EURJPY 15min Day Trade Cypher Pattern Short

Euro Fx/Japanese YenFXCM

Description

⋅ Dec 13, 2016 7:28 AM

For those of you who trade advanced pattern formations on the lower time frames, there is a potential Cypher setting up at 122.75 on this pair.

Quite a bit of consolidation this morning so could be a busy Day trading session in the Live room!

Good luck Traders!

Comments

Telson

⋅ Dec 13, 2016 12:44 PM

Excellent trade, should be used as "how-trades-should-be-played".

Thank you @J_Graystone for sharing

kennethmundt

⋅ Dec 13, 2016 1:34 PM

Hi there,

Just curious and knowingly ignorant, so please have me excused, but aren't these patterns, in this case the Cypher, based on Fibonnaci ratios?

Cheers.

/Kenneth

JRFreeze

⋅ Dec 14, 2016 12:34 PM

@kennethmundt, yes i believe they are the fibonacci ratios of extensions and retracements

kennethmundt

⋅ Dec 14, 2016 12:46 PM

@RJHumphries, Okay, great. At least I'm not completely off. But why do you call this a Cypher pattern then? I don't see any Fib levels in the pattern?

Locard56a

⋅ Dec 18, 2016 12:55 PM

Nicely spotted. Clearly a wealth of experience to notice such patterns.