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! 🚀📊
Dagangan aktif
✅ Support Levels:
38.2% (189.880): Price has bounced from this level, showing buying interest.
Dagangan ditutup: sasaran tercapai
Nota
Nota
Penafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.