2018May16 NZDCAD H4 Possible Bearish Cypher
New Zealand Dollar/Canadian Dollar FX:NZDCAD
NZDCAD has been on a strong downtrend since the candle break and close below the support of the diagonal uptrending channel (March 28, D1 timeframe). As I am currently unable to see a trend reversal setup, I maintain my bearish bias for this currency pair. With the recent pullback to the upside, we have a point C which allows us to project a point D of a bearish cypher , which is a trend continuation pattern. If price holds at around 0.88958 (78.6 Fibonacci retracement of the recent swing high to swing low), then I plan to enter short with the presence of confirmation of the bearish bias. If the setup does not become invalidated, then profit taking targets are at the 38.2 and 61.8 Fibonacci retracement of leg CD. By default, stop loss would have the same number of pips as TP1.
Trade Setup: Possible Bearish Cypher
Price Entry (around 0.88958)
SL pips same as TP1 pips
* Price Entry, SL, SL pips, TP1 pips, TP2 pips, and RRR2 will be updated if the trade setup become valid.