FX:GBPAUD   British Pound / Australian Dollar
Hello Traders,

Here we have a valid bearish cypher pattern on FX:GBPAUD , that is coming close to its completion point. After adding few Fibonacci extensions and inversions, I was able to obtain 3 Fibonacci confluence zones and all of them are located between our short entry (1st zone from the bottom) and the X point of the cypher pattern . Also note we have a really nice bearish pin bar right at the X point. Thus we might see the market come back up near the bearish pin bar and so our stops need to go above that pin bar . So we got 3 different Fibonacci confluence zones + the bearish pin bar , if the market is able to go through all these "potential" resistance levels than we better make sure to exit with a small loss. See the chart above for more information.

Trade Summary:

Short Entry Level: 2.0600 (psychological round number)
Stop level: 2.07956 (risking 0.94% of total equity)
Target #1: 2.03698 (potential return of 1.12%)
Target #2: 2.02272 (potential return of 1.82%)

HIGH IMPACT NEWS EVENT: Got "Services PMI" number coming out tomorrow early morning from GBP @ 4:30 AM.

Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)

Follow me on Twitter as well: moneymaking2016
Comment: UPDATE #1: Trade NOT active yet.
Comment: UPDATE #2: Short entry not triggered yet, still waiting.
Trade closed: target reached: UPDATE #3: 1st target reached, all positions are now closed :)


Looks viable!
+1 Reply
moneymaking IvanLabrie
Yep, let's see how it goes :)
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