Sell Opportunity: Cypher Pattern
Updated
As you can see here, there is a potential cypher pattern setup in USDJPY, 1 hour time frame. Secondly, if you would've take a look at the long candlestick which I had indicated with a red arrow, clearly the sellers are very strong at that particular zone levels. This gives us additional confluence on this short signal along with a valid entry from the cypher pattern.
Short Limit Order,
Entry - 110.944
SL - 111.225
1st TP - 110.678
If this limit order fail to trigger and the C leg violated, setup will no longer be valid
Cheers.
Short Limit Order,
Entry - 110.944
SL - 111.225
1st TP - 110.678
If this limit order fail to trigger and the C leg violated, setup will no longer be valid
Cheers.
Trade closed: target reached
Alright 1st Target was hit. Remaining position is now on breakeven.The 2nd Take Profit target that I am now currently looking at is the 'C' leg of the pattern; 110,250. At the moment, price is consolidating and we could either see our stop loss taken out or a breakout to the downside.
Trade closed: stop reached
Breakeven Stop Loss was taken out. Still a winner nonetheless.
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