Oztrade
Short

GBPJPY - BEARISH CYPHER - BEARISH BAT PATTERN - 240M

FX:GBPJPY   British Pound/Japanese Yen
Hi All, I wanted to share this with you, we have setting up here a potential Cypher and Bat Pattern . I wouldnt normally post a pattern that hasn't completed its C leg But in noticing this Cypher I thought to also keep an eye open for this BAT. All Cypher Details in Blue, Bat details in Pink.

Blue Line Entry for Cypher which is 78.6% Retrace from X to C Leg if price moves towards X leg we simply move our T1 and T2 - 38.3% and 61.8% along with the D until it completes.

Stops I have set to just above a 113% Fib Ext - you may use your own ROE for any trade though.

Entries are just below the standard 78.6% and 88.6% so we make sure to get filled on the order

Targets are just above the 38.2% and 61.8% Retrace from C to D Leg - So we ensure to get targets hit.

We can see here that it is now testing previous structure level and will wait to see if it bounces of or will break through to the high side.

Entry for the Cypher is close to 186.00 even handle number

May be worth keeping an eye on in the next few days.

Happy Trading
So far so good almost at T1 - stops will be moved if we get there. Up roughly +150
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