It's a long way off but a Bat would complete at the 179.33. Because of where the bc retraced off the ab leg, I'm not going to necessarily enter this trade at completion. I'll wait for confirmation because the pattern is setting up like a Alternate Bat pattern would. At the 1.13.
As I have said before, please don't set hard entries on pattern trading. This example, (yeah I know. Hindsight) the real move to consider is when price hits support. When price hit the prz on the Gartley pattern there was no indication of a reversal. But, time and time again I see traders being taught to set those hard entries with, in this case carries a very big...
Yes, we have a cypher pattern completion but I'm not an advocate of setting hard entries on any pattern completion except the alternate bat pattern. As we can see, price has slipped past the .786 completion. I would wait for confirmation price wants to reverse. There is plenty of time to wait for confirmation and still have a good R/R ratio on this large pattern.
Although I'm not a fan of hard entries on pattern trading, Carney says Alternate Patterns can retrace suddenly from the 1.13 completion. I'm in with a relative small stop and very good R/R.
Trend lines aplenty. Downward channel. ab may hold back up to trend line. Close below ab gets me in down to or about the cd trend line. Be cautious at support.
Chart shows possible alternate bat completion. The hourly shows price at decent resistance. I sold @ .8475 with the 1.13 as the target. R/R is excellent.
I called the previous alternate bat pattern to get to this possible set up. We are close to a regular bat completion but I think with the minor retracement of .382 and confluence at the 2.0 and 2.618 we need to consider the alternate bat at the 1.13
This Bat could give up excellent R/R. D point has hit the entire PRZ.
Strong confluence guide the pattern whether it is a Bat or Alternate Bat Pattern. On the bat the .886, 1.618 and 2.14 are very tight. The Alternate Bat confluence of the 1.13 extention and 3.14 are also tight with some past support thrown in. To play the Bat, I would first want a reversal signal out of the PRZ. Before entering the Alternate Bat Pattern, should...
It seemed this beautiful Cypher pattern would take a bit more time to complete until the RBNZ rate decision. The pip train blew past what would be an entry at the .786 (1.0947). The stop at X plus 10 pips is still safe but the trade would be down about 26 pips and at one time, twice that. With a little more push the stop would have been hit. Although the bc...
Price is sitting on a nice support shelf. Although we've had a lower high after many H/H and H/L, the pair does not seem to want to drop below this shelf of suport. Although there is a Gbp/Jpy butterfly in the making, the pair may retrace for a good R/R without nullifying the butterfly completion. To me, the present support is the immediate factor in price action.
This Cypher may complete near the RBNZ rate decision. Watch for excess market movement.
This big cypher pattern completion could reap good R/R. T1 and T2 both complete close to Resistance.
All three patterns are in play...but...do we take the largest one as I have often read and heard. I personally like for price to hit all prices in the PRZ. If they don't, I'll want a pretty strong indicator to get me the trade. Yes, I may miss some but this strategy may prevent more stops being it than not
The xa leg 1.27 @ 171.55 The bc projection of 2.0 @ 171.41. The alternate ab=cd @ 171.47. All form a tight PRZ. If the tradeis taken at the bottom of the PRZ a nice risk reward ratio sets up for target one at the ..382 retrace of the entire move.
Good opportunity to Sell retest of the .8800. Fundamental weakness of Nzd and geopolitical run to Yen all may lead to a significant downside move.
We have a Cypher and Bat pattern in close proximity, both going long. Seems best to look at lower time frames and pick an entry point. This close to double zeros, it may be wise to look for a test of support.
Although there are lower highs, it seems a good opportunity to use the strong resistance at a double zero.