Nico.Muselle
Long

EURAUD continued - Gartley into Cypher

FX:EURAUD   Euro Fx/Australian Dollar
801 42 7
Continuing my post on this pair (see below), we completed a gartley pattern and are now retracing down from it, allbeit a bit choppy. If price extends a bit more to the downside we might se a completion of the blue cypher pattern .

At completion the probability is high that we see a small reversal into the 0.382 and eventually the 0.618 retracement , giving us another opportunity to grab some pips.

The overall trend on this pair is still bearish as you can see here :
EURAUD - another 2618 setup
Also a butterfly in there as well which would complete at the 127 and with confluence at the 88.6 of the cypher D leg. For me I will leave the cypher on this occasion and take the butterfly.
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Excellent ! Do you have a chart for that ?
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watching that cypher too, but on a 60min chart
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Perfect, all we need is a little downside to get filled :)
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MinervaFX Nico.Muselle
that "little" is about 100 pips :D
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With the volatility these days that can't be a problem, right ? :D
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MinervaFX Nico.Muselle
sure, shouldn't be a problem. I've also shared an idea, there's also forming a bullish butterfly pattern where the D could be just above X of that cypher.
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snapshot
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The Cypher is looking good, but isn't the C-point a bit high for the butterfly ? For what I've learned from Akil and Jason it should not close above the 50% retracement of AB ?
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MinervaFX Nico.Muselle
ok, I didn't know that. so perphaps you are right. As far as I know it should be valid, but that's what I've learned from one www. But very good to know, thanx ;)
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Maybe you should check what Scott M. Carney says about it, I did not verify that either .. so it might still be valid :)
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MinervaFX Nico.Muselle
I have that book, but i don't have the free time :D
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Just verified it, and according to Carney the C-point can be between 0.382 and 0.886 retracement of AB. So your butterfly is correct ! ;)
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kris.deswerdt MinervaFX
for a quick overview of the ratios you can also use harmonictrader.com, but maybe that is the www that you already referred to ;)
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hi mate, what pattern is the blue cypher pattern? i started studying harmonic but i can't find a pattern where C point is higher than A
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The blue cypher pattern is a .... Cypher pattern :D
Check my latest USDJPY post for an explanation on how it works, hope that helps you ! :)
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MinervaFX Nico.Muselle
hahaha :D
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Nico, are you following this pattern? Any comment please?
snapshot
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Yes I am, published it last Sunday ... You can find my publication here :
AUDUSD - bearish bat completing in resistance zone
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Shaior Nico.Muselle
Nico, this is different one in 1h time frame. That Bat you published last sunday in 4h time frame. I am following both ......
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i'm watching the bearish bat on 60 min chart and it is valid so it could be a nice short
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Yes I noticed ... apologies ... I did not see this one so it's a nice opportunity .. ! :)
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Shaior Nico.Muselle
I hope so... :)
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Thanks both, added it to my watchlist :)
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that could be a nice short as it would complete the B-C leg of a larger bullish bat
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both of my targets hit. it was a nice ride
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And what about this pattern..... ?
snapshot
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The Cypher does not touch/exceed the 1.272 extension of XA ... so it's not a valid cypher I'm afraid
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MinervaFX Nico.Muselle
with my data feed the C is just below 127.2.
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Same here ...
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Shaior Nico.Muselle
Yes, it hasn't touched 127.2 exactly. It is 1pip below from 127.2. So, let's skip it....
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so close, yet so far from a nice pattern and a potential trade :D
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Shaior Nico.Muselle
Thanks Nico and MinervaFX for the correction.
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Next ! :)
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MinervaFX Nico.Muselle
off the topic, that word "NEXT" reminds me of a fat lady in a grocery store during hard communism with no emotions on her face calling the next customer :D
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LOL ... well, you should not have any emotions on this ... just look for the next opportunity :)
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Shaior Nico.Muselle
Do you trade lower time frame pattern, i mean below 1h?
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No, 60 mins used to be the lowest, now I trade on 120 and 240 minutes.
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Shaior Nico.Muselle
me too. Following this pattern too. It's far from completion, but will be good one if it reach at 88.6%...
snapshot
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snapshot
sorry for the late response
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Nice ! ... wait and see I guess :)
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Agreed. Nice application of harmonic patterns.
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