JackDale
Long

Chief Yen: Bullish Shark, Cypher. And More

FX:CHFJPY   Swiss Franc / Japanese Yen
I have been following this market for a few days and noticed a couple nice setups on the horizon.

Currently, this market is wanting to head down, but I believe a small retrace up is needed before entering new lows and completing the potential bullish shark (grey) and cypher pattern .

With these patterns, according to Scott C. - Harmonic Trader, with Harmonictrader.com and inventor of most harmonic patterns , his theory as written in his book in Harmonic Trading Volume 1 ( p. 185, 2004) is to wait for signs in the reversal zone before entering, rather than jumping into the trades at the completion points.

Which is what I will be doing at 103.834 or the 88.6 (maybe even the 1.13) - looking for some valid reversal signs.

Even though the Cypher Completes at the 78.6 fib (According to the guys at TradeEmpowered.com), I believe a better entry to rather look for is at the 88.6 completing the Shark pattern, along with the already complete bullish cypher .

Last thing to note is the potential for the Bearish 5-0 on the Daily soon

*grabs popcorn

Comments

Even though the Cypher Completes at the 78.6 fib (According to the guys at TradeEmpowered.com), I believe a better entry to rather look for is at the 88.6

Smart move, I trade the same way
Reply
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