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
Nice. There are several patterns across the yen pairs. Ensure not to overexpose by finding the better setups which have more confluences. Take note that next week many banks are havIng holiday too :)