Hi guys, this is a Cypher pattern that's almost completing on EURJPY 1H chart. The white line represents a previous structure level very important and in the daily chart the RSI is in oversold condition. Price has also created a nice pinbar on the daily chart as well. These are the reasons why i'm getting involved with this. I'm actually taking this one a little lower in order to get a better risk to reward ratio. Stops below X, targets as usual for harmonic patterns.
If you want to share your thoughts or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Do you adjust your targets if price goes past D and then reverses somewhere in the zone between the D point and Stop level ?
BTW I do like your style of analysis and way of trading. I appreciate your effort and your sharing of ideas. I have learned a lot since following you.
Thank you.
Roker1
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@joadri1, thanks for the appreciation :) anyway I usually adjust targets when trading harmonic patterns, this time i was actually lucky because i didn't have my computer around and took targets as they were placed at the beginning.
I traded this but got stopped out at the break of X before we hit any targets ? What did I do wrong, as I set the stop 1 pip below the X ?
Roker1
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@Eurodisney, you should set stop loss based on your rules, if you don't have rules stop trading, you will only lose money. In this case the red box was my risk, as you can see price never reached the bottom of the red box so i didn't get stopped out. However, i wouldn't suggest to put your stoploss just 1 pip below X because it happens very often to see false breakouts.
BTW I do like your style of analysis and way of trading. I appreciate your effort and your sharing of ideas. I have learned a lot since following you.
Thank you.