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Alex4xnco

Bearish Cypher Harmonic Pattern (Valid on D Timeframe) - Short

Short
U.S. Dollar / Japanese Yen (FOREXCOM:USDJPY)  
Alex4xnco  
FOREXCOM:USDJPY   U.S. Dollar / Japanese Yen
Fibonacci Multiple Time Frame Analysis Cypher Forex USDJPY short confluence swingtrading daytrading
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fibonacci mtfa cypherpattern forex usdjpy short confluence swingtrading daytrading
Valid Cypher Harmonic on Daily timeframe

snapshot

Daily:
Bearish Engulfing Pattern formed at 0.786 fibonacci retracement at which it completed the Cypher Harmonic.
Wick on Daily timeframe formed a double top and rejected at supply zone.

1 Hour:
Break of trendline @ 111.426 on 30/08/2018
Retest of trendline on shorter timeframe (15min & 5min) @ 111.436 - FIRST SELL OPPORTUNITY

First Take Profit (TP) target met at the 0.382 Fibonacci retracement of point C and D of harmonic pattern @110.962.

Price is now reversing with bearish engulfing pattern formed at the 0.382 reversal point - SECOND SELL OPPORTUNITY


Second TP target is at 0.618 fib Fibonacci retracement of point C and D of harmonic pattern @110.539.
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