BULL CYPHER - BEAR BAT - GBPAUD - 240M - Potential Opportunity
Hi All, I wanted to share this potential setup, we are looking at a neutral position entries in both ways.
Orange Bat Pattern - Entries have been brought just below 88.6% to ensure we get filled.
Blue Cypher Pattern - Entries have been placed at 78.6% - as we know the win ratio for the Cypher pattern is very good and we rarely see an exact 1:1 risk reward for Target 1 - here is a slight inverse Risk Reward - maybe your rules tell you that it needs to be 1:1 minimum - if price gets to this level then simply look for another reason for entry. Price may test the lows giving you increased reward less risk.
I have also put the lines for T1 and T2 for both patterns - again Blue and Orange.
If D leg pushes closer to the X leg we simply move our Targets along with Price until it stops and hopefully comes back to hit our targets. This would be as follows
Bat Pattern - A-D leg - Retrace 38.2% T1 - 61.8% T2
Cypher Pattern - C-D Leg - Retrace - 38.2% T1 - 61.8% T2
When T1 is obtained we move our stops to break even.
I also posted this the yesterday with some harmonic moves pushing upwards and almost hit each level that I filled in the chart. Now it presents us with the Cypher so I wanted to post this again for us to keep an eye on. As we know price can do 3 things - go up down or sideways.
Where price is now - we almost had a 222 Gartley D Completion but the C Leg of the Cypher did not meet the 618 222 Gartley Criteria.
Any comments don't hesitate to advise.
Happy Trading
Orange Bat Pattern - Entries have been brought just below 88.6% to ensure we get filled.
Blue Cypher Pattern - Entries have been placed at 78.6% - as we know the win ratio for the Cypher pattern is very good and we rarely see an exact 1:1 risk reward for Target 1 - here is a slight inverse Risk Reward - maybe your rules tell you that it needs to be 1:1 minimum - if price gets to this level then simply look for another reason for entry. Price may test the lows giving you increased reward less risk.
I have also put the lines for T1 and T2 for both patterns - again Blue and Orange.
If D leg pushes closer to the X leg we simply move our Targets along with Price until it stops and hopefully comes back to hit our targets. This would be as follows
Bat Pattern - A-D leg - Retrace 38.2% T1 - 61.8% T2
Cypher Pattern - C-D Leg - Retrace - 38.2% T1 - 61.8% T2
When T1 is obtained we move our stops to break even.
I also posted this the yesterday with some harmonic moves pushing upwards and almost hit each level that I filled in the chart. Now it presents us with the Cypher so I wanted to post this again for us to keep an eye on. As we know price can do 3 things - go up down or sideways.
Where price is now - we almost had a 222 Gartley D Completion but the C Leg of the Cypher did not meet the 618 222 Gartley Criteria.
Any comments don't hesitate to advise.
Happy Trading
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