Akil_Stokes
Long

NZDUSD: Potential Bullish Cypher Pattern (BE CAREFUL)

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
Potential bullish Cypher pattern working from C to D on the NZDUSD             4 hour chart. If you look left you'll see that the Cypher completion also comes in an a decent level of previous structure resistance turned support.

One BIG thing to pay attention to as the week goes on is the RBNZ Monetary Policy Statement that comes out on Wednesday at 3pm NY time. Fundamentals are by far the weakest area of my trading most because I don't use them) but there's about a 50/50 chance that a rat cut will occur.

While I'm on the topic of patterns I addressed subject of people telling you that "patterns don't work" in this mornings My Morning Rant Video https://www.youtube.com/watch?v=ddtGKMZZU2o While you're over there let me know what you think about my previous video titled "What It Takes to be Successful In Trading"

Akil Stokes
Chief Currency Analyst & Head Trading Coach
http://www.TradeEmpowered.com

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Just missed the fill on this one, I didn't front run my orders! Must learn for next time.
+1 Reply
moneymaking lukeboland
Hey mate, if you had front run your orders, you would be breaking your rules for the cypher pattern. Since cypher pattern requires the D completion at least touch the 78.6% fib level. According to my rules, this cypher pattern never got completed. Even if you are planning on to front run your orders, you should have some type of evidence from back testing results, to give you enough confidence to do it the next time.
+1 Reply
lukeboland PRO moneymaking
That's a very good point, thank you. I am used to front-running 2618 setups as the entry level (61.8% retracement) isn't as strict on the entry/validity as harmonic patterns.
+1 Reply
moneymaking lukeboland
Awesome, all the best mate :)
Reply
Hope you got filled on this one mate, but it was during NZD interest rate news event. So probably should have stayed out.
Reply
Akil_Stokes PRO moneymaking
Yup, cancelled orders at the beginning of my trading day
+1 Reply
moneymaking Akil_Stokes
Nice. Always preserve capital first :)
Reply
Akil_Stokes PRO moneymaking
Yup, with it being the end of our trading year I'm in no rush to take anymore risk than necessary
+1 Reply
moneymaking Akil_Stokes
Totally agree :)
Reply
The close of the B-C leg can't touch the 1.414. This is a valid Cypher.
Reply
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