TheForexSamurai

Pattern Based Trade setup for LONG/BUY

Long
TheForexSamurai Updated   
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
A potential bullish cypher is near to its completion for a long/buy opportunity.

Cypher rule:

XApt - First market swing/leg
ABpt - 38.20% < 61.80% XA leg
BCpt - 127.20% < 141.40% point AB leg extension *price must not closed beyond 141.40 if it does, pattern is invalid.
Dpt completion - 78.60% XC leg - ENTRY

SL level: above/below the pattern's X point as we could determine it as a good support or resistance zone/level or with a good 1:1 Risk:Reward Ratio prior form the price completion (entry) to TP 1.
TP level: TP 1 on 38.20% AD leg, TP 2 on 61.80% AD leg and for TCT (trend continuation expect a formation of new highs/lows so on the recent lowest/highest price swing of the market structure (pattern).

Trade with care and Good luck!
Comment:
A pip shy before market hitting target 1 and 2.

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