2018May29 EURAUD H4 Possible Bearish Cypher

29 mai 2018

This is an update of a previous trade idea (tradingview.com/chart/EURAUD/fU2awdbp-2018May28-EURAUD-H4-Possible-Bearish-Cypher/) due to the formation of a new swing low. There is still a possible bearish cypher for EURAUD. Upon D completion at 1.55548 (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 1.55548
SL 1.56460 | SL pips 91.2
TP1 1.54636 | TP1 pips 91.2
TP2 1.54073 | TP2 pips 147.5
RRR1 1.00 | RRR2 1.62

4 juin 2018

Note

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