dojitrader
Long

Almost a Potential Cypher

FX:AUDJPY   Australian Dollar/Japanese Yen
134 6 0
To my experience and testing, when you start bending the rules (curve fitting) for advanced patterns, you reduce
the success of a trade almost exponentially and the 1.272 fib is about 10 pips higher than the posted trade.
However, with both the Aussie and the Yen so week today any bounce in the Aussie should be magnified
in the AudJpy             - I hope Perhaps the best part of this trade setup is that anything under 93.30 and there is
No Doubt I am wrong.
***The time bars at the bottom are some testing and not particularly significant at this point ***
The price has certainly stalled at the entry. We'll need some patience to see if AudUsd can help us out.
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Price action since entry is looking much too corrective so I'm moving stops to +27 @ 91.95
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Out on stops @ 92.95 ( 91.95 obviously wrong) for +27 pips
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Does any one know what's happened to the published charts ? Have they gone minimalist or is this just a prelude
to additions and changes ?
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Hi Doji, are you out of the trade? Because, technically speaking this is still a valid pattern because X hasn't been violated (no break below, close below X).
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By my eye, this has traded 92.23 which is 7 pips below X so, depending on how close stops are set one may or may not be out. I moved my stops rather tight when the price action was not as impulsive as I was anticipating so I was out at +27 pips.
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