moneymaking
Short

USDJPY: BEARISH CYPHER PATTERN WITHIN CONSOLIDATION ZONE !!!

FX:USDJPY   U.S. Dollar / Japanese Yen
392 4 8
Hello Traders,

For the past 6 weeks, FX:USDJPY             is in ugly consolidation phase. Within this consolidation phase we are getting a potential valid bearish cypher pattern that is close to the completion point. Looking at this pair on the 4 HR             chart, we see this market squeezing further into a wedge pattern. We have gotten 2 false breakouts out of the wedge pattern from both directions. Thus, trading this pair based on the wedge pattern alone is NOT the way to go. The much more reasonable way to trade this pair, is through this current bearish cypher pattern. As we all know, harmonics patterns tend to work very nicely within consolidation zones. I have included the 4 HR             chart in the description below, in order to show everyone the wedge pattern that has been forming. See the chart above for more details.

Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)

snapshot
hey good analysis. how do you place your stops? just10 pips above previous high or is there more thought behind it?
+1 Reply
moneymaking edvinasj1
Hey mate, yeah usually that is what I do. Having stops greater than 10 pips without any previous major structure (resistance), is just unnecessary risk. And after all, the pattern is invalidated beyond the X point. So having 50 pips stop, for example, on this trade would be useless. Thus, 10 to 20 pips max is my range. If the pattern is to work, most of the time market reverse almost right away after hitting the completion point, it doesn't even get close to the stop loss. Hope this helped :)
Reply
Nice, let's see how it goes.
+1 Reply
moneymaking IvanLabrie
Thanks mate, yeah :)
Reply
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