@hungvutrader idea # 17 - Cypher pattern on Leg 3 (H1)
AUDCAD has formed 3rd stage of Cypher pattern and I will risk some cash to it by Pending Long somewhere in 9867 and 9920.
Stoploss will around 9810
If it is not stopout, will move stoploss to breakeven when price get target 1 and continue to trail if price go higher.
------------------ Risk disclaimer: Any opinions, analyses, prices, or other information contained on all my trade idea is provided as private commentary, and does not constitute investment advice. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information
Comments
hungvutrader
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I think level base on XA not AB leg. 1.475 you saw on chart is base on AB leg.
mustard
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Ah yes I see that now.
I am short this pair on the daily time frame and this is a fairly key point for me.
Currently seems to be retesting a couple of S/R levels, one the Oct 2013 high and the other the May low from this year.
Anyway my final target is still some way off at 0.9770 then looking for a reversal.
Good luck with your trade my friend.
mustard
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You have shown the BC leg completion at the 1.475 extension of XA, however, the normally accepted completion is a 1.272 extension and point C cannot be greater than 1.41?