2018May30 AUDNZD D1 Bearish Cypher

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There is a bearish cypher for AUDNZD and this is an update of a previous trade idea (tradingview.com/chart/AUDNZD/7Rp1YGiK-2018May28-AUDNZD-D1-Bearish-Cypher/) due to the formation of a new swing low at 1.08349. D completion is at 1.09615 (0.81 XC) which is near the 78.6 Fibonacci retracement of leg XC. The bearish bias is based on a red candlestick completely engulfing and closing lower than the bodies of the 2 previous green candles. In addition, there is a double top with broken neckline and new swing low seen on H4 timeframe.
Price entry is now based on an aggressive sell limit at 1.09131 which is the 61.8 Fibonacci retracement from the right top to the new swing low. Stop loss is just above the right (higher) top. The take profit targets are set at the 38.6 and 61.8 Fibonacci retracement levels of leg CD. I will cancel this pending order with the formation of a new swing low or if price goes to TP1 prior to getting triggered.

Trade Setup: Bearish Cypher
Price Entry 1.09131
SL 1.09665 | SL pips 53.4
TP1 1.07806 | TP1 pips 132.5
TP2 1.06689 | TP2 pips 244.2
RRR1 2.48 | RRR2 4.57

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ملاحظة

I am canceling this trade as my sell limit order was not triggered and price already went to TP1. If you took this trade, then congratulations and manage it accordingly. Protect profits and grow your account equity. Good luck!