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joelduque

2018Mar26 GBPUSD H4 Bearish Cypher

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
joelduque  
FX:GBPUSD   British Pound / U.S. Dollar
Fibonacci Harmonic Patterns Cypher
2
0
fibonacci harmonicpatterns cypherpattern
A bearish cypher has formed for GBPUSD. Price entry at 1.41484 is guided by a close of a red candlestick which completely engulfed the bodies of the previous 7 candlesticks. Take profit targets are at the 38.2 and 61.8 Fibonacci retracement of the CD leg. Stop loss is set at the same number of pips as TP1.

Trade Setup: Bearish Cypher
Price Entry 1.41484
SL 1.42556 | SL pips 107.2
TP1 1.40412 | TP1 pips 107.2
TP2 1.39513 | TP2 pips 197.1
RRR1 1.00 | RRR2 1.84
Status/Remarks: TP1 hit!
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