Trading_Jazz
Short

BEAR SYNDROME // IF=THEN ®

FX:GBPJPY   British Pound/Japanese Yen
FX:GBPJPY            

Reached the first take profit from completed Bat pattern , the question is, how to obtain an excuse to reach the second target at 61.8% retracement ... IF there's any...

Point D for the completed Green Bat pattern was forged synced with the 127% extension from previous move and then forged point C for an eventual Cypher (yellow) targeting around the 183$ for his conclusion forging a new eventual option to buy it.

In the middle of this major Cypher C to D leg, we have a potential Blue Bearish Cypher that can "throw us" above Daily resistance D1. For that to become real, we need to see the price to break a double support zone , H4 support @184.307 and Daily support D1 @183.899,and below those, the 127%/141% extension from X to A leg, and must find some support there.
Note: The point B for cyphers, must close somewhere between the 38.2% and the 61.8% retracement , until now the price is closing below the 38.2% so, it isn't valid yet, in fact we still have strong bears pressure demanding the reins and in that case, we can see the price to sink directly at Daily support D1 or even below it completing the yellow cypher then.

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trader888
a year ago
cypher is a bogus pattern - you should test it, you'll find out.
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