ollyt33
Long

GBPJPY Trailing Stop Cypher Pattern

FX:GBPJPY   British Pound / Japanese Yen
A Cypher pattern is about to form on this pair. Instead of using the conventional trade techniques for this pattern I have tested these using trailing stops. This not only works well at capturing big price swings (if we get one) but also work nicely to reduce the risk if price begins to move in our direction or consolidates. Of course, the initial stop loss could get hit straight away... however, if price stalls or begins to retrace, we shall move our stops higher and begin to trail them. This immediately cuts our initial risk down dramatically.

Initial stop loss is ATR based. The trailing stop will trail price until it is hit. There are not multiple profit targets on this trade. I will be exiting 100% of the position if price hits the stop loss or trailing stop.
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