AUDUSD Trade Idea: Harmonic Cypher Pattern

Before our AUDUSD Trade Setup, we would like to share few things.

After breaking below a bullish trend line on the daily chart, AUDUSD continued to break below an important support level at 0.7807 and extended its downside movement to as low as 0.7743, confirming that the bullish movement from 0.7328 had completed at 0.8124 already. Further decline would likely be seen over the next several weeks.

On the downside
The AUD/USD pair is now facing the resistance-turned-support trend line on the weekly chart now at around 0.7700. A breakthrough this trend line could bring the price to next support level at 0.7535. Below this could trigger further downside move towards 0.7328.
On the upside
There is a key resistance located at 0.7875 on the 4-hour chart. As long as the price is below this level, the downside movement from 0.8124 could be expected to continue. However, a move through 0.7800 level could take price back to test 0.7875 key resistance. Above this level would indicate that the downtrend is complete, then the following correction rally could bring the price back towards next resistance level at 0.7986.

Now we look for a correction and a LONG trade opportunity

Our AUDUSD Trade Idea

Chart Time Frame: DAILY

Pattern: Bullish Cypher

Entry Area : 0.77400 – 0.77200

Take Profit 1: 0.78120

Take Profit 2: 0.78800

Take Profit 3: 0.79200

UPDATE:  Price reached the first target with 70 pips. You may close 40% of your positions move SL to entry 0.77400 and wait for the next target.

UPDATE: Price reached the second target. Profit so far: 130 pips. 

Strategy: Wait for the TP3

STOP LOSS: 0.76800-0.76600 Zone

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Warning: All markets trade in different phases; bull and bear markets don’t start overnight. Markets build through three major phases and depending on the time frame you are trading, you will see different phases.

If you enter a trade by analysing the H4 chart frame, this is just a day trading, your stop loss and take profit levels must be set up accordingly.

LTCUSD Trade Idea

WARNING ABOUT TRADE IDEAS

  1. We enter trades on different pairs and we look for other trade opportunities. So we recommend you to enter trades with the smaller size.
  2. Do not exceed 10% margin.
  3. Stop Loss and Take Profit Levels are +/- 15 pips minimum.
  4. If we do not publish an update close the 40% of your position on the TP1 level and move your stop loss to entry level.
  5. Some trades ( especially with 300-500 pips profit target) can take 5-6 days to hit the targets. If you do not have patience, do not enter the trade.
  6. Our aim is to close each with week 2500-3000 pips profit minimum.
  7. If we mention as “pullbacks are buying/selling “ opportunities and we publish pullback levels, you do not need to wait for a signal from us. Use these opportunities at the mentioned levels.
  8. All markets trade in different phases; bull and bear markets don’t start overnight. Markets build through three major phases and depending on the time frame you are trading, you will see different phases. If you enter a trade by analysing the H4 chart frame, this is just a day trading, your stop loss and take profit levels must be set up accordingly.

AUDUSD Trade Idea

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