TomP

Potential Cypher in Nikkei 225

FX:JPN225   Nikkei 225 index of Japanese listed shares
Just looking at this stock index , you can see it is a one way street at the moment. However, one way streets are often dangerous and taking the opposing way can be rewarding sometimes.

Here is a potential Cypher pattern . At the moment the price appears to be at a double top and I think many traders will chose this spot as a potential place to short. However, because the market is so strong I feel it will push up towards the upper trendline, testing the strength of these shorts. Many will stop out no doubt, then the market could fall back off this trendline to around 20231 completing the Cypher to give a potential long opportunity.

Could short around 20650 and reverse position at 20231 at the line of resistance and Cypher completion point, then target the potential 20650 highs again.

Remember markets do what they do, not what traders predict. This is just an idea.

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