AUDCAD: Bearish Cypher. I think it's a LOSER...But I'm In
We've had a hell of a ride as of late on the AUDCAD. Through some difficult pattern trading weeks this pair has been the one keeping my head above water. We now have yet another Cypher pattern that just completed minutes ago.
In all honestly, I'm fully expecting a loser on this one. Why? Well it's just the numbers. Even with the Cypher having a completion rate up to 75-80% 5 in a row without a loss seems a little unlikely. Will this stop me from taking the trade? Heck no! It's a "GOOD" trade and that's all i look for in the market. If you need another example of this check out the piece i just wrote on yesterday's USDCAD trade that I didn't want to take "the Best Type of Trade" tradeempowered.com/the-best-type-of-trade/
Either way, stops need to be above the X leg, i'd say at minimum 0.9685s and initial targets (assuming we turn around on a dime) would be down in the 9545s area.
Good luck with this one traders and remember we trade the plan not our emotions!
In all honestly, I'm fully expecting a loser on this one. Why? Well it's just the numbers. Even with the Cypher having a completion rate up to 75-80% 5 in a row without a loss seems a little unlikely. Will this stop me from taking the trade? Heck no! It's a "GOOD" trade and that's all i look for in the market. If you need another example of this check out the piece i just wrote on yesterday's USDCAD trade that I didn't want to take "the Best Type of Trade" tradeempowered.com/the-best-type-of-trade/
Either way, stops need to be above the X leg, i'd say at minimum 0.9685s and initial targets (assuming we turn around on a dime) would be down in the 9545s area.
Good luck with this one traders and remember we trade the plan not our emotions!
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