EURJPY 240 CYPHER POTENTIAL - FIB INVERSION PREV STRUCTURE
Hi Traders, a long way off this even though we have yet to break and close below the B Leg - some signs showing we may see price action move downwards. Always good in our early predictions to try and keep on top of our trading.
Daily candle on the 24/04/2018 shows from that high to the 29/05/2018 Candle that being an XA move this price has now hit the 78.6% Retrace and looks to be some bearish moves.
In this we may have an opportunity to get some action downwards for a potential Cypher, we also have various Fib confluences in this kill zone area. Fib Inversion 1.414, 78.6% Cypher, 50.0% Fib Retrace from a lower structure point.
We also have to the left some previous structure at this level which should help to turn resistance into support. Along with some Japanese news on the cards very soon.
If we break above the C Leg Invalid - If price break below X also invalid.
As always Entries, Initial Targets, and Stops are on screen.
Daily candle on the 24/04/2018 shows from that high to the 29/05/2018 Candle that being an XA move this price has now hit the 78.6% Retrace and looks to be some bearish moves.
In this we may have an opportunity to get some action downwards for a potential Cypher, we also have various Fib confluences in this kill zone area. Fib Inversion 1.414, 78.6% Cypher, 50.0% Fib Retrace from a lower structure point.
We also have to the left some previous structure at this level which should help to turn resistance into support. Along with some Japanese news on the cards very soon.
If we break above the C Leg Invalid - If price break below X also invalid.
As always Entries, Initial Targets, and Stops are on screen.
Comment:
Pattern still valid we seem to have a break below our B Leg just looking for a Close below.
Comment:
Pattern Invalid X Leg is violated - lets see if we get a price reversal before stops are hit.
Trade closed: stop reached:
-63 pip SOUTH SOUTH on that one.