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 171.614 & 172.255 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.
Hi Tom, are you in this trade?
It appears price may drop without getting to point D.
UnknownUnicorn180388
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Hi,
No the D leg didn't complete so I am not currently in this trade.
Although price has fallen to the downside the pattern is still valid so we will have to see what happens.
CapMoore
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Fyi Tom, We did get that bounce off of the Daily Butterfly that I pointed out yesterday, actually pip to pip. This one has a minimum
target by 176. Let's see if it pans out, but the surgical entry was succesful. I also notice a bounce off of the Bat completion of your
posted chart yesterday. Nice catch.
UnknownUnicorn180388
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Thanks very much, I hope it also went well for you.
It appears price may drop without getting to point D.