Potential bullish Cypher pattern froming on GBPJPY
Updated
Another pattern in the making, Bullish Cypher. Looking for completion and entry @ 136.148 @ the 78.6 X-C retracement level marked in the PRZ. Hopefully price action will make its way into the PRZ and reverse. There is a lot of Fib ratio confluence in that area which makes it a potentially strong area to look for a reversal. Also if price manages to reach the PRZ @ the 200% extension then the market is likely to be oversold which will be shown on the RSI and gives us extra confluence. Lets see how it pans out :)
Trade closed: stop reached
Unfortunately got stopped out on this one. Cant win them all. Its part of the game :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.