2018Nov15 CADJPY H4 Possible Bullish Cypher

CADJPY has been on a recent downtrend. It is near completion of a bullish cypher which is confluence with trendline support. Upon pattern completion and confirmation of the bullish bias, I will go long. The take profit target is set at the 61.8 Fibonacci retracement level of the CD leg while the stop loss has the same number of pips as TP1. Tentative details are as follows:

Trade Setup: Possible Bullish Cypher
Price Entry 85.306
SL 84.664 | SL pips 64.2
TP2 86.345 | TP2 pips
RRR2 1.62

Ordre annulé:

New swing low below X point. (November 20)