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" 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!
Im Out of this trade. +55 Pips!! Another Cypher Winner!
moneymaking
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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?
JasonGraystone
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Sure, this is the last of 5 I've actually traded on this pair in the last few weeks. Its definitely the CYPHER Pair
moneymaking
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Whao, nice work :)
Akil_Stokes
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Yeah this pair as certainly been a gem. CONSOLIDATION BRINGS PATTERNS!!!
Akil_Stokes
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I'm out as well, only banked 54 pips though so you got me!
UnknownUnicorn101425
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I´m still in this bad boy the consolidation is scary but i moved my stop down to 0.9560 so lets see its going nuts right now with the news specialy GBP/USD
JasonGraystone
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Whats a pip between friends?! ;-)
UnknownUnicorn180388
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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
ErrolMuller
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Good eye Tom. I've got the same charts on the radar :)