AUDNZD: Cypher Pattern (Weekly) !!!

FX:AUDNZD   Australian Dollar / New Zealand Dollar
450 26 11
UPDATE #2: Trade setup invalidated. Focusing on future setups.

UPDATE #1: The current market price is a good selling entry level. This same pair has formed another bearish cypher pattern on the daily time frame. I have entered into short position based on the daily cypher pattern . Check out the daily pattern that I have recently posted, in the related ideas below.

Hello Traders,

We've just gotten the completion of a BEARISH Cypher pattern, it is important to note that this is on weekly time frame. This causes our stop loss to be pretty big, but the risk to reward ratios work in our favor. Notice the black trend line that has been tested at least twice within the 4 year interval and hiding our stop loss above this major trend line will be advantageous to us. I would consider this more of an outlook instead of an actual trade setup, especially because of the huge stop loss. The major weekly trend is very bearish and having a good harmonic pattern in the direction of the major trend is worth keep an eye on. I am personally bearish on this pair and will be looking for any type of shorting opportunities on lower time frames.

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 :)
UPDATE #2: Trade setup invalidated. Focusing on future setups.
IvanLabrie moneymaking
Cypher invalid?
Might aim higher, I am short, and will average with bigger order size unless my stop is hit.
+1 Reply
moneymaking IvanLabrie
Hey Ivan, are you short based on the shark pattern that you were talking about earlier? Currently I don't have any reason to short this pair. I would love to see your approach on this. Thank you :)
IvanLabrie moneymaking
No, I don't trade harmonic setups, but I do watch multiple variables, and consider these, since so many people watch them (and when used correctly they line up with Elliott Wave patterns).

I used my own methodology, in fact have a post on this chart, will average the entry, stop is at 1.16577. Next order is at 1.14989, and the last is a very aggressive one at 1.16492, same stop for all. Total of 0.5% risk each.

Target is a 700 pip decline, minimum of 350.
+1 Reply
moneymaking IvanLabrie
Great, Thank you. All the best :)
TahirAli moneymaking
Hi moneymaking.
Whats up?
+1 Reply
moneymaking TahirAli
Hey Tahir, I doing great thanks. How about you?
TahirAli moneymaking
I am doing great.Thanks.
I am long in NZD/CHF pair right now.I entered yesterday when the pair made a morning star at the support which was bullish.Its a very slow moving pair and since yesterday I am only 27 pips up until now.
+1 Reply
moneymaking TahirAli
Nice, better to stay patient with this one. All the best mate :)
TahirAli TahirAli
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