TomHall
Short

USD/JPY - Bearish Cypher Pattern

FX:USDJPY   U.S. Dollar/Japanese Yen
On the USD/JPY             1h chart we have a potential short opportunity at the D leg completion of a Cypher Pattern .

The price reversal zone on this pair is between 122.809 & 123.460
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Potential targets for the Cypher Pattern placed at the .382% and .618% retracement of the C to D move.
Stop loss would be placed above X leg structure resistance .

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Target 1 & Target 2 attained
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Just entered this trade. I needed extra reassurance of a reversal before I entered a short.
Tom, I would like to personally thank you for doing everything you do. You help smaller traders like myself learn tremendously. Thank you!
+1 Reply
TomHall TOP cash0032
That's great, best of luck.
Really appreciate the feedback it is much appreciated.
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This trade is now live.
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How did you decide to enter? The pattern didn't complete yet?
+1 Reply
TomHall TOP GetRichOrDieTrading
You must take into account the spread of the broker, so you would set your entry a little bit below or above depending on if it is bullish or bearish pattern.
Also the entry from chart to chart can vary meaning it may look a little different on Ninja Trader or MT4 ect
+1 Reply
Thanks a lot for your quick answer!
+1 Reply
TomHall TOP GetRichOrDieTrading
My pleasure, have a good week.
+1 Reply
My general approach would be to wait for RSI to be > 80 and then sell the pattern in an overbought setting, was just curious how you decide to go with it except for pattern completion.
+1 Reply
TomHall TOP GetRichOrDieTrading
There are many other things I look for when trading a pattern.
The RSI is a great tool that i utilised, however there are other indicators and simple price action methods to predict entry.
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