moneymaking
Long

GBPNZD: Cypher patter (1 HR) !!!

FX:GBPNZD   British Pound/New Zealand Dollar
564 22 21
UPDATE #2: Target #2 achieved, Good trade overall :)

UPDATE #1: Target #1 achieved, stop loss moved to breakeven !!

Hello Traders,

We've got a bullish Cypher Pattern that has just completed and the market is currently around the completion point, it's not the prettiest cypher but it is a valid one. This pair was able to break the 4 year weekly resistance and this is attracting many buyers in this pair. I have probably mentioned this in previous posts that, cypher patterns don't really have a good risk to reward. But this pattern has a pretty good winning percentage attached to it. Finding this type of pattern in the direction of the MAJOR trend is even better. For this particular setup, the risk to reward does seem to work in our favor. The stop loss is placed below the 4 hr             trend line (black line), below the consolidation area (pink box) and below the round number of 2.1300. See the chart for more details.

Please feel free to AGREE or DISAGREE with this idea. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)
My simple view on this pair. Break or bounce?
snapshot
+1 Reply
moneymaking PriceActionTrading
Hey price action, Ya I have the same bottom trend line on my chart. Breaking this trend line could give us a nice shorting opportunity. Good Luck mate and Thank you for commenting :)
+1 Reply
All the best to you. Im not trading this just yet.
+1 Reply
Uprenko PriceActionTrading
Is there a script that draws this pattern?
+1 Reply
Hey Uprenko, unfortunately there is not, according to my knowledge :)
Reply
Hi moneymaking, have similar views on this pair also the price bounced very nicely and pattern lines up beautifully with the trendline. Good Luck
snapshot
+2 Reply
moneymaking KevinSinghDhaliwal
Hey Kevin, Ya nice one. That trend line really helped in bouncing the market to the upside. We're just 65 pips below our target. Let's wait and see if we can get there. Good Luck to you as well :)
+2 Reply
nice one :) still waiting to short here, lol
+1 Reply
attilol Piphunters
looking for short too @ 2.1600 maybe, what u think @Piphunters
Reply
Piphunters attilol
Hey
Can't really say a number since I trade the price action. But in short I'm waiting to break down below the wedge then look for entries, pref on the 1H, but in this case I've might go for 4H since the wedge been forming forever :)
Reply
moneymaking Piphunters
Hey piphunter, Thank you. Bulls seem pretty strong right now, Need solid confirmation to get short :)
+1 Reply
Piphunters moneymaking
Hi you are so correct :), going to wait to break wedge and take a trade based on maybe the 4H chart or even the daily in this case :)
+1 Reply
moneymaking Piphunters
From what I see now on the 4 hr chart, market has just entered into an ugly consolidation phase. I am not touching this pair until this consolidation breaks and until we get over the Carney Speech and the NZD official cash rate today.
+1 Reply
moneymaking Piphunters
Better to stay on the daily time frame to avoid the choppiness in price action :)
Reply
Very good trades bro! You've been killing it! =)
+1 Reply
moneymaking Daniel.B
Hey Daniel, Thank you so much. Appreciate it :)
+1 Reply
Amazing call mate
+1 Reply
moneymaking Technician
Thank you Technician. Highly appreciated :)
+1 Reply
Just super!
+1 Reply
Hey Mikhail, Thank you very much :)
Reply
EXcellent analysis.I saw it very late,I wish I could make this trade.
+1 Reply
moneymaking TahirAli
Hey Tahir, that's alright, there are opportunities everywhere in the market, you just need to find them. We, traders, are like gold diggers, in order to find pure gold you have to move around all the dirt on top, it's the same thing with us. You have to remove all the low probability trades in order to find the real good high probability trades. I hope the analogy was clear enough, LOL :)
+1 Reply
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