Casey_Yeo
Long

AUDNZD - Long pattern near completion

FX:AUDNZD   Australian Dollar / New Zealand Dollar
Limit buy order: 1.0640
Stop loss: 1.0520
Target profit: 1.0880

Comments

Honestly, I don't know how this measures it as 0.714. If you run the fib retracement tool from X to C, you will get 0.786 at point D. May I ask what is the minimum to be considered adequate for B-D?
Reply
ForceFollower Casey_Yeo
Yes, it's misleading, :) the X-D dimension is the retracement of the X-A, not X-D. :) Just grab the D pivot, move it up and down and see where the X-D equals 1 and 0 (it should be at X and A accordingly). Your 0.714 is OK., I guess, because I have found it could be as small as 0.708 (even though the textbook requirement is 0.786).
What is the minimum B-D? The reference sites claim it to be 1.272. But as far as I'm concerned, even 1.09 would do. Here's a recent example of a very effective cypher in AUDNZD:

Reply
Casey_Yeo ForceFollower
Thanks mate! I believe that the 0.786 requirement applies to fib retracement of XC, instead of XA. Correct me if I'm wrong. And I never knew there is a minimum BD requirement. All I know is that the D leg needs to go beyond B.
Reply
ForceFollower Casey_Yeo
Sorry, but none of the dimensions refers to XC. There are are only four of them:
1&2. XD and XB refer to XA.
3. BD refers to BC and
4. AC refers to AB.
Reply
Yes. up! :)
Is in your opinion 0.714 enough for an X-D dimension to qualify as a cypher pattern? 1.021 seems also to be inadequate for the B-D dimension...
But I agree with you - it's at the bottom of a range, quite close to the long-term support and long seems to be the best option.
Reply
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