About me19 year old, learning the ropes, using my thirst for knowledge to find my path to freedom. Posting my ideas looking for constructive criticism, please feel free and comment to agree or disagree.
Thought I would post a cypher pattern that completed for me yesterday on the USD/JPY. As I just began trading, I tend to be more conservative and lean towards taking profits at target one (0.382 retracements). This cypher in particular continued on down to hit target two and target three (0.5 and 0.618 ...
The current underlying trend is bullish, and with its current rate of upward motion, even with a slight downward retracement, I am led to believe that the market will reach requirements to form the bat pattern where I look to enter the market in a short position.
Looks like a short term trade. If the market continues it's upward trend into the 0.8668 retracement of this patterns X to A leg, then a bearish bat pattern will form where we will look to enter into the market short.
There seems to be the proper Fibonacci retracement levels for a bearish bat pattern. The current underlying trend exhibits strong upward momentum, looking to potentially fill the bat pattern to enter in short.