2018Jun13 EURAUD H1 Possible Bearish Cypher

12 juin 2018

There is a possible bearish cypher for EURAUD. Upon D completion at 1.55336 (78.6 of XC) and 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. Tentative details are as follows:

Trade Setup: Possible Bearish Cypher
Price Entry 1.55336
SL 1.55682 | SL pips 34.6
TP1 1.54990 | TP1 pips 34.6
TP2 1.54776 | TP2 pips 56.0
RRR1 1.00 | RRR2 1.62

13 juin 2018

Ordre annulé

This setup is cancelled. I would have considered the shooting star as confirmation of the bearish bias. Thereafter, I would place a sell limit at 1.55336 (78.6 of XC). Unfortunately, price did not retrace that level before going to TP1.