Roker1
Long

Harmonic Trading on EURJPY

FX:EURJPY   Euro / Japanese Yen
Hi guys,
this is a Cypher pattern that's almost completing on EURJPY 1H chart. The white line represents a previous structure level very important and in the daily chart the RSI is in oversold condition. Price has also created a nice pinbar on the daily chart as well.
These are the reasons why i'm getting involved with this.
I'm actually taking this one a little lower in order to get a better risk to reward ratio.
Stops below X, targets as usual for harmonic patterns .

If you want to share your thoughts or simply ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Trade closed: target reached: First target hit! Stop moved to breakeven.
Trade closed: target reached: Second target hit! Wonderful!
Se sei d'accordo, lascia un mi piace! Grazie
Canale Italiano: https://www.youtube.com/c/MisterForexIT
Ultimo video: https://youtu.be/0rIFF-j4kdM

If you agree, like this chart! Thanks
My last (english) videoanalysis here: https://youtu.be/RUySg8LW6Iw
The sound of money being banked sounds good :)
+1 Reply
Roker1 SaeedRehman
@SaeedRehman, i'm addicted to that :)
Reply
how did I get this wrong, I got stopped out at X before the market reversed.
+1 Reply
Roker1 Eurodisney
@Eurodisney, my sl was at 117,23 (as i've drawn above)
Reply
ok thanks I placed mine at X, so how far below X is the stop placed. I mean percentage points or is it based on the number of pips in the range ?
Reply
Roker1 Eurodisney
@Eurodisney, you should either set a fixed amount of pips (usually 20 pips on 1hr chart, 30 on 4h) or you can use an ATR stop (1 atr below x) or use an extension tool (maybe 113%). You should test them on your own in order to find the best one (it can change for each pair).
Reply
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