For any cypher pattern traders out there, we have a nice cypher setting up on the dollar yen hourly. Entries for cyphers are at the 78.6% Fibonacci retracement and this one is at 118.10. The major problem with the cypher pattern is that they have an inverse risk to reward for target ones but it makes up for that by how often it hits targets. Be sure to get the stops a over the highs of the structure to avoid any noise that might happen and stop out a winning trade. I have targets at the 38.2% 61.8% and the 100% Fibonacci retracement of the C-D leg because that's my trading plan but be sure to use what is in your plan.
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Well the candle just closed past the 1.414% extenstion of the X-A leg which has invalidated the move BUT.... dont stop looking once that happens because the B-C leg of this pattern actually could become the X-A leg of another patter. If price drops to at least 116.70 then we would have another Cypher set up with a completion around 117.75 depending on where and if price turns around at the right level.