NZDJPY (Daily Cypher Pattern)

FX_IDC:NZDJPY   New Zealand Dollar / Japanese Yen
Confirmations for Cypher Pattern:
- A to B must touch 0.382 but cannot exceed 0.618 (on this case B is at 0.5)
- B to C must touch 1.272 but cannot close below 1.414 (Trend-Based Fib Extension)
- C to D must touch 0.786 of X to C
- First TP at 0.618 of D to C (Fibonacci)
- Second TP at 0.382 of D to C (Fibonacci)

Look how X to B distance is 0.381 (around 0.382!)
A to C distance is 1.284 (around 1.272!)
X to D distance is 0.792 (around 0.786!)
B to D distance is 1.529 (around 1.618!)

This are my confirmations for a Cypher Pattern and with MACD I get to confirm bearish impulse, now lets wait and see what happens. - Daily Chart
Also this Cypher Pattern is a completed Ending Diagonal on 4h Chart (Scroll down to see).
Good Trading.
Comment: Decided to show Bullish Ending Diagonal on Daily Chart so I can use some more technical analysis.
Now confirmations for an Ending Diagonal:
- 5 points respecting trendlines
- 1 and 4 at same price
- 0 to 1 same distance as 4 to 5
- take profits are between 0.786 and 0.886 retracements

Also used some Support and Resistance to confirm previous prices and feel more confident on my entries.
The thing about Ending Diagonals and Ending Channels is that at the end there's a big impulse (after to much consolidation)
Comment: Retest at 0.786 - 4h Chart
Comment: First TP has been reached with 203.3 Pips
Comment: First TP has been reached for the second time
Comment: Daily Cypher Pattern has been completed!
Good Trading.
Comment: Price bounced exactly at previous support where it all started (third TP 76.100)

Related Ideas

:D good call
Nice one
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