EverythingForex
Long

USDJPY: Completed Triangle (+123 pips) + Completed Cypher

FX_IDC:USDJPY   US DOLLAR / YEN
In previous posts, I mentioned about a possible contracting triangle pattern and that prices would decline upon its' completion (see Related Ideas: "UPDATE: TRADE: USDJPY: SELL @124.560 Triangle + 2 Patterns"). Prices did EXACTLY that. After completing the triangle pattern, prices took a nosedive off the E point completion for a nice +123 pips as of this posting. I also mentioned that there was a POTENTIAL bullish cypher waiting and now that bullish cypher has been completed.

MY TRADING PLAN
I am closing my SHORT positions that I SOLD off the triangle completion ONLY! I am holding LONG-TERM SHORT positions on this pair from the top as per my post on 2 LONG-TERM patterns (see Related Ideas: "TRADE: USDJPY:2 LONG-TERM Patterns Could Yield 1000+ pips") which I AM NOT CLOSING.

Now I am looking to BUY a LONG position on this pair for the cypher retracement.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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Great setup and analysis! Are you still expecting it to retrace since the next support has been broken, or to continue down now?
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EverythingForex PRO Heelfan23
a year ago
If the cypher is invalidated, then I'll be looking for another entry LONG or no trade at all since I still am holding SHORT positions from another trade on this pair.
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FullTimeTrader
a year ago
Well done, hedging is tricky but a good strategy to take the most of a trade. Regards.
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EverythingForex PRO FullTimeTrader
a year ago
Yep. It is. But when done right and it works out, it's great.
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zevik.lei
a year ago
good one, took this trade, thx.
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EverythingForex PRO zevik.lei
a year ago
You're welcome! Good for you that you took the trade!
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Just want to update that if this 4hr bar CLOSES below the X point of the cypher, then there is NO TRADE as the cypher will be invalidated. I'll be looking for another entry.
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Just as a notice to all who follow me and have asked me about why I am HOLDING SHORT positions and also looking for LONG positions. It's a form of hedging BUT the way I treat it is all are separate trades. My long-term short positions on this pair are one trade. IF I go LONG on this cypher, I treat it as a wholly separate trade in my trade log and has nothing to do with my long-term SHORT positions I am holding.
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