EURNZD is currently sideways and completed a bullish cypher. Price has been rejected at the potential reversal zone. Upon confirmation of the bullish bias, I will go long. Stop loss is just below the X point. The take profit target is set at the 61.8 Fibonacci retracement level of the leg CD. Trade details are as follows:
Trade Setup: Bullish Cypher
Price Entry 1.74034
SL 1.73508 | SL pips 52.6
TP2 1.75048 | TP2 pips 101.4
RRR2 1.93
Trade Setup: Bullish Cypher
Price Entry 1.74034
SL 1.73508 | SL pips 52.6
TP2 1.75048 | TP2 pips 101.4
RRR2 1.93
Order cancelled:
B point completed beyond the 61.8 Fibonacci retracement level of the XA leg making the setup invalid.