there's a big impulse (after to much consolidation)
Note
Retest at 0.786 - 4h ChartNote
First TP has been reached with 203.3 PipsNote
First TP has been reached for the second timeNote
Daily Cypher Pattern has been completed!Good Trading.
Note
Price bounced exactly at previous support where it all started (third TP 76.100)
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