The market is heading to a Cypher pattern complition just before the ECB press conference.
After recent improvements in growth and inflation, ECB could express its optimism and shed their dovish feathers.
This scenario accompanied with tomorrow's US jobs data may deter aggressive profit-taking on the dollar today and underpin our plan.
OANDA:XAUUSD
Entry...
1 entry point - 2 orders
1st order: Trade the Gartley pattern, use as TP the 61.8% retracement
2nd order: Trade the continuation of the trend, market retrace to test previous structure and performs nice reversal price action
A bullish '222' Gartley pattern is forming with entry point D resting exactly upon the trendline.
FX_IDC:AUDCAD
Entry point : 1.0061
Stop Loss : 1.0007
Take Profit 1 : 1.0136
Take Profit 2 : 1.0182
There is a BAT pattern setup with very nice reward/risk ratio (>2)
The market already reached the entry point and now the trade is profitable.
Wait for a Double Top in lower time frame and short.
After taking profit from the (two-in-one) AB=CD bearish pattern setup, a Cypher pattern has been formed and is the right moment to take a 1/1 risk/reward ratio. Stop Loss placed 10 pips below X (key level structure)
So far the pair is moving nicely and according the technical analysis, there is a potential bullish AB=CD formation and a possibility for correction at that level. Be aware
Yesterday we took 27 pips from the 38.2% retracement after the Gartley completion, today market formed a crystal-clear AB=CD with 30 pips already in profit and waiting for the second tp at 61.8% retr.
Next move is the completion of the Cypher pattern at 0.8533.
Trade with care
If market break the channel there is a potential Cypher pattern forming above previous structure.
The TP point will also be the retest of the channel trendline, so a sell setup
