EURJPY Double Top before the Cypher

FX:EURJPY   Euro / Japanese Yen
Although we have a Bearish Cypher pattern resting right above this level, the double top on this pair still looks to be a very good shorting opportunity. A single ATR stop should get you above the structure level looking left so there's very little risk in this one when compared to the potential reward.

I wouldn't expect a full blown reversal, looking at the daily, but after double bottoming (on the daily) we have rallied (in a single day) all the way up to previous structure so I would expect some relief, a little give back, a little profit in our pockets hopefully. ;-)

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On the basis of double top only, is it ok to enter considering the 2nd top has posted HHHC i guess ?
an HHHC would invalidate the double top so I would say no
40 pips are 40 pips :) Profit is profit, well done, as usual Akil. :)
+1 Reply
Hmm... why target on previous structure? We have here correct Cypher with delayed entry point.. why not T1 @ 136.035 ?
+2 Reply
Because the Cypher hasn't completed, I can't trade it as as Cypher pattern. That doesn't mean that it's a bad idea to use Fibonacci based targets for this trade, it all comes down to your philosophy. I personally weigh structure over fibs which is why I looked for that level
rafal_w Akil_Stokes
Ok. now I see what You mean.. You have Cypher @ 4h.. I found smaller one on 60 which is valid.. but I missed entry Yesterday and it might be good concept to enter after double top and stick to my T1. ;)
+2 Reply
I know exactly which one you're talking about. Just remember you may may want to roll those targets with recent price action which would mean adjusting your targets to the 136.30's level. Funny we just had a lengthy discussion on that same subject this morning. Good luck, let's see if this thing will roll over
+1 Reply
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