2018May28 USDJPY M15 Possible Bearish Cypher
There is a possible bearish cypher for USDJPY. D completion is at 109.702 which is the 78.6 Fibonacci retracement of leg XC. Upon confirmation of the bearish bias, I will go short. Take profit levels are set at the 38.2 and 61.8 Fibonacci retracement levels of leg CD. The stop loss has the same number of pips as TP1 by default. Tentative details are as follows:
Trade Setup: Possible Bearish Cypher
Price Entry 109.702
SL 109.881 | SL pips 17.9
TP1 109.523 | TP1 pisp 17.9
TP2 109.413 | TP2 pips 28.9
RRR1 1.00 | RRR2 1.61
Trade Setup: Possible Bearish Cypher
Price Entry 109.702
SL 109.881 | SL pips 17.9
TP1 109.523 | TP1 pisp 17.9
TP2 109.413 | TP2 pips 28.9
RRR1 1.00 | RRR2 1.61
Note
The setup was not triggered and is now invalid with the formation of a new swing low.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.