Potential Bearish Cypher on CHFJPY

FX:CHFJPY   Swiss Franc / Japanese Yen
So here we have a very nice set-up on this pair. This is a potential bearish cypher that will complete near 118.00 which is a nice round number and we also have descending trend-line resistance that comes in just above the completion level and in addition our rsi is showing weakness so that's plenty of reason to look to take this short position and the market trend is currently bearish so let's see if we can get to our entry price.

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Hi Jo i have a little bit of confusion with c-point i've see you're video on the cypher pattern which you said point c should not touch 1.414 ext of a-b leg i,ve done this pattern myself on tradingview and point c closes beyond 1.618 ext .I'm learning these patterns and enjoying you're charts just need this cleared up
JoMarshall pawit11
Can you send me your chart so I can have a look? Because on my chart point C hasn't touched the 1.41 extension, when I see your chart then maybe I can clear it up for you.
pawit11 JoMarshall
Hi Jo i've ended up with egg on my face i do apologize you are right i've taken the fib levels from a-b and not from x-a

many thx
JoMarshall pawit11
No problem bro, we all learn from mistakes. Next time you will do better
+1 Reply
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