AUDCAD: Bearish Cypher. I think it's a LOSER...But I'm In

FX:AUDCAD   Australian Dollar/Canadian Dollar
We've had a hell of a ride as of late on the AUDCAD             . Through some difficult pattern trading weeks this pair has been the one keeping my head above water. We now have yet another Cypher pattern that just completed minutes ago.

In all honestly, I'm fully expecting a loser on this one. Why? Well it's just the numbers. Even with the Cypher having a completion rate up to 75-80% 5 in a row without a loss seems a little unlikely. Will this stop me from taking the trade? Heck no! It's a "GOOD" trade and that's all i look for in the market. If you need another example of this check out the piece i just wrote on yesterday's USDCAD             trade that I didn't want to take "the Best Type of Trade" http://tradeempowered.com/the-best-type-of-trade/

Either way, stops need to be above the X leg, i'd say at minimum 0.9685s and initial targets (assuming we turn around on a dime) would be down in the 9545s area.

Good luck with this one traders and remember we trade the plan not our emotions!
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I am also looking for Aussie to fall off a cliff, we they have 2 setup's on AUD/USD & AUD/JPY
+1 Reply
Good eye Tom. I've got the same charts on the radar :)
+1 Reply
TomHall ErrolMuller
Thank you, Great mind's think alike :-)
+1 Reply
Nice chart.
ThomasJeff_DCM PriceActionTrading
There is a new bullish cypher but the formation don´t look very good. I´m wondering if we should take it or not. X at 0.9431
ThomasJeff_DCM ThomasJeff_DCM
Akil_Stokes ThomasJeff_DCM
If it meets the rules it's a "good trade"
ThomasJeff_DCM Akil_Stokes
The fibs does but it don´t look very "harmonic" in the way the first retracement is so close. But well have not back tested this pair yet so don´t know its potential outcome in the long run
Im Out of this trade. +55 Pips!! Another Cypher Winner!
+2 Reply
moneymaking J_Graystone
Hey graystone, I'm also out. Thanks to akil for this great setup, were you able to identify the other 3 previous patterns and make some profit from them as well?
+1 Reply
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