Another shot at a cypher pattern on the USDJPY
Updated
Well earlier today we had a failed cypher pattern on the 1 hour chart for the dollar yen but I said dont stop there because we might get another attempt at one. That other pattern has set up it and has entries at 117.72. One thing you will have to look out for on this one though is the stop placement. As most of you know, the market tends to respect structure. For me my stop will be at one ATR above the X point because thats what I tested and found to be the most profitable but be sure to keep to your own trade plan.
Trade active
Well after a little bit of pain the market decided to roll over and hit targets. For advance patterns like this, the way I trade them I move my targets as price retraces higher so I am always the the 38.2% and 61.8% retracement of the C-D leg. Now we just wait and see if price moves back to stop us out for break even on the rest of the trade or keeps on going.
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