moneymaking

USDJPY: Potential Cypher Pattern on 4 Hour chart

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
Potential Bearish Cypher Pattern forming on 4 hour chart. Wait for the D point completion at 78.6% level. We might also look for the market to be overbought near the D point completion or for some type of resistance zone . Stops can go 10 to 20 pips above the X point.

Trade setup:
1. Choose position size lot based on your preference
2. Short at 78.6% retracement of XC leg (D point completion)
3. 1st target is 38.2% retracement of CD leg
4. 2nd target is 61.8% retracement of CD leg
5. Once 1st target achieved, move stops to break even

Trade Safe and Good Luck to all !!