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GBPNZD Bullish Cypher and Long Opportunity

GBPNZD Bullish Cypher and Long Opportunity

Pattern /Reason: Bullish Cypher Pattern

Time Frame: H1

Accuracy of the Pattern: 64%

Setup No: GBNZ120701

Recommended Lot: 0.20

Trade Period: Intraday / Midterm

Active/Pending: Active

Trade: Long

Entry: 1.87600 – 1.87400 MM 2/8 H4

Stop Loss: Below X 1.87000

TP1: 1.87980  / Reached

TP2: 1.88290

TP 3: 1.89200

Divergence/ Convergence Confirmation: Not Yet – Will be updated.

Candle Pattern Confirmation: Bullish Pin Bar Waiting Confimation

Moving Average Confirmation: Nothing Particular

The trend of the Timeframe: Bearish

The trend in the Daily Chart: Bearish

Update: TP1 Reached. Book partial profit and move Stop Loss to entry.

Warning and Things to Pay Attention:

  1. Harmonic Patterns are reversal patterns and mostly against the main trend on the chart they appear.
  2. Target levels are determined by MM Calculation as the pattern has not been completed yet. They may vary 3-5 pips according to the completion level of the predicted patterns.
  3. Pay attention to Time Frame, Trade Period and Estimated Completion Time, Accuracy and Recommended Lot Size clauses mentioned below.
  4. Do not risk more than 2% in one trade setup.
  5. We usually book partial profit at the first target and move our stop loss to entry or break-even level. Use your own risk/profit management to exit the trade.
  6. We are publishing potential opportunities. There are no certainties and traders bets on possibilities. Read the setup carefully before entering a trade and take your own decision.
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