ThomasJeff_DCM
Short

EURJPY potential bullish Cypher pattern with trend

FX:EURJPY   Euro Fx/Japanese Yen
Here we got another Cypher pattern we are looking to go short on, its against trend so we are only looking for target 1. RSI is in over bought condition and we should see an entry over night. The pattern comes in at an previous strong structure level stop should be in a very good area. So lets see what numbers we wake up to after the Asian session.

Today we got a hit on the AUDCAD             Bat, but got a target 2 winner in a Bat on GER30             index . Currently we are in a short position on a Cypher on USDCAD             . And we just entered long on a Cypher on EURUSD             so lets see what numbers we wake up till tomorrow for those that follow me.

I will try more and more to begin to put up every trade that i take so those that are interested in Harmonic patterns can get a better feeling of how the daily grind is for this method.

Kind regards
Thomas Jeff
timwest PRO
2 years ago
Quick question: The low of the pattern on the left side is a bit higher than the lowest low - does that change your entry level you have suggested if you moved it to that low? Also, do you tighten your stop after X# of bars after entry? Thanks in advance of your reply.
Reply
Well i will try to explain, its actualy one big pattern. an XABCD pattern. X is an impulse leg or a break of structure, then the rest is fib retracements and extensions to find the levels. And the same for targets.

If the left triangle was not higher the ratios would not lign up so there would be no pattern and no trade ofcourse. The last point is called the D retracement its the 0.786 retracement from X - C and targets are normaly structure levels or fib retracements from C - D like the 0.382 in this case and then often i close half position there and move stop to break even and let the rest run for target to that is the 0.618 retracement. I don´t know if that anwsered your question?

Kind regards
Thomas
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out