Akil_Stokes
Long

USDJPY: Potential 1 Hour Back to Back Cypher Patterns

FX:USDJPY   U.S. Dollar/Japanese Yen
I’ll tell you what trader’s, there’s nothing more exciting than a pain free trade and nothing more nerve racking then needing to put entries right back on but in the opposite direction.

That’s the situation that we have here on the USDJPY             1 Hour timeframe. Yesterday we had a bearish Cypher pattern roll over to smash targets (hopefully TGT             2 gets clipped) and now we have to be ready to enter once again but in the opposite direction. (Using a Stop and Reverse is an option but I’d personally rather get my targets off and not take the risk).

Do be a favor, before blindly following me WHICH I HOPE NONE OF YOU ARE DOING, double check your “C” leg to make sure it’s valid. As well all know (or know now) there’s no central market in Forex so price quotes will be different depending on your broker. That means for some of you it will be valid and for others it won’t. Hence why you always hear traders say “Trade What YOU See”

Akil Stokes
Chief Currency Analyst at Trade Empowered
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U were way ahead of everyone else
+1 Reply
Thanks Tom!
+1 Reply
Awesome setup, love cyphers. Thank you Akil and All the BEST :)
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Gartley Pattern also ends at D ??
+1 Reply
Yup, looks like it can end up being a Gartley as well completing a little lower than the cypher
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I took the first cypher without ever knowing it was there)). I was stalking the previous ascending move (from HL to first cypher's X) and my plan was to look for shorting opportunity if priceaction makes a NSL below that ascending move's initial point. Luckily, A and B point took place within the range I was stalking. Only C-point bacame a NSL. My rules told me that violation of B means nothing because it took place within X to C range which I consider to be a single impulse leg. Moreover we had some downward impulses before the ascending move. So violation of its range in opposite direction made X point to be a false breakout. In this cases I just enter at 0,618 (from X to C on your chart) but when I saw the chart priceaction was trading around 0,786 which gave me a better risk to reward. So I entered without hesitation and only now noticed that it was a cypher)). I'm expecting the price to go lower to C retest. I will close half there. My secondary target is at 1,272 extention of XC. Unluckily, second cypher doesn't meet my plan, so I will miss it.
+1 Reply
Alexander_Nikitin Alexander_Nikitin
here's the illustration
snapshot
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Akil_Stokes PRO Alexander_Nikitin
Not unlucky at all, if it doesn't meet the plan it doesn't meet the plan
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Yes, it's not unlucky for me.
+1 Reply
nice one akil. same thoughts although i am currently in a short till the D leg completion. good luck!

My view:
snapshot
+1 Reply
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