Nico.Muselle
Short

EURNZD - bearish cypher complete ?

FX:EURNZD   Euro / New Zealand Dollar
516 3 6
One of my favourite patterns is the cypher pattern . But what to do when the price seems to have reversed just before completion ? In this particular case, 15 pips are keeping us from the completion of this otherwise beautiful cypher pattern and it retrace just below a level that previously has served as support and could now become resistance.

Question is now, will this pattern still complete or will we see price move downwards from here on ? One thing I think we can exclude, is that price would move above the stop loss. Whether you want to enter now and have a reversed RR profile for target 1, or you want to look for an eventual completion, the choice is yours.

Whatever you do, make sure it matches your trading plan.
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I've been seeing this a fair bit lately Nico, I've been forced to roll my market orders 5 pips before the 786%
+1 Reply
I'm not in the trade as it is against my plan to start trading on Mondays before the NY open. Let's see where we are at that point :)
Reply
NICE
+1 Reply
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