On the EUR.NZD 15min chart we have a potential long opportunity at the D leg completion of a Gartley Pattern
The price reversal zone on this pair is between 1.676 & 1.672 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Gartley Pattern placed at the .382% and .618% retracement of the A to D move. Stop loss would be placed below X leg structure support.
Hi Tom, similar pattern appears to have developed on £nzd, I just posted an idea there. Regards, Derek.
UnknownUnicorn180388
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Hi Derek,
Nice trade, the pattern is not valid for me personally but aslong as it fits your rules to trade.
DerekUweri71
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Thanks for taking a look. What do you see wrong with it?
UnknownUnicorn180388
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The C leg is above the A leg, for me personally this would make it in invalid bat pattern.
DerekUweri71
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Yes, I agree with you, it's not a BAT. It's more of a cypher.
UnknownUnicorn180388
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Again this is only my rule set but for a Cypher I look for a minimum of a 1.272 C leg extension.
DerekUweri71
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Again Tom, I agree. It might be a 1.13 C leg extension cypher. Lol!! Appreciate the comments. Price has done about 90 odd pips in the last couple of hours, the Range is crazy. I could say it's hit Target 1 - 382%. I'm curious to see how this one plays out.
UnknownUnicorn180388
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Aslong as it fits your rules to trade that is all that matters.
Have a great day/week :-)