NZDJPY 15 Bearish CYPHER PATTERN @ 74.10

FX:NZDJPY   New Zealand Dollar / Japanese Yen
Hi Guys,

This is a CYPHER Pattern according to my trade plan. I like this particular setup because the 'X' leg is coming from a strong point of resistance which means I can have a more aggressive approach by keeping my stop loss pretty tight above the resistance area .

This is a bearish CYPHER pattern @ 74.10 and stop loss will be placed above the X leg which is used as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.

Thank you for your support.

Trade Numbers:

Risk: 29 pips x 2 = 58 pips
Reward #1: 29 pips. R:R = 1:1
Reward #2: 45 pips. R:R = 1:1.55

Plan your trade... Trade your plan.
Trade active: Short @ 74.10
Comment: Target 1 Hit! Move Stop Loss to Break-Even. +29 pips! It did take a while for the order to get executed but it happened in the end! Well done
Trade closed: target reached: Wow. Target 2 Hit! Total profit on this trade = +74 pips
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