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Fibonacci Confluence

USDJPY - Textbook Bearish Cypher pattern at structureAn 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. 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.
Short
by Nico.Muselle
30
GBPAUD: VALID BEARISH CYPHER PATTERN WITH GOOD RISK TO REWARD!!!Hello Traders, Here we have a valid bearish cypher pattern on FX:GBPAUD , that is coming close to its completion point. After adding few Fibonacci extensions and inversions, I was able to obtain 3 Fibonacci confluence zones and all of them are located between our short entry (1st zone from the bottom) and the X point of the cypher pattern. Also note we have a really nice bearish pin bar right at the X point. Thus we might see the market come back up near the bearish pin bar and so our stops need to go above that pin bar. So we got 3 different Fibonacci confluence zones + the bearish pin bar, if the market is able to go through all these "potential" resistance levels than we better make sure to exit with a small loss. See the chart above for more information. Trade Summary: Short Entry Level: 2.0600 (psychological round number) Stop level: 2.07956 (risking 0.94% of total equity) Target #1: 2.03698 (potential return of 1.12%) Target #2: 2.02272 (potential return of 1.82%) HIGH IMPACT NEWS EVENT: Got "Services PMI" number coming out tomorrow early morning from GBP @ 4:30 AM. Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :) Follow me on Twitter as well: moneymaking2016
Short
by moneymaking
2
AUDJPY - NEUTRAL - 4HR BEARISH CYPHER Hi All, here we have a Bearish Cypher - how ever I do not think we will see this get here, I think we will break past the C Leg which will invalidate this pattern. We may test the C Leg and bounce back before continuing to the downside. I have 3 or 4 key levels that I will be watching price action along with RSI and some other filters. We have 141 and 127 FIB Ext Confluence and also close to the 81.0000 even number. If we continue straight down and miss these levels I will be very interested to see what happens at the Major Support Blue Lines - confirmation from HTF these are respected levels. Happy Trading
by Oztrade
6
#USDJPY Short Idea (Structure, Fibonacci, Head and Shoulders)#USDJPY Short Idea (Structure, Fibonacci) @TradeYodha TradeYodha.com 1. Is Daily chart showing us a possibility of H&S (Head and Shoulders) forming? 2. on 4H zone we have 200sma. The price has closed above 50sma so the next target can only be 200sma 3. 200sma is in an important area where there is a lot of fib confluence indicating formation of advanced patterns 4. The price is close to 70 RSI at the moment so there are chances for it to go over bought by the time it reaches the zone. News/Fundamentals Expected: 21 April: 11:50pm JPY Trade Balance 23 April: 12:30pm USD Unemployment Claims I would love to hear your opinion, feel free to agree or disagree in your comments. Please give it a (thumsup) if it makes any sense.
Short
by TradeYodha
2