GBPNZD Bearish Cypher Pattern and Long Opportunity
This is a mid-term/long-term trade setup.
GBPNZD broke the bearish territory on H4 Chart and the price moved above EMA 50.
A bearish Cypher pattern completed at 1.88200 and Bearish Butterfly pattern would be completed at 1.89150.
Those patterns are signalling a bearish correction.
Our Midterm Trade Setup:
Pending Buy Order @ 1.86740 / Executed and 1.85600
Stop Loss: 1.84000
Target1: 1.90430 / TP1 Reached 270 Pips
Target 4: 1.95400
You can view the setup: GBPNZD Bearish Cypher
Update: Jan 1st 2019
As seen on the below chart, we have reached our first target and setup generated 270 Pips. A Bearish Butterfly pattern has been completed at D.A minor correction is being processed. We plan to add long positions by using pullbacks as buying opportunities. If the pair makes H4 Closing below 1.89500, it is likely to test 1.88000 and 1.87500. We will add long at 1.88000 and 1.87500. Our midterm targets are mentioned on the original setup.
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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
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