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 184.688 & 185.042
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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Good pattern... For a good morning !
+1 Reply
TomHall OsamaAbouzeid
Thank you, have a great trading week.
Reply
Hi Tom,
are you looking at a 2nd Cypher developing? The first already completed.
+1 Reply
TomHall DerekUweri71
Hi,
That personally doesn't fit my rules to trade so I wouldn't be looking to take a trade on that setup.
Reply
Yeah.
what part doesn't fit your rules, is it the C or D?
+1 Reply
TomHall DerekUweri71
Price must hit the D leg before the pattern is complete
Reply
Thanks Tom, it did look a bit dodgy but always good to ask. Cheers.
Reply
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