AUDNZD: A GOOD CYPHER PATTERN (DAILY) !!
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 :)
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 :)