2018Jul02 AUDUSD H4 Possible Bearish Cypher

AUDUSD has been on a downtrend. There is a possible bearish cypher. Upon D completion at 0.74180 (78.6 of XC) and confirmation of the bearish bias, I will go short. Take profit targets are at the 38.2 and 61.8 Fibonacci retracement levels of leg CD. The stop loss has the same number of pips as TP1 by default. Tentative details are as follows:

Trade Setup: Possible Bearish Cypher
Price Entry 0.74180
SL 0.74543 | SL pips 36.3
TP1 0.73817 | TP1 pips 36.3
TP2 0.73592 | TP2 pips 58.8
RRR1 1.00 | RRR2 1.62

Order cancelled:

This setup is invalidated with the formation of a new swing low. (July 2)