TomHall
Short

GBP.JPY - Bearish Cypher Pattern

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

The price reversal zone on this pair is between 171.614 & 172.255
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 above X leg structure resistance .

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Hi Tom, are you in this trade?
It appears price may drop without getting to point D.
+1 Reply
TomHall TOP DerekUweri71
Hi,
No the D leg didn't complete so I am not currently in this trade.
Although price has fallen to the downside the pattern is still valid so we will have to see what happens.
Reply
Fyi Tom, We did get that bounce off of the Daily Butterfly that I pointed out yesterday, actually pip to pip. This one has a minimum
target by 176. Let's see if it pans out, but the surgical entry was succesful. I also notice a bounce off of the Bat completion of your
posted chart yesterday. Nice catch.

+1 Reply
TomHall TOP CapMoore
Thanks very much, I hope it also went well for you.
Reply
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