TomHall
Long

AUD.USD - BULLISH CYPHER SETUP - .7614

FX:AUDUSD   Australian Dollar/U.S. Dollar
On the AUD.USD 1hr chart we have a potential long opportunity's at the D leg completion of bullish Cypher setup.

The price reversal zone on this pair is between .7614 & .7578
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around .7717
Stop loss would be placed below X leg structure support .

Target 1 - .7663
Target 2 - .7692
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are you in? We have divergence on 4hr and 1hr if I am not mistaking
+1 Reply
@Lord1, Looking for more confirmation, you are correct it's a great setup.
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Works Perfect for a Bearish Deep Crab Setup with 2618 BC at 07698.
+1 Reply
TomHall TOP 4example
@4example, The Crab isn't something i look for but any extra confirmation is a bonus :-)
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Supported from a long trend line if it hold it would be good trade
Good luck friend
+1 Reply
@a.h1979, We are starting to see a bearish wedge forming, so a potential look lower in the coming hours.
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a.h1979 TomHall
@TomHall, yes
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Sorry to tell you m8, but this is not correct set-up for Cypher pattern..and as you can see it failed you on this trade. After initial move retracment (or pull-back) is to deep and does not follow rules of cypher pattern.
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TomHall TOP CroCanadian
@CroCanadian, Being correct or incorrect would all depend on your rules.
The market is subjective from support and resistance to impulse legs, so as long as a trader has a positive expectancy the trade setups are irrelevant.
Reply
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