NZDUSD: An Interesting Dilemma (Potential Bearish Cypher)

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Pain free targets on our Kiwi trade from last night however we're now faced with an interesting dilemma as we inch closer to our bearish Cypher Formation completion point at 6793.

In last night's video we looked at a handful of potential opportunities, but took a closer look at NZDUSD             . Not only did we have the bullish Gartley Formation, but when doing our top-down analysis we also saw that this could be used as a bigger trend continuation opportunity in predicting a move to the 6850's level.

Now that we have a second advanced pattern formation forming the question is (for those shooting for the TCT move) is do you stick with the original trade? Or do you take the new pattern?

Now before you ask me "What should I do Akil?" Please know that my answer is going to be "What does your plan say?" But I think it'll be interesting to see how the different members of our live room are handling it and should make for some good discussion and insight for those who are looking to create rules for a situation like this.

Akil Stokes
Chief Currency Analyst & Head Trading Coach
http://www.TradeEmpowered.com -The Premier Online Trading Education Company
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Trade closed: target reached
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That was an excellent call! You are an amazing trader. Thanks for sharing. Not only did the Cypher work out as you planned. But you could have taken the retracement of that fall. How often do you take the retracements? Thanks!
+1 Reply
I'm sorry but I don't understand what you mean by "take the retracements"
coondawg71 PRO Akil_Stokes
my apologies, didn't mean to be vague. I meant how often do you fade your Cypher trades after they are completed.
+1 Reply
when the opportunity presents itself
+1 Reply
Yeah it worked out pretty well
Did you pick up both those profits.... Sheesh, trading with the pro's
+1 Reply
sheess, pro dont like to be critised
+1 Reply
Akil_Stokes PRO Jeffrey_Sucipto
most of us are pretty used to it
Yes both targets were hit on the trade
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