UnknownUnicorn180388

Jan 31, 2017 8:02 AM

AUD.JPY - BULLISH CYPHER SETUP - 84.456 Long

Australian Dollar/Japanese YenFXCM

Description

⋅ Jan 31, 2017 8:02 AM

On the AUD.JPY 4hr chart we have a potential long opportunity's at the D leg completion of bullish Cypher setup.

The price reversal zone on this pair is between 84.456 & 83.740
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets back into 86.700
Stop loss would be placed below X leg structure support .

Target 1 - 85.468
Target 2 - 86.093

Comment

⋅ Jan 31, 2017 12:33 PM

Daily outlook, bearish RSI divergence

Comment

⋅ Jan 31, 2017 2:49 PM

We have now seen a clean break, a close 85.32 should confirm the trend change.

Comment

⋅ Jan 31, 2017 4:50 PM

There is a potential short opportunity into tomorrow with my target just above the D leg completion.

Comment

⋅ Jan 31, 2017 9:20 PM

Potential short opportunity i will be looking at on the run up to London open.

Comment

⋅ Feb 1, 2017 1:01 PM

A break and retest has now occurred, potential push lower in the coming hours.

Comment

⋅ Feb 5, 2017 10:20 AM

I will be looking short on this pair into Monday's London session.

Comments

Abdu079

⋅ Feb 9, 2017 7:59 PM

Is short still valid?

UnknownUnicorn180388

⋅ Feb 9, 2017 9:35 PM

@Abdu079, This is a long setup.

yigitbalin

⋅ Feb 2, 2017 3:50 PM

Hey @tomhall , do you still think that it will hit to D mark ? Whats your input ?

UnknownUnicorn180388

⋅ Feb 2, 2017 4:25 PM

@yigitbalin, Hi,
It's certainly possible, the setup is still valid until it breaks above the C leg

lzw1970

⋅ Jan 31, 2017 3:38 PM

Thanks a lot Tom for the other ideas too

UnknownUnicorn180388

⋅ Jan 31, 2017 3:43 PM

@lzw1970, My pleasure, i appreciate the message :-)

yigitbalin

⋅ Jan 31, 2017 3:20 PM

@tomhall is the man!.
I do appreciate you too!.

UnknownUnicorn180388

⋅ Jan 31, 2017 3:27 PM

@yigitbalin, Thank you :-) Have a great day.

Abdu079

⋅ Feb 9, 2017 9:38 PM

I'm aware it's long setup, my question do you still see the trend going down to D today complete the pattern ?

UnknownUnicorn180388

⋅ Feb 9, 2017 9:40 PM

@Abdu079, We never know, all we do know is if the market touches the D leg and it meets our entry criteria we have a high probability of success over the market.