WE GO UP WE GO DOWN - BEAR CYPHER - BULL BAT - USDJPY 60M
Hi Traders, here we see the Cypher from last week still being valid, and in this time we are also presented with a small Bullish Bat Pattern
I also posted the large Bat Patterns one being Bearish and one being bullish - I posted these on Friday 9th and hopefully we can see price head towards these large patterns. I think if you move this chart around you will see the patterns I mentioned.
Anyway back to these patterns.
As always try to keep it simple with color coding.
Red for Minimum Stops - Second stop to be moved to break even when target 1 is obtained. Break Even is your initial entry level and keep in mind put it maybe 2 pips beyond the entry just so you cover any commission or spread.
Green is Entry Level - which is just below the 78.6% for Cypher and just above the 88.6% for this Bat - just so we know we get filled on our orders.
Cypher is Pink or Purple
Bat is Orange
Targets are color coded to each pattern color
Initial Targets 38.2% and 61.8% - these need to be adjusted after we have D completion.
Bat Pattern targets are with Fibonacci Retrace from the A leg to the D Leg - 38.2% T1 and 61.8% T2
Cypher Targets are with Fibonacci Retrace from the C to D leg - 38.2% T1 and 61.8% T2
With the drop in the USD index with interest rates we should see AUDUSD and NZDUSD upwards and USD pairs down which should see this Bat more likely
Also other pairs should increase against the USD
Good luck and happy trading
If you require anything that does not make sense just reply to this thread/post
I also posted the large Bat Patterns one being Bearish and one being bullish - I posted these on Friday 9th and hopefully we can see price head towards these large patterns. I think if you move this chart around you will see the patterns I mentioned.
Anyway back to these patterns.
As always try to keep it simple with color coding.
Red for Minimum Stops - Second stop to be moved to break even when target 1 is obtained. Break Even is your initial entry level and keep in mind put it maybe 2 pips beyond the entry just so you cover any commission or spread.
Green is Entry Level - which is just below the 78.6% for Cypher and just above the 88.6% for this Bat - just so we know we get filled on our orders.
Cypher is Pink or Purple
Bat is Orange
Targets are color coded to each pattern color
Initial Targets 38.2% and 61.8% - these need to be adjusted after we have D completion.
Bat Pattern targets are with Fibonacci Retrace from the A leg to the D Leg - 38.2% T1 and 61.8% T2
Cypher Targets are with Fibonacci Retrace from the C to D leg - 38.2% T1 and 61.8% T2
With the drop in the USD index with interest rates we should see AUDUSD and NZDUSD upwards and USD pairs down which should see this Bat more likely
Also other pairs should increase against the USD
Good luck and happy trading
If you require anything that does not make sense just reply to this thread/post
