slindstr
Short

GBPJPY Potential Bearish Cypher Pattern

FX:GBPJPY   British Pound / Japanese Yen
We're just about to form the CD leg of a potential cypher pattern , so if your trading plan permits you could trade the CD completion, and then the cypher completion.

Remember what makes a cypher:
- AB is at least a . 382 retracement of XA and doesn't have a candle close above . 618 retracement of XA
- BC             is at least 1.272 extension of XA and doesn't have a candle close beyond 1.414 extension of XA
- CD is a . 786 retracement of XC

Stops 10 points above X @ 179.02
TP 1 is @ the . 382 retracement of CD
TP 2 is @ the . 618 retracement of CD (don't forget to move your stop down to break even at this point)
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