Akil_Stokes
Short

AUDCAD: Bearish Cypher. I think it's a LOSER...But I'm In

FX:AUDCAD   Australian Dollar/Canadian Dollar
We've had a hell of a ride as of late on the AUDCAD             . Through some difficult pattern trading weeks this pair has been the one keeping my head above water. We now have yet another Cypher pattern that just completed minutes ago.

In all honestly, I'm fully expecting a loser on this one. Why? Well it's just the numbers. Even with the Cypher having a completion rate up to 75-80% 5 in a row without a loss seems a little unlikely. Will this stop me from taking the trade? Heck no! It's a "GOOD" trade and that's all i look for in the market. If you need another example of this check out the piece i just wrote on yesterday's USDCAD             trade that I didn't want to take "the Best Type of Trade" http://tradeempowered.com/the-best-type-of-trade/

Either way, stops need to be above the X leg, i'd say at minimum 0.9685s and initial targets (assuming we turn around on a dime) would be down in the 9545s area.

Good luck with this one traders and remember we trade the plan not our emotions!
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rules are rules :P
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Exactly and when we can eliminate these false expectations from our trades ("it has to win"), it makes it that much easier to follow our rules..
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Good call Akil. Judging from the explosive move of Price Action from the C leg to the D point Completion. We could see pricee continuing higher. Hey a trade is a trade and as long as a person follows their plan, all is good.
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Akil_Stokes PRO Siyabonga_Ngcobo
I'd love to hear a definition of "explosive move" but yeah, we could go higher...we could also stop on a dime and fall. We never know, all we can do is put ourselves in a position where we have the edge.
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The bc is not supposed to be maximum 1.4 ? If you ignore the spike and take the "close" low is a cypher from what I know, but I don't think it's ok.... It's a question, not a debate, I don't trade harmonic to much so I don't have experience
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For a cypher the C leg cannot close below the 1.414, it's okay if the wick touches and passes it.
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Sorry I think i misunderstood your question. Yes you are correct if you ignore the spike it would not be a valid cypher as the 1.272 would not have been hit.
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Hey Akil. I was eyeballing this last night and I set my limit order. Don't shatter my dreams! Although we have had an amazing past couple of weeks with this pair
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Akil_Stokes PRO J_Graystone
It's all up to the markets now, May the trading gods be on our side once again
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moneymaking Akil_Stokes
"Trading gods" Nice one :)
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Looks good akil. There is no reason for not taking this trade. Trading your plan. Good Luck :)
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Akil_Stokes PRO moneymaking
Indeed, just looking for "one good trade"
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J_Graystone PRO Akil_Stokes
Just been triggered into the EURUSD 4hr trade too
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Hey akil, all previous 3 cyphers worked out so well. Great job :)
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Akil_Stokes PRO moneymaking
Yeah nomatter what happens with this one it's been a pair for us
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GOOD DAY AKIL.

Just a Question. My B to C leg does not finish at a 127.0% if I draw in my fibinacci's. Is this still a valid cypher pattern as I know you guys teach that it has to at least reach the 127.0% extension?
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Akil_Stokes PRO ErrolMuller
If it doesn't hit the 127.2 then it's invalid. Please make sure you're drawing it on correctly, I've seen a lot of trader that sure the tradingview "pattern tool" come up with wrong fibonacci levels
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ErrolMuller Akil_Stokes
Thanks Akil. I used Fibonacci in my MT and its a invalid pattern, or lets say according to my rules ;)
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Akil_Stokes PRO ErrolMuller
No problem, great to hear you're following the rules despite what other say. "trade what YOU See!"
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alan.perego Akil_Stokes
Could you tell me what are the correct levels of fibonacci? please
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Akil_Stokes PRO alan.perego
the 1.272 is correct Alan
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alan.perego Akil_Stokes
Thanks
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thanks for sharing , as usual great work and by the way i am in with you even if this a loser still one good trade will be happy to lose like that
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I think once a trader accepts the fact that they are going to take a lot of losses throughout there career it makes it much easier to handle them mentally
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WSM Akil_Stokes
as the lose still 2% or even less it always be a nice joke to me since the win is at least 3% just let's call it FOREX TAXES lol
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This isn't a pair in my portfolio, but once again a great trade.
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Thanks Tom
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Im Out of this trade. +55 Pips!! Another Cypher Winner!
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moneymaking J_Graystone
Hey graystone, I'm also out. Thanks to akil for this great setup, were you able to identify the other 3 previous patterns and make some profit from them as well?
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J_Graystone PRO moneymaking
Sure, this is the last of 5 I've actually traded on this pair in the last few weeks. Its definitely the CYPHER Pair
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moneymaking J_Graystone
Whao, nice work :)
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Akil_Stokes PRO J_Graystone
Yeah this pair as certainly been a gem. CONSOLIDATION BRINGS PATTERNS!!!
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Akil_Stokes PRO J_Graystone
I'm out as well, only banked 54 pips though so you got me!
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ThomasJeff_DCM Akil_Stokes
I´m still in this bad boy the consolidation is scary but i moved my stop down to 0.9560 so lets see its going nuts right now with the news specialy GBP/USD
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J_Graystone PRO Akil_Stokes
Whats a pip between friends?! ;-)
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Nice chart.
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ThomasJeff_DCM PriceActionTrading
There is a new bullish cypher but the formation don´t look very good. I´m wondering if we should take it or not. X at 0.9431
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ThomasJeff_DCM ThomasJeff_DCM
AUD/CAD Potential Bullish Cypher pattern
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Akil_Stokes PRO ThomasJeff_DCM
If it meets the rules it's a "good trade"
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ThomasJeff_DCM Akil_Stokes
The fibs does but it don´t look very "harmonic" in the way the first retracement is so close. But well have not back tested this pair yet so don´t know its potential outcome in the long run
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AUD/JPY - Gartley Pattern / Potential 2618
AUD/USD Gartley Pattern - H4

I am also looking for Aussie to fall off a cliff, we they have 2 setup's on AUD/USD & AUD/JPY
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Good eye Tom. I've got the same charts on the radar :)
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TomHall TOP ErrolMuller
Thank you, Great mind's think alike :-)
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