On the GBP.AUD 1hr chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.
The price reversal zone on this pair is between 1.7098 & 1.7141 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 setup placed at the .382% and .618% retracement of the C to D move. There is also opportunity to look for extended targets at around 1.6947 Stop loss would be placed above X leg structure resistance .
Target 1 - 1.7034 Target 2 - 1.6994
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Please note, the D leg completion is at 1.7098
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Price approaching D leg completion
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Target 1 should now be attained.
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I minor pullback and push lower is to be expected into next week.
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A Step by step guide to trade the Gartley pattern
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Your extended targets should now be attained at 1.6947
Hey man been going through your signals, been really helpful as I am learning to trade patterns myself! The only thing that confuses me here is the X->A line you drew. Doesn't the XA have to be a new high or new low?
UnknownUnicorn180388
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@Nogioski, Hi,
If you identify the last impulse the X leg has been drawn from the top.
That is where some subjectivity comes from, although everyone is looking at the same chart we all see different areas.