EURAUD - Cypher for trend continuation
This pair (as many other EUR pairs) has been very bearish. We are looking at a potential Cyper Pattern completion here around 1.4331 (a 1.618 extension of AB and 1.414 extension of BC can be found a little lower) where you can enter the trade for a continuation of the downtrend. C did not fully reach the 1.272 extension of XA but is within a couple of pips from it, if your trading plan requires 1.272 to be reached, stay away from this trade.
Stops go as always above X, due to the high volatility I would suggest to go for 20 pips or 1 ATR on the hourly chart.
Conservative targets go @ the 382 and 618 retracement of the AD leg.
Aggresive targets are possible (as it is a trend continuation trade) and would go @ the 618 retracement and 1.272 extension of the AD leg.
Remember to always roll stops to break even when target 1 is reached.
Stops go as always above X, due to the high volatility I would suggest to go for 20 pips or 1 ATR on the hourly chart.
Conservative targets go @ the 382 and 618 retracement of the AD leg.
Aggresive targets are possible (as it is a trend continuation trade) and would go @ the 618 retracement and 1.272 extension of the AD leg.
Remember to always roll stops to break even when target 1 is reached.
Check out my FREE indicator scripts:
► tradingview.com/u/Nico.Muselle/
Twitter: twitter.com/NicoMuselle
► tradingview.com/u/Nico.Muselle/
Twitter: twitter.com/NicoMuselle
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.