2018May28 EURAUD H4 Possible Bearish Cypher
There is a possible bearish cypher for EURAUD. Upon D completion at 1.55663 (78.6 of XC) and confirmation of a 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 1.55663
SL 1.56404 | SL pips 74.1
TP1 1.54922 | TP1 pips 74.1
TP2 1.54463 | TP2 pips 120.0
RRR1 1.00 | RRR2 1.62
Trade Setup: Possible Bearish Cypher
Price Entry 1.55663
SL 1.56404 | SL pips 74.1
TP1 1.54922 | TP1 pips 74.1
TP2 1.54463 | TP2 pips 120.0
RRR1 1.00 | RRR2 1.62
Note
This setup is canceled with the formation of a new swing low.Note
Here is the updated trade idea: 
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.
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.