Hi All, I wanted to share these potential patterns setting up here on GBPAUD 60M and 240M
Normally I wouldnt publish a chart with so much clutter as we need to keep our analysis simple on the chart but extensive in our findings/predictions.
I wanted to show you the amount of confluence all in one chart - If I find a Bat or a Cypher and a Gratley with all this extra confluence then normally I would only post the main Pattern I am looking at - and the bottom line comes down to the actual Kill Zone - the most important part is the Entry Stops and Exit levels to gain maximum profit from your order.
In this chart you can see the extra work involved in distinguishing Major and Minor Structure Levels, Advanced Patterns, Harmonic Moves, Price Action, Fibonacci Confluence, Psychological Even Handle numbers, SO what I would normally do is pick that execution level and post that Pattern with the STOPS and TARGET POINTS and not clutter the charts for you.
The only thing I have not put in here is Fib RETRACE - FIB Extension - FIB Inversion - with this on the screen was an absolute mess. Somewhat more than it is now.
This is what we do to try to find the best point of entry in analyzing the charts.
If price action pushes upwards we have 3 Patterns - I will walk through each pattern
BEARISH CYPHER - ORANGE - Entry is @ 78.6% 2.18100 - Very Close to even Handle and Gartley is Also minimum 78.6% entry. - STOPS would need to go minimum above X Leg @ 2.19891 - Targets we would look for a T1 @ 38.2% retrace from C to D leg after D Completion, and T2 61.8%
BEARISH GARTLEY - PURPLE - Minimum Entry is 78.6% with a perfect AB=CD move Marked in RED from A to B and this is the C to D - then we take the 1.272% FIB Extension and this provides our Kill Zone - I would like to be more conservative and place my entry half way between 78.6% and 1.272% FIB EXT - Putting the Entry @ 2.18400's - STOPS would need to go minimum above X Leg @ 2.20144 - Targets we would look for a T1 @ 38.2% retrace from A to D leg after D Completion, and T2 61.8%
BEAR BAT - Entry for the Bearish Bat will be @ 88.6% - maybe forward order entry by 10pips - I will be looking at the Even number 2.20000 for entry - Stops will be above X leg Minimum 2.22048's - Target 1 38.2% Retrace from A to D leg - 2.17616 and T2 61.8% Retrace A to D - 2.16064's
I also didnt put the T1 and T2 in purple for the Bear Gartley because they were so close to the Cypher.
If we go downwards
BULLISH GARTLEY - as long as A Leg is not broken - again with this kill zone between 78,6% retrace - 1.272 FIB EXT and Perfect AB=CD move - Entries looking 2.14095's again close to even handle - Stops Below X @ 2.12950's - or ATR based - Keep in mind GBP pairs have a big ATR - T1 will be @ 2.15382 and T2 @ 2.16180 we also have a nice level of Previous Support which should act as support
As you can see consolidation at its best - higher highs lower lows but nor closing above or below.
If anything changes I will update these patterns.
Good Luck and Happy Trading
Normally I wouldnt publish a chart with so much clutter as we need to keep our analysis simple on the chart but extensive in our findings/predictions.
I wanted to show you the amount of confluence all in one chart - If I find a Bat or a Cypher and a Gratley with all this extra confluence then normally I would only post the main Pattern I am looking at - and the bottom line comes down to the actual Kill Zone - the most important part is the Entry Stops and Exit levels to gain maximum profit from your order.
In this chart you can see the extra work involved in distinguishing Major and Minor Structure Levels, Advanced Patterns, Harmonic Moves, Price Action, Fibonacci Confluence, Psychological Even Handle numbers, SO what I would normally do is pick that execution level and post that Pattern with the STOPS and TARGET POINTS and not clutter the charts for you.
The only thing I have not put in here is Fib RETRACE - FIB Extension - FIB Inversion - with this on the screen was an absolute mess. Somewhat more than it is now.
This is what we do to try to find the best point of entry in analyzing the charts.
If price action pushes upwards we have 3 Patterns - I will walk through each pattern
BEARISH CYPHER - ORANGE - Entry is @ 78.6% 2.18100 - Very Close to even Handle and Gartley is Also minimum 78.6% entry. - STOPS would need to go minimum above X Leg @ 2.19891 - Targets we would look for a T1 @ 38.2% retrace from C to D leg after D Completion, and T2 61.8%
BEARISH GARTLEY - PURPLE - Minimum Entry is 78.6% with a perfect AB=CD move Marked in RED from A to B and this is the C to D - then we take the 1.272% FIB Extension and this provides our Kill Zone - I would like to be more conservative and place my entry half way between 78.6% and 1.272% FIB EXT - Putting the Entry @ 2.18400's - STOPS would need to go minimum above X Leg @ 2.20144 - Targets we would look for a T1 @ 38.2% retrace from A to D leg after D Completion, and T2 61.8%
BEAR BAT - Entry for the Bearish Bat will be @ 88.6% - maybe forward order entry by 10pips - I will be looking at the Even number 2.20000 for entry - Stops will be above X leg Minimum 2.22048's - Target 1 38.2% Retrace from A to D leg - 2.17616 and T2 61.8% Retrace A to D - 2.16064's
I also didnt put the T1 and T2 in purple for the Bear Gartley because they were so close to the Cypher.
If we go downwards
BULLISH GARTLEY - as long as A Leg is not broken - again with this kill zone between 78,6% retrace - 1.272 FIB EXT and Perfect AB=CD move - Entries looking 2.14095's again close to even handle - Stops Below X @ 2.12950's - or ATR based - Keep in mind GBP pairs have a big ATR - T1 will be @ 2.15382 and T2 @ 2.16180 we also have a nice level of Previous Support which should act as support
As you can see consolidation at its best - higher highs lower lows but nor closing above or below.
If anything changes I will update these patterns.
Good Luck and Happy Trading
