Welcome, traders! Today, we’re diving into GBP/JPY, where two powerful harmonic structures—the Dragon and Cypher patterns—are shaping the market structure. Let’s break it down:
🐉 Dragon Pattern - The Bullish Shift
The market recently completed a Dragon pattern, marking a potential trend reversal from the previous bearish impulse. This pattern indicated buying pressure stepping in at key support, leading to a strong upward move.
🔶 Cypher Formation - A Brief Pause Before More Upside?
Following the Dragon breakout, price action formed a Cypher pattern, with price currently hovering around its completion zone. A pullback here could act as a retracement before continuation, offering potential trade opportunities.
📈 Key Levels & Targets
✅ Cypher Target: Aligned with Fibonacci 23.6%, signaling the first area of interest.
✅ Dragon Target: The extended projection suggests an eventual move toward Fibonacci 2.618, completing a larger bullish sequence.
🎯 Trade Plan & Psychology
A minor pullback is expected before price resumes its bullish momentum toward higher targets.
Risk Management: A stop below the Cypher structure helps manage risk, ensuring protection against any unexpected reversals.
Patience is key! Let the market confirm the move before committing to a position.
🔥 If the structure holds, we could see a strong continuation to the upside. Stay disciplined and trade the plan! Let me know your thoughts in the comments.
Happy trading! 🚀📊
交易進行
✅ Support Levels:
38.2% (189.880): Price has bounced from this level, showing buying interest.
交易結束：目標達成
註釋
註釋
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這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。