Brought to my attention by one of my Syndicate Members, what we're looking at is a bearish Cypher pattern. If you take a look at the recent movement of the market we've just put in a new structure low (LLLC) and the Cypher completion comes at a retracement back into previous structure along with a 38.2 Fibonacci retracement from our bigger swing.
Unfortunately for me this isn't a pair that's in my trading portfolio so I won't be able to participate, but certainly thought it was worth the share for those that do trade this pair.
Very interesting considering it is almost the same scenario as AUDJPY 240 bearish cypher completing at 94.94, just 25 pips below the 50% retracement of last big down move.
lpernetta
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In the case of AUDJPY, price is having a very hard time breaking above 94.20 though. Time will tell.
Akil_Stokes
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Just checked it out, I agree that scenerio looks even better structurally
Fortuna_9
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H Akil,
How do you decide what pairs to put in your portfolio? Apart from the obvious reasons of majors etc. Also as a newbie starting out is it "OK" to trade most pairs for a couple of months?
Akil_Stokes
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There's a lot that can go into picking pairs including diversity, volatility, strategy and system. I always recommend starting off by trading a single strategy on a sing pair. Then as you get more comfortable you can add more.
IvanLabrie
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Looks like it's ready to move down to the .83+- region. I'll take this trade as soon as I spot a decent entry.
IvanLabrie
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AUDUSD about to drop big time...this should follow suit I guess, although usdchf shows chf's weak.
Fortuna_9
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Cypher completed but kept on going :-(
IvanLabrie
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Isn't the extra length part of the PRZ in this case?
Akil_Stokes
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Yes technically price action reverse anywhere within the X leg and still be a valid pattern
Very interesting considering it is almost the same scenario as AUDJPY 240 bearish cypher completing at 94.94, just 25 pips below the 50% retracement of last big down move.