possible cypher pattern on usdjpy....one to one measured move and 161.8 confluence completion at the cypher completion (113.145). Target 1 at 111.642 target 2 110.727 as you can see these are not the conventional targets of being exactly at the 38.2 or 61.8. I have adjusted them based of the market structure. This pattern is pretty big and will take time to play out. Entry reasons have to be met for me to enter. Really looking for a 4 hr double top with rsi divergence before entering or evening star pattern w/ rsi oversold conditions on 4 hr. Stops for this trade are interesting because of how large it is. But conventional stops would be above x(starting point of cypher) hopefully out of reach. Also if the market does continue upward after I enter and I am not stopped out. Once the market turns to the downside I will adjust my tp's by pulling fib retracement from c to where the market completed and use those new 38.2 and 61.8 retracments as my targets.
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oversold conditions now looking for a entry :)
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double top may be coming
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I never updated this Idea I did have stops about 40 pips above the x point so I was fortunate not to get stopped out. My entry however was rushed and had to use a sell limit because of lack to time to be in front of the charts. 113.417 was my entry point. I have already taken profits for first 38.2 As I mentioned in original post I would continually move my fibs up as market passed my entry point to create new tp's.
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my 2nd tp was hit few hours after market open