FX:AUDUSD   Australian Dollar / U.S. Dollar
936 5 15
AUD/USD             - 4h Chart - Cypher Pattern
Cypher Pattern - D leg completion at 0.7326 - Bearish Pattern

Price is now approaching the B leg resistance level between 0.7184 & 0.7204.
If price can break beyond this B leg resistance level there is a strong probability we will get a D leg completion Friday/Monday.

Although advanced             and harmonic patterns are based purely of price action, we always should be cognizant of the US data which will be released tomorrow afternoon.

Potential targets are placed at the .382% and .618% retracement of the C to D move.
Stop loss has been placed above X leg structure resistance .

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I disagree with this one here Tom. The A point that you take was due to a lack of liquidity that ran out of control, I don't think it is important to the overall structure.
TomHall asiansupermarket
There are many other factors that I take into consideration prior to trading a particular pattern.
With this pattern the structure is important, but there is also Fibonacci confluence along with other indicators that I take into account.
I may not trade this pattern myself yet, it will all depend on how price respects these certain levels.
+1 Reply
In that case I do agree on your direction of the price; a small leg higher then a pull-back.

My opinion is that you are forcing the structure to fit, although I do not have an alternative to give you. Let me put it this way; when you draw these structures there is usually a small degree of error and deviation allowed which represents the approximate forms. With this big candle we can't move the A point at all and the whole structure relies on that one point being accurate.

I do think you are right with the price movement due to the other data, and I am shorting AUDUSD.
TomHall asiansupermarket
After having a profitable strategy for many years I wont fix what isn't broken, however I will take your thoughts on board.
+1 Reply
Now with hindsight would you make changes to the structure? Or is that the Cypher pattern's margin of error?

Make no mistake, I respect your strategy and explanations, and I do not doubt that it works. I just want to learn your style of TA because our trades usually intersect.
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