GBPJPY 1HR CHART
BEARISH CYPHER PATTERN
THE BEARISH BAT PATTERN YESTERDAY WAS STOPPED OUT, BUT I LIKE THE SETUP HERE. THE TREND OVER THE RECENT WEEKS IS DOWN, BUT WE DID JUST BREAK THE RECENT STRUCTURE HIGH (TOP OF YELLOW RECTANGLE), SO I’M LOOKING TO TAKE PROFIT SLIGHTLY ABOVE 168.00. WHEN I SEE A CANDLE CLOSE BACK IN THE YELLOW STRUCTURE, I’LL MOVE MY STOP TO BREAK EVEN.
I’LL BE HOLDING THIS TRADE OVER THE WEEKEND!
STOP @ 170.75, ENTRY @ 169.92, TP @ 168.05
84 PIPS : 186 PIPS (RISK : REWARD)
DISCLAIMER: Trade this setup at your own risk. This post is an “educated guess” based upon my technical analysis. If you are trading live, limit your risk to 1% of your account balance. If you have zero experience trading, I highly recommend you start with a demo account before going live. Trading without a strategy and without risk management is no different than gambling. Please trade safe and responsibly!
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LEVELSFX 