GBPJPY - bearish cypher completed

A bearish cypher pattern has completed at previous structure on this pair and a reversal is due. With the upcoming FOMC meeting later today I prefer however to be more careful in the trades I take and to limit the eventual damages it will cause.

For that reason I will not trade this as a traditional cypher pattern but I will consider it a structure trade. The difference ? For a traditional cypher pattern trade, my stop loss should go above X (which is 120 pips from where we are now). Treating it as a structure trade allows me to put the stop loss a lot closer to where we are now. It still is a risky trade knowing the spikes the FOMC can cause though ...

As always, trade my ideas at your own risk ... but most of all, before you do, perform your own analysis on it to check if it meets your trading plan !