J_Graystone
Short

EURJPY 15min Day Trade Cypher Pattern

FX:EURJPY   Euro / Japanese Yen
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For those of you who trade advanced pattern formations on the lower time frames, there is a potential Cypher setting up at 122.75 on this pair.

Quite a bit of consolidation this morning so could be a busy Day trading session in the Live room!

Good luck Traders!

Comments

Excellent trade, should be used as "how-trades-should-be-played".

Thank you @J_Graystone for sharing
+2 Reply
Hi there,

Just curious and knowingly ignorant, so please have me excused, but aren't these patterns, in this case the Cypher, based on Fibonnaci ratios?

Cheers.

/Kenneth
+1 Reply
JRFreeze kennethmundt
@kennethmundt, yes i believe they are the fibonacci ratios of extensions and retracements
Reply
@JRFreeze, Okay, great. At least I'm not completely off. But why do you call this a Cypher pattern then? I don't see any Fib levels in the pattern?
Reply
Nicely spotted. Clearly a wealth of experience to notice such patterns.
Reply
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