*CYPHER Harmonics pattern formed for a POTENTIAL BUY*
1)Wait for a BREAK in the RESISTANCE area
2)Wait for a BREAK in the SUPPORT area
ONCE a zone as been broken, WAIT for the retest
Once price confirms as NEW SUPPORT or RESISTANCE its safe to ENTER
*use risk management*
Although the price from my point of view is moving within a range on the higher time frames, we can still look to trade opportunities on the smaller timeframes. If price breaks and holds above the structure marked, I will be looking for a buy position into the previous daily highs as illustrated.
COT Data - 76% Long
We've trapped USDJPY on the H1 chart. Theres only 2 ways this is going to play out now, all we have to be is patient and wait for the confirmation regarding the break of trend.
And remember, whatever USDJPY does, GOLD will do the opposite ;)
Can you figure out the differences in the three pinbars highlighted...bearing in mind that the shape, length, or colour of the pinbar does not matter in this case.
Pinbars occur in the market as a result of two scenarios:
1) When institutional traders place large positions in order to reverse what we call a "trend"
2) When institutional traders take profit off...