Nico.Muselle

USDJPY - bat completed and running into potential cypher

FX:USDJPY   U.S. Dollar/Japanese Yen
872 16 9
As this bat completed and we are in a profitable trade, a next step becomes visible in the form of a potential cypher pattern completing @ structure which could indicate till where we can let our profits run and reverse our position to long to benefit some additional profits

This cypher is incorrect as B-point was incorrectly drawn in. Sorry guys ... not free of mistakes yet :D
Davis
2 years ago
we might have a different setups but for cypher to be valid 786 has to close below B leg
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Nico.Muselle MOD Davis
2 years ago
It closes below ... but by very little :)
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Davis Nico.Muselle
2 years ago
Its not there yet and previous low is lower than your B leg so your actual B leg should be at previous low and that makes 786 higher than B leg.
But as I said, we might have a different setups for this particular pattern :)
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kris.deswerdt
2 years ago
Hello Nico, nice one again! But for the Cypher I believe price at D must close below B to be valid, no? At least that is what I learned at the time from Jason, so I would maybe look for the 88.6 on this one?
Thanks again!
+1 Reply
Nico.Muselle MOD kris.deswerdt
2 years ago
It closes below B, only by 1 pip though ... It is a valid cypher, but to be honest I am looking more at that structure level where it could find support and reverse than the actual completion of the Cypher
+1 Reply
kris.deswerdt Nico.Muselle
2 years ago
Just a quick question for clarification as I know you are not actually looking to trade the cypher but is B allowed to close below the 61.8 of XA? Sorry, I didn't notice this before otherwise I would have asked in the first comment already :)
+1 Reply
Nico.Muselle MOD kris.deswerdt
2 years ago
Officially no, B should close not exceeding the .618 of XA. And no need to apologize, we are here to help each other become consistently profitable traders, right ? :)
+1 Reply
Sorry about this guys but the B-point was drawn in incorrectly making this Cypher invalid. Apologies for the incorrect chart, still learning. Thanks Davis and kris.deswerdt for pointing that out to me.

Nevertheless, with the bat completion we might still be looking at a retracement into the indicated level and a potential reversal there based on structure.

+1 Reply
Davis Nico.Muselle
2 years ago
yeh well im in the Bat trade right now so lets see how it plays itself out.
No need to apologies...im also learning so its alright !
Good luck :)
+1 Reply
Nico.Muselle MOD Davis
2 years ago
Thanks, I'm also scraping profits from the Bat completion now ... planning on letting 1/2 of the position run to the .786 instead of the .618 because of this structure.
+1 Reply
Nice one Nico! This week is all about JPY strength I think.
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We got really close last night, missed my target by 2
+1 Reply
Nico.Muselle MOD Akil_Stokes
2 years ago
That stinks ! ... But happens, got stopped out today by USDCAD for 1 pips .... touched and reversed :)
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IvanLabrie PRO Nico.Muselle
2 years ago
If it crosses 1.239 it's game over for the bulls.
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EmmyTrades
2 years ago
The idea is short, right? Where TP?
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Nico.Muselle MOD EmmyTrades
2 years ago
The idea was short @ the bat completion yes, target 1 (.382 retracement) has already been reached, now waiting for target 2 (.618 retracement)
+1 Reply
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