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glennmercer

CADJPY Short: Bearish Cypher + Shark Trend Continuation Trade

Short
Canadian Dollar / Japanese Yen (FX:CADJPY)  
glennmercer Updated   
FX:CADJPY   Canadian Dollar / Japanese Yen
CADJPY glennmercer gmercerfx Shark Cypher Harmonic Patterns S/R s_rzone trendcontinuation PRZ confluence
7
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cadjpy glennmercer gmercerfx sharkpattern cypherpattern harmonicpatterns s_r s_rzone trendcontinuation prz confluence
CADJPY is nearing the PRZ of a 2 confluent bearish patterns on the 1HR chart. The PRZ falls in a significant S/R zone and may potentially continue the downtrend. Entry is placed at the top of the PRZ with SL at 1.13XA and targets at .382 and .618 retracements of the CD leg.

Confluence in the PRZ:
  • Bearish Cypher
  • Bearish Shark
  • 2.5AB=CD
  • 1.618BC Projection
  • S/R Zone
Order cancelled:
This came from within 2 pips of my entry. Those who took a lower entry achieved target for +51 pips.

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