We're looking at another cypher pattern but this time on the 1h chart with EUR/JPY, this is an excellent shorting opportunity with over 1:3 risk to reward... Don't miss out on this one!
The D point forms at a major level of resistance, I'm expecting price to stall out on this level followed by an aggressive reversal.
The measurements for a valid cypher are detailed below. B: 0.382 - 0.618 C: 1.272 - 1.414 X to D: 0.786
Feel free to connect with me below :)
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We're now approaching our final take profit level, just 40 pips away.
I've held this position for almost 3 weeks for a total profit of 400 pips.
Another successful trade to add to the record book.
To all of my followers, keep on supporting my ideas and I'll keep on providing you with the best opportunities the market has to offer!
nice Lewis, I haven't put my faith into harmonic patterns yet. I haven't back tested them enough on different time frames and different pairs to be comfortable with a 3 week hold like that. But very nice trade on your part. Best of luck this week.
LewisGlasgow
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@clearybuzz, gotta learn to trust the system ;) thank you very much indeed and you too!
Here is some of my previous ideas to put your doubts aside... I've included a variety.
clearybuzz
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@LewisGlasgow, what about all the ones that haven't hit? what is your hit percentage on EURJPY 60 min bearish cyphers?
LewisGlasgow
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@clearybuzz, I take them as it comes, a lot of the setups you will see on here I do not trade for two reasons.
1. The setups does not fully form
2. Once price enters the PRZ I further analyse the pair on various timeframes, but I may not like what I see.
I don't just trade one pattern, one pair and one timeframe, you're overthinking it.