2018May24 GBPAUD H1 Possible Bearish Cypher

24 May 2018

There is a possible bearish cypher for GBPAUD. I want to sell at 1.77625 but want to see confirmation first of the bearish bias at that level before entering the trade. Take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg CD while the stop loss will have the same number of pips as TP1 by default. If this trade setup remains valid, then the tentative details are as follows:

Trade Setup: Possible Bearish Cypher
Price Entry 1.77625
SL 1.78098 | SL pips 47.3
TP1 1.77152 | TP1 pips 47.3
TP2 1.76861 | TP2 pips 76.4
RRR1 1.00 | RRR2 1.62

24 May 2018

Not

Setup is already invalidated as price did not retrace to the potential reversal zone before going toward the desired direction (down).