For weeks I've been looking at the potential Bearish Cypher on USDJPY on Daily Charts, and this week market hit the entry level.
As you can clearly see the stop loss is so huge if you enter right away at completion level, so I was waiting for the market to go further in the PZR in order to get less than 100 pips stop.
Currently there is less than 100 pips and price is still in the PRZ so I've shorted it - a huge bet, but with almost 1:2 R/R.
Here are the Entry, Stop and Target Levels:
Entry @ 114.16
Stop @ 115.08
Initial Target 1 @ 112.11
Initial Target 2 @ 110.84
Good Luck!
As you can clearly see the stop loss is so huge if you enter right away at completion level, so I was waiting for the market to go further in the PZR in order to get less than 100 pips stop.
Currently there is less than 100 pips and price is still in the PRZ so I've shorted it - a huge bet, but with almost 1:2 R/R.
Here are the Entry, Stop and Target Levels:
Entry @ 114.16
Stop @ 115.08
Initial Target 1 @ 112.11
Initial Target 2 @ 110.84
Good Luck!