AUDCAD - 4HR POTENTIAL CYPHER - EARLY PREDICTION - Add to watch
Hi Traders, this may be one to keep on your radar. After performing analysis on this pair which I trade, if we break structure and continue upwards I would be looking to take this shorting opportunity on a Cypher Pattern.
I have chosen the higher Anchor/Impulse leg for this analysis, it brings us closer to the major 50.0% Retracement.
This provides us better opportunities by also taking our Stop Level higher, slightly increasing R:R by doing this it protects our stop loss with all of the previous structure levels.
And takes us a little higher from the Major 61.8% Retrace.
If price action continues upwards I will surely add anything else to help build the case of probability, we may see RSI O/B Double Top, Divergence, AB=CD Completion, more ratio confirmation, HTF or underlying trend confirmation,
As always Entry level, Stops and Initial Targets on screen.
Also pattern will be invalid if price falls and closes below the 1.414 C Leg - or if X leg is violated which ever comes first. Ideally Entry then targets is always the best for us.
Enjoy and happy Trading
I have chosen the higher Anchor/Impulse leg for this analysis, it brings us closer to the major 50.0% Retracement.
This provides us better opportunities by also taking our Stop Level higher, slightly increasing R:R by doing this it protects our stop loss with all of the previous structure levels.
And takes us a little higher from the Major 61.8% Retrace.
If price action continues upwards I will surely add anything else to help build the case of probability, we may see RSI O/B Double Top, Divergence, AB=CD Completion, more ratio confirmation, HTF or underlying trend confirmation,
As always Entry level, Stops and Initial Targets on screen.
Also pattern will be invalid if price falls and closes below the 1.414 C Leg - or if X leg is violated which ever comes first. Ideally Entry then targets is always the best for us.
Enjoy and happy Trading
Comment:
If we violate the X and price action continues bullish. We also have another shorting opportunity. I know this is a long way off but always good to analyze early. If price hits both Cyphers and Targets which is not uncommon, it could be a great double trade. If we see any long opportunities on the way up I will publish these and update the post.
