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 .

Become an Affiliate:
Target 1 & Target 2 attained
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.
This trade is now live.
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.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
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
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