Nico.Muselle
Short

EURNZD - bearish cypher complete ?

FX:EURNZD   Euro Fx/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.
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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