HatZ
Short

potential bearish cypher

FX:AUDJPY   Australian Dollar/Japanese Yen
42 3 1
Overall trend in the next higher timeframe is bearish . The pattern compliments that trent.
It also looks to complete near a prior resistance.
dojitrader
2 years ago
I'm watching this also.
This platform does not account for Cyphers, however, it shows point D
as a ratio of point C to B when the .786, as you know, should be measured
from C to A. Thus the correct point D is around 93.65.
Usually pt d shows a figure around .71 but, in this case is higher
because pt b went past the .382 a fair distance.
Good Luck to us Both !!!
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dojitrader
2 years ago
I meant to insert chart
snapshot

Not smart enough to remember hitting the insert button, I guess.
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HatZ
2 years ago
For the Cypher, I think you meant D point is to be measured from X to C (0.786 XC retracement).
Could you explain what you meant by "Point D as a ratio from point C to point B"?

Also, this pattern could also be considered as a bearish shark as C point completed an external retracement of AB by 1.618. In this case the completion of the pattern is 0.886 XC retracement.

I'm actually a little skeptical about this setup. I use Carolyn Boroden's work on fibonacci price clusters, and there are no clusters forming around 0.786 or 0.886 XC retracement.
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