2018Jul15 EURUSD H1 Possible Bearish Cypher

EURUSD has been on a downtrend. There is a possible bearish cypher. Upon D completion at 1.17273 (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 1.17273
SL 1.17710 | SL pips 43.7
TP1 1.16836 | TP1 pips 43.7
TP2 1.16567 | TP2 pips 70.6
RRR1 1.00 | RRR2 1.62

Ordre annulé:

This setup is invalidated with the formation of a candlestick closing above 1.17273 (78.6 of XC). (July 17)