AUDNZD - an opportunity to trade the big C-leg down

28 Jan 2015

I've been eyeballing this big cypher pattern (in blue) on AUDNZD for a couple of days now, unable to find a reason to short the C-leg of it ... Till now !

A nice bearish Gartley (green) has formed which gives us the opportunity to ride at least some of that C-leg of the Cypher down and take some pips out of it.

For the conservative trader :
T1 - .382 retracement (1.0678),
T2: .618 retracement (1.0638)

For the more aggresive trader :
T1 : .618 retracement (1.0638)
T2 : 1.272 extension (1.0528)

SL as always goes above the X-leg of the current pattern (pips according to your rules)