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EURUSD: My mid-term ideaHey traders, I've been waiting for this setup for quite some time now and I feel like now is the right time to publish it. It's been a while since I posted a daily chart. So, what do we have? White AB=CD pattern, completing at 1.09815 Black ab=cd pattern, completing at 1.09804 61.8% Fibonacci retracement at 1.09743 50% Fibonacci retracement at 1.09782 You may notice that these are just a few pips apart from eachother, so you can probably guess where the entry is going to be. Good luck traders! Updates will follow. PS: It's a bearish setup. PPS: Yes, it's a messy chart.
Short
by 11021992
Bearish Cypher Ahead of ECB Rate DecisionRight now i'm getting ready for my live trading room stream, and I came across this bearish cypher pattern here on EURJPY. This will potential complete @ 122.531. Minimum stops need to be above the X-Leg. Here on the chart I have my stops at a 1.130 fib inversion of the X to A leg. Target 1 will be at the 38.2 fib retracement and target 2 will be at the 61.8 fib retracement. If you would like to join me for the live stream, here is the link: www.youtube.com Good Luck and Good Trading!
Short
by tommyb35
Two Potential Cyphers on USDJPYAs I was looking over my charts getting ready for my live trading room stream, I found these two potential opportunities on USDJPY! Both are bearish and both can be used as an alternate entry for a trend continuation trade to the downside. The first cypher in blue, will potentially complete @ 114.854. Minimum stops need to be above X at 115.442 with the traditional target 1 at the 38.2 fib retracement "114.055" and target 2 at the 61.8 fib retracement "113.559". The second cypher in red, will potentially complete @ 115.969. Minimum stops need to be above X at 116.858 with target 1 at 114.746 and target 2 at 113.989. Now on the chart the traditional targets are Red & Green and both of them (depending on where you place your stops) have around a 1:1 Reward/Risk for target 1 and a 1.5:1 Reward/Risk for target 2. Now if you use the alternate targets (Red & Blue) your Risk/Reward is drastically improved. Target 1 is better than a 2:1 Reward/Risk and Target 2 (Using a 127.2 Fib Ext.) is almost 3.5:1 Reward/Risk. As always, follow your Plan. If you would like to join me in the live stream here is the link: www.youtube.com Good luck and Good Trading!
Short
by tommyb35
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