EURAUD - Potential Bearish Cypher (Entries at 88.6%)
DAILY:
To the right, we see a harmonic move with price action making higher highs and higher lows clearly showing bullish momentum, then forming a double top and rolling back down to structure. There are multiple patterns setting up on the daily but I wont get into that for this trade setup I'm sharing now.
60MIN
To the left, we have a potential bearish cypher pattern setting up on the 60min. If you're looking for a reason to short, then here it is
The pattern completes at the 78.6% (1.52478). Dig a little deeper and we also have ratio confluence at and around the 88.6% and major structure that has been tested twice (Look further left). My rules say I can take enter at the 88.6% so that's where I will look to enter at market. The rule allows me to reduce my risk by a 1/3 for this trade and higher reward.
I will look for at least two targets and potentially a third target down at structure around the 1.56 area.
Cheers
Ant
To the right, we see a harmonic move with price action making higher highs and higher lows clearly showing bullish momentum, then forming a double top and rolling back down to structure. There are multiple patterns setting up on the daily but I wont get into that for this trade setup I'm sharing now.
60MIN
To the left, we have a potential bearish cypher pattern setting up on the 60min. If you're looking for a reason to short, then here it is
The pattern completes at the 78.6% (1.52478). Dig a little deeper and we also have ratio confluence at and around the 88.6% and major structure that has been tested twice (Look further left). My rules say I can take enter at the 88.6% so that's where I will look to enter at market. The rule allows me to reduce my risk by a 1/3 for this trade and higher reward.
I will look for at least two targets and potentially a third target down at structure around the 1.56 area.
Cheers
Ant