SencerTwin

Potential Bullish Cypher GBPAUD Monthly Time Frame

FX:GBPAUD   British Pound/Australian Dollar
53 0 1
On the monthly time frame GBPAUD             price movement is on its way to hit a key level on the Fibonacci retracement which is at 61.8%. I Predict that a bullish cypher pattern (XABCD) is to be formed. Normally I would wait for the buy set up once the Bullish cypher pattern has completed because predicted chart patterns adds a lot of risk to your trade. However, on this occasion I’ve set up a long order position at 1.77754 to take profit at 0.27474 which is around 280 pips.

If my Take profit level hits I will wait for the confirmation of a short order setup for the completion of the leg CD of the Cypher pattern . However, before I enter the short position I will wait for confirmation as the price could continue to go up to KEY LEVEL 2 forming an Elliot wave .

If the CD leg is completed, then that means we have a Bullish Cypher pattern where would buy up to KEY LEVEL 1.
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out