TomHall
Long

GBP/JPY - Bullish Cypher Pattern

FX:GBPJPY   British Pound/Japanese Yen
On the GBP/JPY             15min chart we have a potential long opportunity at the D leg completion of a Cypher Pattern .

The price reversal zone on this pair is between 182.562 & 182.127
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Potential targets for the Cypher Pattern placed at the .382% and .618% retracement of the C to D move.
Stop loss would be placed below X leg structure support.

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EdW
a year ago
I'm wondering why you call this a Cypher. According to my info, AB leg should retrace .382-.618 from the XA leg. In this chart, AB is aprox .7
+1 Reply
RobinOphion PRO EdW
a year ago
It didn't close below the .618, only the wick touched it, that's why it's valid.
Reply
TomHall TOP EdW
a year ago
Hi,
Robinovich is correct below.
It also depends on your platform if price did or didn't spike through.
Reply
EdW TomHall
a year ago
Tnx for clarification
+1 Reply
TomHall TOP EdW
a year ago
No problem at all.
Have a great week.
Reply
DerekUweri71 TomHall
a year ago
Hi Tom, did you take this trade with FOMC looming?
Reply
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