Bearish Cypher for Trend Continuation entry
On the AudUsd the is a potential bearish cypher setting up. The pattern will complete at .76021. The nice thing about this particular cypher pattern is that it is with the trend here on the 60 min chart. So you can play this normal with T1 at the .382 and T2 at the .618 or you can use the cypher as an entry for a trend continuation trade.
Now when it comes to doing this, the Cypher pattern is the only one that I will use for this method. The way I take my targets personally is my normal Target 2 will become my new Target 1 and then I will shoot for a retest of structure lows for my target 2. You could also look at trading 3 targets, that way you make sure to bank some profit before swinging for the home run. As always, you should follow your trade plan and your rules.
Good luck and good trading.
Now when it comes to doing this, the Cypher pattern is the only one that I will use for this method. The way I take my targets personally is my normal Target 2 will become my new Target 1 and then I will shoot for a retest of structure lows for my target 2. You could also look at trading 3 targets, that way you make sure to bank some profit before swinging for the home run. As always, you should follow your trade plan and your rules.
Good luck and good trading.
Trade active:
Well my limit order got filled about 2 hours ago. I will be looking for target 1 at the 61.8 and target 2 will be a retest of structure lows.
Trade closed: stop reached:
Got stopped out this morning at the new York open. Oh well on to the next trade.