Akil_Stokes
Short

AUDJPY Bearish Cypher Pattern

FX:AUDJPY   Australian Dollar/Japanese Yen
It's been a great start to the trading week thus far, with a handful of Friday's patterns paying off big time. I've ended the past 2 weeks in drawdown so it's about time things get back to normal.

This is a pretty simple one, a bearish Cypher which is coming up into previous structure highs. A look on the daily chart will show you this this is a powerful structure level as well. Yes there are higher high's looking back to July 1st, but remember as counter-trend traders we're only looking for a slight retracement not a full reversal to take profits off of.

With the hot streak to start the week, it's common to be hesitant when the next setup arrives fearing that you may give away some of the profit that you've already earned. It's important to stick to your gameplan and not let those emotions get the most of you. Yes you may give some back, but you also may add to your take. My advice, don't think and just do.

Akil

For more on the hot start to my week check out my latest blog post
http://ratiotradingmentor.com/2014/08/04/the-last-thing-i-want-to-do-is/

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and on the D1 a bearisch Gartley in confluence
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Thanks for this chart. Waiting for entry now.
BTW look on gold nice Gartley
+1 Reply
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