2018May28 GBPAUD H4 Possible Bearish Cypher

28 May 2018

There is a possible bearish cypher for GBPAUD. Upon D completion at 1.77513 (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 1.77513
SL 1.78147 | SL pips 63.4
TP1 1.76879 | TP1 pips 63.4
TP2 1.76487 | TP2 pips 102.6
RRR1 1.00 | RRR2 1.62

29 May 2018

Not

I am canceling this setup with the formation of a new swing low.