I’M LOOKING TO BUY $GBPJPY ON THE COMPLETION OF THE SHORT-TERM PATTERN (1HR) UP TO THE ORIGINAL TARGET FROM THE LONG-TERM PATTERN (D) AT 176.00.
GBPJPY D CHART
BULLISH BUTTERFLY PATTERN
THE MINIMUM WE SHOULD SEE ON THIS LONG-TERM PATTERN IS A PUSH UP TO THE 176.15 AREA. SO I WENT LOOKING FOR A SHORT-TERM REASON TO BUY UP TO THIS TARGET. SEE THE 1HR CHART BELOW.
GBPJPY 1HR CHART
BULLISH CYPHER PATTERN
THE FIB RATIOS ARE SPOT ON SO I LOVE THIS SETUP. WAIT FOR PRICE TO STABILIZE AND FIND SUPPORT IN THE 170.25 – 171.00 AREA BEFORE ENTERING THIS TRADE.
STOP @ 170.00, ENTRY @ 171.00, TP @ 175.90
100 PIPS : 490 PIPS (RISK : REWARD)
I’M GOING FOR THE FULL PUSH. IF YOU WANT TO TAKE PROFIT EARLIER THAN 490 PIPS, I RECOMMEND TO DO SO AT 174.00 OR 175.00. STILL A NICE RISK TO REWARD IF YOU TAKE PROFIT AT THOSE TARGETS!
DISCLAIMER: Trade these setups 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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