olly_price
Long

GBPJPY cypher pattern long

FX_IDC:GBPJPY   British Pound / Japanese Yen
Getting prepared for a hopeful bullish cypher pattern to form here. 3 points of resistance against the line leading to our entry point, so hopefully we see a continuation of this short-term trend to form the cypher .

Unfortunately not the best risk/reward.

I'll be looking also to see if the RSI is in an oversold (or nearly oversold) position if the price reaches the entry target.
Comment: INVALID PATTERN due to a silly mistake, see below.
Hi, this pattern is not a valid cypher pattern m8, you have used the wrong tool for the analysis for this pattern, you have used the xabcd tool instead of the cypher tool.
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olly_price forexjunkie33
Oh yes, I was looking at the extension of the AB leg instead of the XA leg haha my bad! (By the way, I measured it out with Fibonacci's and then just drew the triangles using that tool because it's easier.)
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olly_price olly_price
*Extension into point C
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