Oztrade

BULL CYPHER - BEAR BAT - GBPAUD - 240M - Potential Opportunity

FX:GBPAUD   British Pound/Australian Dollar
Hi All, I wanted to share this potential setup, we are looking at a neutral position entries in both ways.

Orange Bat Pattern - Entries have been brought just below 88.6% to ensure we get filled.

Blue Cypher Pattern - Entries have been placed at 78.6% - as we know the win ratio for the Cypher pattern is very good and we rarely see an exact 1:1 risk reward for Target 1 - here is a slight inverse Risk Reward - maybe your rules tell you that it needs to be 1:1 minimum - if price gets to this level then simply look for another reason for entry. Price may test the lows giving you increased reward less risk.

I have also put the lines for T1 and T2 for both patterns - again Blue and Orange.

If D leg pushes closer to the X leg we simply move our Targets along with Price until it stops and hopefully comes back to hit our targets. This would be as follows

Bat Pattern - A-D leg - Retrace 38.2% T1 - 61.8% T2

Cypher Pattern - C-D Leg - Retrace - 38.2% T1 - 61.8% T2

When T1 is obtained we move our stops to break even.

I also posted this the yesterday with some harmonic moves pushing upwards and almost hit each level that I filled in the chart. Now it presents us with the Cypher so I wanted to post this again for us to keep an eye on. As we know price can do 3 things - go up down or sideways.

Where price is now - we almost had a 222 Gartley D Completion but the C Leg of the Cypher did not meet the 618 222 Gartley Criteria.

Any comments don't hesitate to advise.

Happy Trading
I wanted to also share this post or chart with you guys - this is from @4xForecaster - Im not familiar with this study - I base all analysis with structure advanced patterns fib confluence and use some other filters. Very interesting though. I guess this will go hand in hand with AUD falling - eventually we will see the drop in GBP when AUD gains momentum. As long as we stick to our rules and trade the plan then all will be well.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out