FX:EURCAD   Euro / Canadian Dollar
Hi Guys,

This is a CYPHER Pattern according to my trade plan. I like this particular setup because the 'X' leg is coming from a strong point of resistance which means I can have a more aggressive approach by keeping my stop loss pretty tight above the resistance area .

This is a bearish CYPHER pattern @ 1.4835 and stop loss will be placed above the X leg which is used as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.

Thank you for your support.

Trade Numbers:

Risk: 230 pips x 2 = 460 pips
Reward #1: 250 pips. R:R = 1:1.1
Reward #2: 400 pips. R:R = 1:1.75

Plan your trade... Trade your plan.
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