2018May28 AUDNZD D1 Bearish Cypher

There is a bearish cypher for AUDNZD. D completion is at 1.09615 (0.81 XC) which is near the 78.6 Fibonacci retracement of leg XC. The bearish bias is based on a red candlestick completely engulfing and closing lower than the bodies of the 2 previous green candles. In addition, there is a double top with broken neckline and new swing low seen on H4 timeframe. Price entry is based on an aggressive sell limit at 1.09248 which is the 61.8 Fibonacci retracement from the right top to the new swing low. Stop loss is just above the right (higher) top. The take profit targets are set at the 38.6 and 61.8 Fibonacci retracement levels of leg CD. I will cancel this pending order with the formation of a new swing low or if price goes to TP1 prior to getting triggered.

Trade Setup: Bearish Cypher
Price Entry 1.09248
SL 1.09665 | SL pips 41.7
TP1 1.07806 | TP1 pips 144.2
TP2 1.06689 | TP2 pips 255.9
RRR1 3.46 | RRR2 6.14

Note

This setup has been updated. Basically the same other than price entry, RRR1, and RRR2. Please adjust your price entry and lot sizes accordingly.

joelduque

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joelduque