2018Jun01 GBPCAD H4 Possible Bearish Cypher

There is a possible bearish cypher for GBPCAD. Upon D completion at 1.74575 (78.6 of XC) and confirmation of the bearish bias, I will go short. Take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg CD. The stop loss has the same number of pips as TP1 by default. Tentative details are as follows:

Trade Setup: Possible Bearish Cypher
Price Entry 1.74575
SL 1.76117 | SL pips 154.2
TP1 1.73033 | TP1 pips 154.2
TP2 1.72081 | TP2 pips 249.4
RRR1 1.00 | RRR2 1.62

Trade attivo:

I considered rejection at D completion as confirmation of the bearish bias. My sell limit order at that level got triggered. (June 8)

Trade chiuso: stop raggiunto:

SL hit! (June 21)