Hope everyone enjoyed their weekend. I just wanted to give you guys a quick buy setup on the FX:AUDJPY pair. So here we have a Bullish Cypher Pattern, which was already completed on April,29,2016 (last Friday), but the market has came very close to the X point of the pattern. Thus one can say this is a deep cypher pattern completion, which is presenting us with buying opportunity with very low risk. I used the ATR (14) on the 4 hour chart for good stop placement level. See the chart above for targets and stop loss levels.
Notice that we have NOT gotten a close below the X point of the pattern, thus maintaining the validity of the pattern.
That’s all I would like to cover for this trade setup. If you guys have any questions or comments about this trade, feel free to write in the comment section located under this description section. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. All The Best :)