EURJPY cypher pattern
Well this pattern has a iil bit of a conflict involved with structure, I'm a pattern trader but I choose my patterns based on structured directional bias, the pink pointed line shows a lower low - lower close from a higher timeframe validating the continuation of the downtrend, I took advantage of the first cypher pattern in blue, the momentum in that particular moment was very bearish, and structure was telling me to sell, now I'm not so sure about the yellow cypher becouse its clearly that a big pullback is happening,
due to my rules of engagement I MOST take the yellow cypher, so my pending orders are in place, but I woudln't be surprise if the price desides to go meet the red zone ( previus support turned resistance and testing the 200 SMA )
or even go straight north forming a bigger pattern.
So my advice in this type of situation, JUST WAIT AND PRAY :) Consistance is key. follow your rules no matter what. and you'll be fine.
due to my rules of engagement I MOST take the yellow cypher, so my pending orders are in place, but I woudln't be surprise if the price desides to go meet the red zone ( previus support turned resistance and testing the 200 SMA )
or even go straight north forming a bigger pattern.
So my advice in this type of situation, JUST WAIT AND PRAY :) Consistance is key. follow your rules no matter what. and you'll be fine.
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