moneymaking
Short

GBPJPY: BEARISH CYPHER PATTERN WITH THE OVERALL TREND ON 4 HR !!

FX:GBPJPY   British Pound/Japanese Yen
Hello Traders,

Here we have a VALID BEARISH CYPHER PATTERN on FX:GBPJPY             , that is close to the completion point. Do keep in mind that the major trend direction is BULLISH on the Daily, Weekly, and Monthly charts. This cypher pattern has been created after breaking the previous resistance level (LH). This is a good signal of POSSIBLE trend change back to the upside after being in a huge selloff for the past 17 days. So this might me considered as a counter-trend trade setup, but in reality all cypher patterns have to break structure in order to form a valid CD leg. Thus, we would need more proof from the market before considering the break of LH as being a valid signal for a trend change. See the chart above for more details.

NOTE #1: We have Manufacturing Production m/m news coming out of UK @ 4:30 am today. If the pattern is not complete before this time, then I will NOT be taking this trade. Will be staying on the safe side.

Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)



Interesting, I was looking for a setup on this pair, this might be a good one.
Selling a break under the previous 4h low should do.
+1 Reply
moneymaking IvanLabrie
Hey Ivan, yeah nothing really stands out that shows a possible shift in trend to the upside, only a single HH created. Which could also be a false breakout. Need to wait patiently. All the BEST mate :)
+1 Reply
UPDATE #1: Trade is ACTIVE now !!
Reply
Yahia.Awes moneymaking
Watch out, I look for a short hedge also based upon my previous idea
Connect the dots hit the spots


Here is where I want to short, i suspect an inverted h&s... So only for retrace.
snapshot
+1 Reply
moneymaking Yahia.Awes
Hey mate, nice work. Thank you for the heads up. Appreciate it, will keep in mind. All the BEST :)
+1 Reply
Yahia.Awes moneymaking
Took 600 pips profit not bad :), long the right shoulder untill final target.
+1 Reply
moneymaking Yahia.Awes
Whaoo, great job mate. I rarely get that type of home runs :)
+1 Reply
Yahia.Awes moneymaking
Then you have to start using channels, price patterns, indicator patterns and candle stick patterns, in combination with divergence you will kill it. I made about 2700 pips on this pair since july, pretty cool.
+1 Reply
Yahia.Awes Yahia.Awes
Mostly I counter the trend, that is risky but it is 9 out of 10 worth the risk.
+1 Reply
moneymaking Yahia.Awes
Agree :)
+1 Reply
moneymaking Yahia.Awes
Damn, great work mate. That's lots of pips in the bank :)
+1 Reply
Yahia.Awes moneymaking
Monitor like a wolf and attack like one!
+1 Reply
moneymaking Yahia.Awes
Hehe. nice :)
+1 Reply
Yahia.Awes moneymaking
Now I short too... 4H looks like a shooting star! SL a couple of ticks above the highest high of the day
+1 Reply
moneymaking Yahia.Awes
Nice, good to have you on board mate. All the BEST :)
+1 Reply
Yahia.Awes moneymaking
snapshot
+1 Reply
moneymaking Yahia.Awes
Thank you for sharing the chart mate. You shorted at the top blue trend line?
Reply
Yahia.Awes moneymaking
Yes, but just took profit because of the bullish reversal.
Reply
Yahia.Awes Yahia.Awes
Will re-enter later if still valid and doesn't break resistance if it breaks will fly.
+1 Reply
moneymaking Yahia.Awes
Yeah, will keep that in mind :)
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moneymaking Yahia.Awes
Sounds good mate. Congrats for the pips earned :)
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Yahia.Awes moneymaking
That candle looked like inverted hammer, so I'm pretty happy that I shorted.
+1 Reply
moneymaking Yahia.Awes
Yeah, true :)
Reply
Yahia.Awes Yahia.Awes
*closed.
Reply
Looks good, on this one too!
+1 Reply
moneymaking KevinSinghDhaliwal
Thank you Kevin, appreciate it :)
+1 Reply
UPDATE #2: Stopped out on this setup. Focusing towards future trade setups :)
Reply
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