EUR.JPY - Bearish Cypher Pattern Short

Euro Fx/Japanese YenFXCM

Description

⋅ Jan 11, 2016 12:14 AM

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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Comments

arturt

⋅ Jan 11, 2016 12:16 AM

UnknownUnicorn180388

⋅ Jan 11, 2016 12:17 AM

This setup is more visible on the 15min chart

arturt

⋅ Jan 11, 2016 12:27 AM

yes it was good opportunity to place put option for 15min trade

arturt

⋅ Jan 11, 2016 12:30 AM

is it good to use rsi and macd indicators to place 15 min according to 4hours strength and moving direction?

arturt

⋅ Jan 11, 2016 12:32 AM

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?

arturt

⋅ Jan 11, 2016 12:34 AM

bearish for how long?that what i was thinking

UnknownUnicorn180388

⋅ Jan 11, 2016 8:00 AM

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.

UnknownUnicorn180388

⋅ Jan 11, 2016 7:59 AM

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.

UnknownUnicorn180388

⋅ Jan 11, 2016 7:58 AM

I personally only use the RSI which adds confluence to my potential setup

arturt

⋅ Jan 11, 2016 12:16 AM

u mean short on 15 min or 1hour