Bullish Cypher on EURJPY H4
EJ is bullish those days - for quite a long time.
The purple line marks a pivot level on the daily (D1 Chart) that I was observing. Today it turned out to be the level where a BULLISH CYPHER pattern completes. D-point and pivot level are well aligned which gives an extra confirmation.
Nevertheless I'm cautious about this specific one, since there is much momentum in the downward correction. Therefore I expect the price to peek through that level @132.233, but than turn upwards within the Potential Reversal Zone (PRZ) depicted in blue.
SL @131.50
T1 @133
T2 @133.40
Note that T1 and T2 are near the classic Fib levels, but do not align completely. They are derived by recent structure levels (look left, you'll see).
I personally will watch the price action now to enter into this beauty.
Happy pips to all of you.
Nemo
The purple line marks a pivot level on the daily (D1 Chart) that I was observing. Today it turned out to be the level where a BULLISH CYPHER pattern completes. D-point and pivot level are well aligned which gives an extra confirmation.
Nevertheless I'm cautious about this specific one, since there is much momentum in the downward correction. Therefore I expect the price to peek through that level @132.233, but than turn upwards within the Potential Reversal Zone (PRZ) depicted in blue.
SL @131.50
T1 @133
T2 @133.40
Note that T1 and T2 are near the classic Fib levels, but do not align completely. They are derived by recent structure levels (look left, you'll see).
I personally will watch the price action now to enter into this beauty.
Happy pips to all of you.
Nemo
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