SmartForex
Long

EURAUD - Potential Cypher Pattern

FX:EURAUD   Euro Fx/Australian Dollar
Potential Bullish Cypher on 1 hour chart.
Pair is currently on a downtrend ( daily chart ) but has not put any new structure lows.
We might be looking at a shift in trend.
Risk Reward ratio is too high (almost 100 pips).
More conservative entries could be located somewhere between X and D in order to reduce the risk a little.
Trade active: Price has now reached the area between X and D as expected.
We will be waiting for a better entry reason, double bottom in this case.
If price does not give us a double bottom, we will be cancelling the trade.
Order cancelled: Price did not give us a double bottom so we cancelled entry orders.
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