moneymaking
Short

AUDNZD: Cypher Pattern (Weekly) !!!

FX:AUDNZD   Australian Dollar/New Zealand Dollar
449 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 :)
The ratios check out fine. @ 161.8% currently. Its the bullishness due to the news i am worried about.
Very nice observation, Moneymaking. The bullishness halted exactly at 161.8%. Any pre defined stop loss?
+1 Reply
moneymaking PriceActionTrading
a year ago
Hey Price action, could you clear up about what you mean by "predefined stop loss". I placed the stop loss on the chart. I didn't quite understand your question.
+1 Reply
PriceActionTrading moneymaking
a year ago
Haha. I see now. 300 pips SL. This is a long term trade setup.
+1 Reply
moneymaking PriceActionTrading
a year ago
Ya, this is more of an outlook for me than it is an actual trade setup. My account can't handle 300 pip stop loss. But this is definitely something I'll be keeping a close eye on.
+1 Reply
Wanted to long this pair but it happened too fast overnight. this is my take on AN.
Completion of a pattern and middle of another. Long opportunity gone.
snapshot
+1 Reply
moneymaking PriceActionTrading
a year ago
Whao Price action, this could've been your trade of the year. Don't worry about it, there will be many more opportunities like this coming your way. Better to learn from this, so that you don't miss it again in the future.
+1 Reply
PriceActionTrading moneymaking
a year ago
Next time i shall sleep lesser.
+1 Reply
moneymaking PriceActionTrading
a year ago
No way, as a professional trader you need a good amount of sleep. Less sleep = poor decision making = no money in the account :)
+1 Reply
Take care of this pair buddy, its fundamentally getting better. Good luck
+2 Reply
moneymaking Technician
a year ago
Hey Technician, yes, I will definitely will be careful with this pair. This might be the beginning of a major uptrend. Thank you for the advice Technician, it means a lot coming from you :)
+2 Reply
fundamentals here are a little concerning, RBNZ confirmed an easing bias going forward and the RBA are standing PAT. I am not convince by the technicals, the black line was only tested once way back in 2013, I can consequently not apply much importance to it. The chart so some evidence of a significant change in direction. I would be very careful, partly because of my dislike for harmonic patterns but also the fundamentals.
+1 Reply
moneymaking SteveTobin
a year ago
Hi Steve, Amazing explanation. I'll for sure keep this in mind. Thank you for the great advice :)
Reply
Lanmar PRO
a year ago
I'm long with a target of 1.127. Will surely go long again if it breaks 1.13+. Seems like New Zealand dollar is headed toward a secular bear market.
+1 Reply
moneymaking Lanmar
a year ago
Hey Lanmar, wish you all the BEST :)
Reply
moneymaking
a year ago
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. Check out the daily pattern that I have recently posted, in the related ideas below.
+1 Reply
moneymaking
a year ago
UPDATE #2: Trade setup invalidated. Focusing on future setups.
Reply
IvanLabrie TOP moneymaking
a year ago
Cypher invalid?
Might aim higher, I am short, and will average with bigger order size unless my stop is hit.
+1 Reply
moneymaking IvanLabrie
a year ago
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 :)
Reply
IvanLabrie TOP moneymaking
a year ago
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
a year ago
Great, Thank you. All the best :)
Reply
TahirAli moneymaking
a year ago
Hi moneymaking.
Whats up?
+1 Reply
moneymaking TahirAli
a year ago
Hey Tahir, I doing great thanks. How about you?
Reply
TahirAli moneymaking
a year ago
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
a year ago
Nice, better to stay patient with this one. All the best mate :)
Reply
TahirAli TahirAli
a year ago
Thanks.
Reply
IvanLabrie TOP moneymaking
a year ago
AUDNZD: Time and price target for a reversal


Pattern:

snapshot


Looks like either a 3 part advance, or a 5 wave advance pending completion. Probably forming a rising wedge now.
Reply
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