Fxprotrader
Short

EURNZD Bearish Cypher Completion (Entry Based On Wave Patterns)

FX:EURNZD   Euro Fx/New Zealand Dollar
I plan to start posting ideas based on harmonic patterns with their entry points based on wave patterns. Here in EURNZD             we have a bearish cypher pattern completion. In the lower timeframes we see a MACD divergence meanwhile price is forming a rising wedge pattern. We should wait for a breakout below the lower TL and sell the market. Instead of placing our stoploss above X point of cypher we may place it above the previous swing point before the breakout. If we aim to the classic 0.382 & 0.618 fib levels of the AD wave we will have a great risk/reward ratio setup.

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where would I place the stop loss if i was to enter the trade now?
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As i said in my description do not enter now.. You should wait for a breakout below the wedge pattern i posted in the 15min chart and then place your stoploss above the last swing point before the breakout.
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abdullahs Fxprotrader
okay, thanks a lot
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You are welcome..! :)
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