On the EUR.NZD 15 min chart we have two potential short opportunity's at the D leg completion of Cypher Patterns Price Reversal Zone - Blue 1.7038 & 1.7133 Price Reversal Zone - Green 1.6919 & 1.6985 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's. Potential targets for the Cypher Pattern placed at the...
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boafx.com The large sentiment rally over the beginning of the month caused the EUR/NZD to pull back to a previous area of resistance where it rejected that level. Since then the Fundamentals have improved on the NZD and with various ECB press conferences going on at the moment and the Greek bailout looking more and more uncertain we can expect this to test
Bat patterns need: .382 or .500 XB leg (we have a .382) .382 or .886 AC leg (we're just shy of .886) 1.618 or 2.618 BD leg (we're just shy of 2.618) .886 XD leg This looks like a bat pattern to me. Since XA is a .382 retracement and we have a strong bearish trend, I think the .618 is a good TP1 and the 1.272 is a good TP2. Stops above X.