2018May24 GBPNZD M15 Bearish Cypher
There is a bearish cypher for GBPNZD. With confirmation, I plan to enter short at 1.93910. I am looking for a retest and rejection of this level as confirmation of the bearish bias. Take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg CD. The stop loss would have the same number of pips as TP1 by default. Tentative details are as follows:
Trade Setup: Bearish Cypher
Price Entry 1.93910
SL 1.94413 | SL pips 50.3
TP1 1.93407 | TP1 pips 50.3
TP2 1.93097 | TP2 pips 81.3
RRR1 1.00 | RRR2 pips 1.62
Trade Setup: Bearish Cypher
Price Entry 1.93910
SL 1.94413 | SL pips 50.3
TP1 1.93407 | TP1 pips 50.3
TP2 1.93097 | TP2 pips 81.3
RRR1 1.00 | RRR2 pips 1.62
Note
On the rightmost part of the chart, please take note of the following corrections:0.00% (1.93910)
38.20% (1.93407)
61.80% (1.93097)
100.00% (1.92594)
Order cancelled
This setup is invalidated as price did not retrace to 1.93910 (78.6 of XC). In addition, there is a new swing low. (May 25)
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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.