Good morning traders,
AUDUSD has completed the C-leg (1.27% extension of A-B) of a predicted Cypher pattern on the M15 timeframe.
If we break and close above the Weekly Central Pivot Point then we will be looking to take this long to the 0.79300 zone. Our preferred entry into this Cypher pattern will be around 0.79400 for Risk/Reward reasons.
We also have a small Bat formation lining up with our trade plan to break above the channel resistance before pulling back to retest structure. This will give us our long entry ONLY if we see bullish evidence at this level.
Bear in mind that we look to be setting up for a larger bullish Bat formation that's looking to complete the D-leg down at 0.78255.
All the best,
Mase.
AUDUSD has completed the C-leg (1.27% extension of A-B) of a predicted Cypher pattern on the M15 timeframe.
If we break and close above the Weekly Central Pivot Point then we will be looking to take this long to the 0.79300 zone. Our preferred entry into this Cypher pattern will be around 0.79400 for Risk/Reward reasons.
We also have a small Bat formation lining up with our trade plan to break above the channel resistance before pulling back to retest structure. This will give us our long entry ONLY if we see bullish evidence at this level.
Bear in mind that we look to be setting up for a larger bullish Bat formation that's looking to complete the D-leg down at 0.78255.
All the best,
Mase.
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Phase 1 complete:
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Phase 2 complete:
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For those of you holding the sell from the small Bat pattern, congratulations. Targets are down at 0.78255 where a larger bullish Bat pattern is set to complete: