On the AUD.USD 1h chart we have a potential long opportunity's at the D leg completion of bullish Cypher setup.
The price reversal zone on this pair is between 0.7180 & 0.7151 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Fibonacci Confluence - 78.60% - 1.414% & 1.618%
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move. There is also opportunity to look for extended targets at around 0.7272 Stop loss would be placed below X leg structure support.
Cypher is most a trend continuation pattern if works it will be interesting to see an HH let see
UnknownUnicorn180388
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Let's see if price can break and close below the B leg support, at that point we will have a clearer idea of it's direction.
BLUE43
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UnknownUnicorn180388
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Nice setup mate, we have to be aware of the news out later also.
I don't personally trade the news but we always have to take it into consideration.
gcplau
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Tom, you don't trade the news but take it into consideration... what you do with your open positions when key data comes such as NFP ? Let them roll just as if no data announce...? Then, you have risk of SL slippage...? Lots of the technical traders here who provide ideas do not tell what preparation they do in front of data such as NFP... will you be an exception to share?
UnknownUnicorn180388
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Hi,
My trading plan doesn't allow me to take trades near NFP due to the timezone my trades are placed.
However, if i am in a position with the news approaching i will leave it to run.
If my position is 50% towards target then stop loss will be rolled to breakeven.
If the position is at breakeven or a loss then i leave the trade open.
Please note this is only a basic outline of my rules that i have backtested using a particular strategy.