USDJPY - Textbook Bearish Cypher pattern at structure
Updated
An almost perfect pattern is very, very close to completion and it's a beauty, textbook cypher pattern.
Why ?
AB leg retraces to 0.382 of XA-leg
BC falls perfectly in between 1.272 and 1.414
CD completion at 0.786 has perfect Fibonacci confluence (see chart)
On top of that we have a previous support level that has already proven resistance in the past just above it.
As with most Cypher patterns, the RR ratio for TP1 is inverted (risk is bigger than potential profit), but as Cypher patterns in general are quite successful, it is definitely worth it. TP2 has an approximate 1.5 RR ratio.
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Why ?
AB leg retraces to 0.382 of XA-leg
BC falls perfectly in between 1.272 and 1.414
CD completion at 0.786 has perfect Fibonacci confluence (see chart)
On top of that we have a previous support level that has already proven resistance in the past just above it.
As with most Cypher patterns, the RR ratio for TP1 is inverted (risk is bigger than potential profit), but as Cypher patterns in general are quite successful, it is definitely worth it. TP2 has an approximate 1.5 RR ratio.
Agree with this idea ? Thanks for giving me the thumbs up by clicking the like button.
Have another view, have questions, comments ? Feel free to share it below !
More ideas like this ? Click the follow button to keep updated when I publish new ideas or update already published ones.
Note
TP1 reached, stops can now be moved to break even - experience a risk free trade.Trade closed: target reached
Sweeeeeeet
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Twitter: twitter.com/NicoMuselle
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