Three possible bearish harmonic patterns (Shark, Cypher, and Gartley) on USDJPY.
Small Cypher formed and was entered for TP1.
Waiting for larger Gartley or Shark to from before entering for the sell.
With price nearing the overhead resistance line, 3 red candles in the last 3 days & the probability of mean reversion to the Kijun-Sen line against the background of bearish current market sentiment, it would be interesting to see how this pattern will work out.
I believe this could be a Cypher Pattern on the 15 minute chart. the bluish zone was identified and drawn on the 15 minute as well. The green zone is from the hour. It is downtrending on the DAILY. It's not a lot of pips but if it works out, it is still a profit depending on what you risk.
Took me some consideration if I should be sharing this, but a trade is a trade.
For those who know about cypher, this it is and your pattern formation should end at PT D1, but I did some testing and enhancement so I'm looking at the range of completion.
In this case, the completion came back to the previous consolidation zone.
This is a follow up on my previous analysis on Oil. This is it on a lower time frame and my view has not changed at all. Looks like it is still has some upside to go, but according to my analysis, that will be short-lived. We have a bearish cypher pattern and bearish gartley pattern both completing at $73. If you remember from my previous analysis on the higher...