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 :)

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 :)
Nice, let's see how it goes.
+1 Reply
moneymaking IvanLabrie
Thanks mate, yeah :)
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out