2018May17 NZDCHF D1 Possible Bearish Cypher

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NZDCHF has recently been going up. However, there has been a red candlestick breaking and closing below the support of the uptrending diagonal channel (May 8). If point C remains valid, then we are able to project point D which will complete the bearish cypher at 0.70651. Take profit targets shall be set at the 38.2 and 61.8 Fibonacci retracement of leg CD. Stop loss will have the same number of pips as TP1 by default. I will post a specific idea if this trade setup remains valid. Tentative details are as follows:

Trade Setup: Possible Bearish Cypher
Price Entry 0.70651
SL 0.71436 | SL pips 78.5
TP1 0.69866 | TP1 pips 78.5
TP2 0.69381 | TP2 pips 127.0
RRR1 1.00 | RRR2 1.62

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ملاحظة

This setup is invalidated with a new swing low. (May 23)