On the EUR.NZD 15 min chart we have a potential short opportunity at the D leg completion of a bearish Cypher Pattern
The price reversal zone on this pair is between 1.6690 & 1.6724 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Fibonacci Confluence: 78.60% - 1.272%
Potential targets for the Cypher Pattern placed at the .382% and .618% retracement of the C to D move. There is also opportunity to look for extended targets at around 1.6575 Stop loss would be placed above X leg structure resistance
Hi,
For me personally no, patterns only become valid when they hit all Fibonacci points.
Price action must hit the D leg before looking to take a short position.