2018May28 EURAUD H4 Possible Bearish Cypher

There is a possible bearish cypher for EURAUD. Upon D completion at 1.55663 (78.6 of XC) and confirmation of a 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 1.55663
SL 1.56404 | SL pips 74.1
TP1 1.54922 | TP1 pips 74.1
TP2 1.54463 | TP2 pips 120.0
RRR1 1.00 | RRR2 1.62

Note

This setup is canceled with the formation of a new swing low.

Note

Here is the updated trade idea:

2018May29 EURAUD H4 Possible Bearish Cypher

joelduque

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