FX:GBPJPY   British Pound / Japanese Yen
Hello Traders,

Here we have a VALID BEARISH CYPHER PATTERN on FX:GBPJPY             , that is close to the completion point. Do keep in mind that the major trend direction is BULLISH on the Daily, Weekly, and Monthly charts. This cypher pattern has been created after breaking the previous resistance level (LH). This is a good signal of POSSIBLE trend change back to the upside after being in a huge selloff for the past 17 days. So this might me considered as a counter-trend trade setup, but in reality all cypher patterns have to break structure in order to form a valid CD leg. Thus, we would need more proof from the market before considering the break of LH as being a valid signal for a trend change. See the chart above for more details.

NOTE #1: We have Manufacturing Production m/m news coming out of UK @ 4:30 am today. If the pattern is not complete before this time, then I will NOT be taking this trade. Will be staying on the safe side.

Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)

UPDATE #2: Stopped out on this setup. Focusing towards future trade setups :)
Looks good, on this one too!
+1 Reply
moneymaking KevinSinghDhaliwal
Thank you Kevin, appreciate it :)
+1 Reply
UPDATE #1: Trade is ACTIVE now !!
Yahia.Awes moneymaking
Watch out, I look for a short hedge also based upon my previous idea

Here is where I want to short, i suspect an inverted h&s... So only for retrace.
+1 Reply
moneymaking Yahia.Awes
Hey mate, nice work. Thank you for the heads up. Appreciate it, will keep in mind. All the BEST :)
+1 Reply
Yahia.Awes moneymaking
Took 600 pips profit not bad :), long the right shoulder untill final target.
+1 Reply
moneymaking Yahia.Awes
Whaoo, great job mate. I rarely get that type of home runs :)
+1 Reply
Yahia.Awes moneymaking
Then you have to start using channels, price patterns, indicator patterns and candle stick patterns, in combination with divergence you will kill it. I made about 2700 pips on this pair since july, pretty cool.
+1 Reply
Yahia.Awes Yahia.Awes
Mostly I counter the trend, that is risky but it is 9 out of 10 worth the risk.
+1 Reply
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