Oztrade
Short

BAT COMPLETION - BEARISH CYPHER

FX:GBPJPY   British Pound / Japanese Yen
67 0 0
Hi All, I wanted to share another pattern here after we already had a Bat Completion if you rolled your entry up you would have been filled. We are looking for 2 moves here either a retest of the Big Spike from Monday Madness which would provide us with a AB=CD move completing close to that level we could see a spike break below but not necessarily a close below - which would hit the 1272 Ext completing our AB=CD to look for a long opportunity - which is also close to the even handle 183.000 - If we see price action continue past our B Leg providing us with a perfect opportunity for a Shorting Position Cypher Completion Just above 189.000 with good signs of Previous Resistance which should act as resistance to fill our order and come down to targets. If your rules allow to take this trade then perform your analysis that is If this pair is in your trading portfolio, If your back testing results tell you to take Targets at 38.2% 50.0% or 61.8% then the risk reward is still better than 1:1 on this trade either way, also keep in mind Fibs are base levels and always look at structure for your reward levels . leave some feedback on this trade for me.
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