2018Nov22 NZDJPY H1 Possible Bearish Cypher

NZDJPY is now in a sideways movement from an uptrend. It is near a trendline resistance and completion of a bearish cypher. Upon pattern completion and confirmation of the bearish bias, I will go short. The take profit target is set at the 61.8 Fibonacci retracement level of the CD leg. Stop loss has the same number of pips as TP1. Tentative details are as follows:

Trade Setup: Possible Bearish Cypher
Price Entry 77.430
SL 77.809 | SL pips 37.9
TP2 76.818 | TP2 pips 61.2
RRR2 1.61

Ordre annulé:

Price hit TP1 prior to pattern completion. (November 22)