AUD.USD - BULLISH CYPHER SETUP - .7614 Long

Australian Dollar/U.S. DollarFXCM

Description

⋅ Nov 10, 2016 12:53 PM

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

Comments

a.h1979

⋅ Nov 11, 2016 6:05 AM

Supported from a long trend line if it hold it would be good trade
Good luck friend

UnknownUnicorn180388

⋅ Nov 11, 2016 7:46 AM

@a.h1979, We are starting to see a bearish wedge forming, so a potential look lower in the coming hours.

a.h1979

⋅ Nov 14, 2016 4:37 AM

@tomhall, yes

4example

⋅ Nov 10, 2016 10:16 PM

Works Perfect for a Bearish Deep Crab Setup with 2618 BC at 07698.

UnknownUnicorn180388

⋅ Nov 10, 2016 10:19 PM

@4example, The Crab isn't something i look for but any extra confirmation is a bonus :-)

Lord1

⋅ Nov 10, 2016 6:45 PM

are you in? We have divergence on 4hr and 1hr if I am not mistaking

UnknownUnicorn180388

⋅ Nov 10, 2016 10:18 PM

@Lord1, Looking for more confirmation, you are correct it's a great setup.

CroCanadian

⋅ Nov 11, 2016 10:11 AM

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.

UnknownUnicorn180388

⋅ Nov 11, 2016 10:19 AM

@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.