Happy NEW YEAR Traders !! Cypher Short on GBPJPY

FX:GBPJPY   英鎊 / 日圓
Hey Traders,

Good morning and good year ! I hope you had an awesome vacation and time with those loved ones. I had a phenomenal time away from the trading desk, Traveled for a bit, had a great time with my fiance, and we got back yesterday to start settling in. It feels really good to have taken a break from the charts, and now coming back with a fresh look is always helpful. Usually when I am away from the markets I lose its pulse and it takes a week or two to get it back. If you feel the same way, don't worry its normal.

Today on the charts we have two opportunities on the radar. The one I am bringing to your attention is this Cypher on GBPJPY H1 chart. It's close to being completed and it follows the H1 trend which is bearish . We are definitely bullish in the longer term but for our patterns, we focus strictly on the trading timeframe. As you know, stops would go above X (X is the starting point all the way to the left. then comes ABCD points) and targets can be the 38.2 and 61.8 retracements of the CD leg.

Like always, if you have any questions feel free to comment below
Well done!
TheAlcoveFx Akil_Stokes
@Akil_Stokes, Thanks Akil !
Nice Post thanks to you for this attractive information
TheAlcoveFx tipua411
@tipua411, thank you for the comment
That worked nicely. It is forming a nice pin in the daily tf, do you think the down trend will continue?
TheAlcoveFx jorgeruval
@jorgeruval, not sure, we are right up at a resistance level and we have been bullish for quite some time, a relief would be expected, but I am going to take my traditional targets off rather than wait for an extended move to the downside. Hope this answers your questions
what is your entry price for short?
TheAlcoveFx abbyruberto
@abbyruberto, 2 pips below the D completion point. So this pattern completes at 145.360 and I would enter at 145.340
abbyruberto TheAlcoveFx
@TheAlcoveFx, are you already in? Price already reached 145.4
TheAlcoveFx abbyruberto
@abbyruberto, not yet, my broker hasn't filled me. price will slightly vary depending on broker
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