EURJPY: Consolidation Brings Plenty of opportunity

FX:EURJPY   Euro / Japanese Yen
Nothing fancy here just a plain and simple bearish Cypher on EURJPY             (This is a 4hr pattern, I decided to show it on the hourly chart because I went down to that timeframe for further analysis. But if you're a 1hr trader only THIS IS INVALID) . However if you've been following along my recent string of post on this pair (either in here or in the Syndicate) then you know that this has been one of our hottest and most profitable pairs during the month of August. With all of these wins in would be naive of me not to expect a loser at some point (for those you you thinking this is an automatic win) but if a pattern is valid I trade it and let the numbers work themselves out.

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Akil, did you end up entering this trade? If so, where were your stops?
Akil_Stokes william.whitley.10
Yeah I entered and took a loss on this one, I don't remember exactly where my stops were at off the top of my head but I took about a 50pip loss
IvanLabrie Akil_Stokes
Akil, how do you go about projecting unfinished patterns in cases like this? The Gartley above seems to have been spot on. You were really close though. Major reversal move. You post some really great stuff, super interesting.
IvanLabrie IvanLabrie
Akil_Stokes IvanLabrie
Yes, the Gartley came afterwards but in a case when there are multiple potential patterns setting up, I'll take the 1st that occurs and if that gets stopped out (like this this example) I'll reload for the second as well.
+1 Reply
IvanLabrie Akil_Stokes
Empiretrader Akil_Stokes
That was a crazy week, I took some crazy loss too!
Akil_Stokes Empiretrader
Yup, 1st week of the month with lots of major fundamental announcements coming out. Not to mention it was the start of the September and a lot of the pros were returning from their summer vacations.
so basically stopped out just before the reversal... tough one
Akil_Stokes william.whitley.10
Correct, all you can do is shake your head and move on. This one wasn't too bad cause we had a great week prior on this pair, but it still stinks when that happens
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