tommyb35
Long

At Market Bull Cypher W/Better Entry Price

FX:GBPJPY   British Pound / Japanese Yen
When the market opens today, (as long as the Gbp/Jpy             doesn't have an extreme gap) you have a bullish Cypher pattern on the Gbp/Jpy             that now has a phenomenal Risk to Reward. As you can see on the chart using a 1 ATR stop loss below "X" if you entered at the completion of the pattern at the .786 you would have a 1:1 R/R for target 1 and a 1.5:1 R/R for target 2 as illustrated by the red and green boxes. But if you enter now at market using the same 1 ATR stop below "X" you will have almost a 2.5:1 R/R to target 1 and a 3.5:1 R/R to target 2 as illustrated by the blue and red boxes. So if you trade the cypher pattern and this fits into your risk tolerance, then this is a very good setup to consider.

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