AUD/NZD - Gartley 886 and Cypher
Updated
What's going on traders, I hope you've all had an excellent weekend. I'm bringing you an opportunity to keep on the watch list, today we have AUD/NZD on the 1h chart with a bearish gartley 886 and bearish cypher.
Gartley patterns at an 88.6% retracement of XA are unique, this is utilised when the AB=CD completion extends past the 78.6% retracement which is the standard measurement.
If we execute the trade based on the gartley, allow more room for the stop loss than usual... Between 1.0 and 1.13 of XA (beyond X).
The cypher pattern uses a stop loss beyond X.
Pay attention to both formations if we see price break above the 1.07800 area, we can then start considering a shorting opportunity.
Feel free to share your views below.
Gartley patterns at an 88.6% retracement of XA are unique, this is utilised when the AB=CD completion extends past the 78.6% retracement which is the standard measurement.
If we execute the trade based on the gartley, allow more room for the stop loss than usual... Between 1.0 and 1.13 of XA (beyond X).
The cypher pattern uses a stop loss beyond X.
Pay attention to both formations if we see price break above the 1.07800 area, we can then start considering a shorting opportunity.
Feel free to share your views below.
Note
Price closed above B point resistance, looking for a 50 pip move to the upside followed by a sell-off.
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