When checking out the USDJPY this morning, the first thing that I noticed was rotation in then tend. After getting rejected on a gap fill the market dipped lower breaking previous support and giving us a new structure low. As price action shows some relief and retraces back I was looking for an opportunity to get short as close as possible to previous structure highs. Looking closer I noticed that we actually had a bearish cypher as well and BAM that was a good enough reason for entry for me.
So this is a scenario where I’m not just looking to play this as an advanced pattern, but as a potential trend continuation trade as well.
AKIL, CHECK OUT THIS NICE CYPHER COMPLETION I JUST POSTED. ITS A HUGE ONE BUT A VERY GOOD ONE FOR THE PEOPLE WHOSE ACCOUNT MANAGMENT LET THEM TRADE THESE BIG ONES HAHA I ACTUALLY POSTED THIS ON THE WRONG PERSONS CHART
Akil_Stokes
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wouldn't be one for me, but best of luck with it. My eyes just pick out a different B leg
ErrolMuller
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jip I thought of that but was happy with the one I picked. But Thanks appreciate the honesty
Akil_Stokes
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Out for +20, breakeven on the remainder of the position
IvanLabrie
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I think we might see a rally emerge from here.
If you get your pullback, it might also be a buy.