On the CAD.JPY Daily chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.
The price reversal zone on this pair is between 87.724 & 88.779 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 at around 77.000 Stop loss would be placed above X leg structure resistance .
Target 1 - 82.800 Target 2 - 79.717
Comment
⋅
5 EASY STEPS TO TRADE THE GARTLEY PATTERN
Comment
⋅
Potential JPY strength in the coming weeks with many daily setups looking short.
Comment
⋅
My basic entry rules.
Comment
⋅
CAD.JPY - Price holding at strong resistance, a solid RR available
Comment
⋅
Price looks to be respecting the 88.500 resistance level, a potential downturn from here.
absolutely love your charts, your activity (replying to the comments, coming back to previous trades to add new nifo) and the way you share all the info, brilliant! I have a feeling I will learn a lot from you, thanks Tom! Have a great rest of the week!
UnknownUnicorn180388
⋅
@DriXeL39, Thank you very much for your feedback, it is greatly appreciated.
AndiWilly
⋅
Thank you. This one looks promising!!! :)
UnknownUnicorn180388
⋅
@AndiWilly, My pleasure, something i will be watching very close.
TiagoLoriato
⋅
Hi, "Stop loss would be placed above X leg structure resistance . "
I don't understand that part very well, Tom. Where would the stop be at this trade, for example?
UnknownUnicorn180388
⋅
@TiagoLoriato, Hi, I can't go into detail on stop loss as i reserve that for clients, however it is advised that it would be above the X leg.
hi Buddy are you using ATR for stop loss or just a number of pips above or below X. i guess that in daily should be much higher like 20 pips?
UnknownUnicorn180388
⋅
@isskass, Hi, I don't personally use ATR, I have a very different setup strategy that calculates the stop loss based on multiple chart factors, e.g structure, psychological numbers, fibs ext ect.