Oztrade
Long

HIGH PROBABILITY TRADE - GBPAUD - BULL CYPHER - LONG OPPORTUNITY

FX:GBPAUD   British Pound/Australian Dollar
183 1 5
Hi All,

Here we have a high probable trade if price gets to this level - I have marked on the chart confluence levels which are great to see at our entry point.

Anyone can post an advanced pattern - but the most important thing to have a high probable trade is to find the previous Patterns Profit area's where Sellers exit the market, and also to look for structure levels, Fib Confluence, Even Handle Numbers as much as you can find presenting more confirmation of the reversal zone gives us the higher probable trades.

I will step through each one

1. We have an Advanced Pattern setting up here - Cypher Blue

2. Depending on how we get there we no doubt will have a Possible AB=CD Completion when we come down to retest the 216.500 level. - we will see price go back up then down maybe sideways for a bit, it may just drop straight past B Leg

3. We have the 61.8% Retrace from the swing low to swing high of this total move marked in RED ARROWS - this 61.8% is an area where Traders take profits and buy based on Fib - the main profit takers at this level are the ones who have held the Big Bat and Big Cypher Pattern

4. We also have a 1.272 Fibonacci Inversion at our D completion. Where we invert the extension and use our C back to B Leg and back up. We also have a minor 1.414 Fib Inverted from most recent Move completing at our D Entry - I didnt put this on the chart.

5. This is a good level of Structure Support from previous levels - hopefully Support will remain and and resistance becomes support.

I have marked standard Entries Stops and Targets - T1 and T2 will need adjusting based on our D Completion. Again look for the 38.2% and if you take a second Target would be 61.8% also keep your eye on any structure levels that may need you to adjust your T1 T2 to these levels

Remember to hold your trades, we dont always go up to hit Targets as we all would like for this to happen very fast, we may see price come past D entry - then go sideways testing the lows before continuing upwards and then back down, maybe sideways for a while then eventually it will HIT T1 and Hold your trades T2 will be hit.

Good Luck - still got some ways to travel as we have not past B Leg but good to be in front.

Happy Trading



Oztrade
a year ago
Hi Traders, after we had some success with the Bearish Patterns we see price dropped from hitting our BAT Entry to hit Target 1 and almost nearing our Target 2 - this pattern however is invalid now because we have closed above the 1.414 - but we have formed another Cypher - entry is just below our Target 2 for the BAT PATTERN - I will post it shortly
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