USDJPY: Potential 1 Hour Back to Back Cypher Patterns

22 Eyl 2015I’ll tell you what trader’s, there’s nothing more exciting than a pain free trade and nothing more nerve racking then needing to put entries right back on but in the opposite direction.

That’s the situation that we have here on the USDJPY 1 Hour timeframe. Yesterday we had a bearish Cypher pattern roll over to smash targets (hopefully TGT 2 gets clipped) and now we have to be ready to enter once again but in the opposite direction. (Using a Stop and Reverse is an option but I’d personally rather get my targets off and not take the risk).

Do be a favor, before blindly following me WHICH I HOPE NONE OF YOU ARE DOING, double check your “C” leg to make sure it’s valid. As well all know (or know now) there’s no central market in Forex so price quotes will be different depending on your broker. That means for some of you it will be valid and for others it won’t. Hence why you always hear traders say “Trade What YOU See”

Akil Stokes
Chief Currency Analyst at Trade Empowered
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