TomHall
Short

EUR.JPY - Bearish Cypher Pattern

FX:EURJPY   Euro / Japanese Yen
On the EUR/JPY             15min chart we have a potential short opportunity at the D leg completion of a Cypher Pattern

The price reversal zone on this pair is between 129.079 & 128.768
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Potential targets for the Cypher Pattern placed at the .382% and .618% retracement of the C to D move.
Stop loss would be placed above X leg structure resistance .

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+1 Reply
This setup is more visible on the 15min chart
Reply
arturt TomHall
yes it was good opportunity to place put option for 15min trade
Reply
arturt arturt
is it good to use rsi and macd indicators to place 15 min according to 4hours strength and moving direction?
Reply
arturt arturt
i am new to it so that why i am asking, when you will see from it the retracment point to above levels you have just provided?
Reply
arturt arturt
bearish for how long?that what i was thinking
+1 Reply
If the D leg completion enters us into the trade then or targets will be at the 0.382% & the 0.618% retracement of the C to D move.
Reply
Its hard to say when or even if price action will hit the D leg completion, all as we can do is sit back and wait.
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I personally only use the RSI which adds confluence to my potential setup
Reply
u mean short on 15 min or 1hour
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