Cypher at market with some confluence on AUDJPY
Hey guys,
i like building a case for entry every time i need to enter a trade. It helps me feeling comfortable taking the risk. Now i'll explain why i'm selling audjpy 0.13% right now.
First, we have daily structure (blue box). Second, the Cypher pattern has just been triggered. In addition to that you can look at RSI which is deeply overbought.
Price is also testing a strong psychological number (87,00) that we know sometimes acts as a structure level.
Final clue: an engulfing candle right now.
Price is also pulling back a bit so we can sell now and have a better risk to reward ratio.
If you want to share your standpoint, feel free to do it below.
Otherwise, see you in the next chart!
i like building a case for entry every time i need to enter a trade. It helps me feeling comfortable taking the risk. Now i'll explain why i'm selling audjpy 0.13% right now.
First, we have daily structure (blue box). Second, the Cypher pattern has just been triggered. In addition to that you can look at RSI which is deeply overbought.
Price is also testing a strong psychological number (87,00) that we know sometimes acts as a structure level.
Final clue: an engulfing candle right now.
Price is also pulling back a bit so we can sell now and have a better risk to reward ratio.
If you want to share your standpoint, feel free to do it below.
Otherwise, see you in the next chart!
Trade closed: target reached:
First and second targets hit! +180 pips in total