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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.