Hi guys, this is a Cypher pattern that's almost completing on EURJPY 1H chart. The white line represents a previous structure level very important and in the daily chart the RSI is in oversold condition. Price has also created a nice pinbar on the daily chart as well. These are the reasons why i'm getting involved with this. I'm actually taking this one a little lower in order to get a better risk to reward ratio. Stops below X, targets as usual for harmonic patterns.
If you want to share your thoughts or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
how did I get this wrong, I got stopped out at X before the market reversed.
Roker1
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@Eurodisney, my sl was at 117,23 (as i've drawn above)
Eurodisney
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ok thanks I placed mine at X, so how far below X is the stop placed. I mean percentage points or is it based on the number of pips in the range ?
Roker1
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@Eurodisney, you should either set a fixed amount of pips (usually 20 pips on 1hr chart, 30 on 4h) or you can use an ATR stop (1 atr below x) or use an extension tool (maybe 113%). You should test them on your own in order to find the best one (it can change for each pair).