moneymaking
Short

AUDNZD: A GOOD CYPHER PATTERN (DAILY) !!

FX:AUDNZD   Australian Dollar/New Zealand Dollar
559 22 22
UPDATE#2: Stopped out for small loss. Focusing on future trades setups.

CORRECTION: I misspelled the second target, it should read TG #2: +709 Pips.

UPDATE #1: Entry has been triggered, the trade is active. The chart above would not show this because it is a daily chart . Keep in mind that it will only show the entry being hit AFTER 5 pm (US time) !!

Hello Traders,

Here we have a really good bearish cypher pattern that completed very close to the X point but did NOT violate it. Since the normal cypher pattern completion is at 78.6% Fib retracement level, this trade has given us the opportunity to to reduce our risk and increase our potential profit. The stop loss is only 100 pips, which I'm personally willing to risk on a good cypher pattern as in this case. The market also recently tested the long term trend line (not shown in the chart above). I already posted the weekly outlook on this pair, where we also had a completion of a bearish cypher pattern. See the chart for more details.

Note: Check out the related idea below to see the long term trend line and the weekly bearish cypher pattern !!

Please feel free to AGREE or DISAGREE with this idea. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)
Can this be a shark?
+1 Reply
moneymaking IvanLabrie
Hey Ivan, I actually don't know the ratios of the shark pattern.
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IvanLabrie PRO moneymaking
snapshot


I'll wait for it.
I think it has some pending upside, maybe forming a rising wedge top in the daily.
+1 Reply
UPDATE#2: Stopped out for small loss. Focusing on future trades setups.
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el_g moneymaking
Looked like a solid plan. It's very challenging to call a reversal on so much near-term bullish action.
+1 Reply
Hey el_g, Thank You. Yes, the bullish trend does seem pretty strong. Proper risk management, allowed me to risk very small portion of my account. What I take away from this is that, the market has told me that I am wrong and I completely accept that. Thank you for commenting el_g :)
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el_g moneymaking
It's like Jessse Livermore said: "You don't know until you bet!" That was a really high risk-reward ratio, which would have been solid even if price only made it down to 1.10. These types of trades, if successful, help pay for all the small losses along the way. Looking forward to seeing your next setup!
+1 Reply
Exactly, I look forward to providing even better ideas in future :)
+1 Reply
CORRECTION: I misspelled the second target, it should read TG #2: +709 Pips.
Reply
UPDATE #1: Entry has been triggered, the trade is active. The chart above would not show this because it is a daily chart. It will only show the entry being hit AFTER 5 pm (US time) !!
Reply
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