NZDUSD has been on a downtrend. There is a bearish cypher with D completion at 0.68135 (78.6 of XC). Upon confirmation of the bearish bias, I will go short. Take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg CD. The stop loss has the same number of pips as TP1 by default. The trade details are as follows:
Trade Setup: Bearish Cypher
Price Entry 0.68135
SL 0.68516 | SL pips 38.1
TP1 0.67754 | TP1 pips 38.1
TP2 0.67519 | TP2 pips 61.6
RRR1 1.00 | RRR2 1.62
Trade Setup: Bearish Cypher
Price Entry 0.68135
SL 0.68516 | SL pips 38.1
TP1 0.67754 | TP1 pips 38.1
TP2 0.67519 | TP2 pips 61.6
RRR1 1.00 | RRR2 1.62
Order cancelled:
This setup is invalidated with the formation of a candlestick closing above 0.68135 (78.6 of XC). (July 22)