Akil_Stokes
Long

AUDCAD: Part 1 worked. Now will part 2?

FX:AUDCAD   Australian Dollar/Canadian Dollar
Following up on the idea I posted this morning, AUDCAD             has rolled over nicely completing my earlier prediction. Now it's time to execute the second part of this trade and go from seller to buyer as I look to take advantage of the Bullish Cypher pattern .

Akil Stokes -Head FOREX Trading Coach at Trade Empowered
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dakinola
2 years ago
You're the MAN!
+1 Reply
Akil_Stokes TOP dakinola
2 years ago
I am the man aren't I!!! Just kidding ofcourse, thanks you for the compliment
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TradersClassroom
2 years ago
Looks like a runaway train. Hopefully if it gets down to the X it holds
+2 Reply
Akil_Stokes TOP TradersClassroom
2 years ago
Yeah hopefully the bulls will step in soon and we'll see some buying pressure resume
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JC_Saints Akil_Stokes
2 years ago
Just call BK and tell them to stop bying the loonie ;)
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stiwart
2 years ago
Maybe this continue bearish if daily resistance it's broked :)
+1 Reply
DayFarrell
2 years ago
Hello Akil Stokes, i have a question regarding the cypher pattern. I'll refer to the two triangular waves within that pattern as wings, (since they resemble butterfly wings). If there's an instance where the larger wing presents itself before the smaller wing, can you still apply the same rules and treat it as a cypher pattern? (similar to an expanded flat, only is has an ascending slope using a bullish example).
Reply
Akil_Stokes TOP DayFarrell
2 years ago
The length on the wings won't make a difference, the ratios are what matter
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DayFarrell Akil_Stokes
2 years ago
Okay thanks. This trade seems a bit more on the risky side though, i did what you guys prescribed and check the higher time frame, (daily) and there are a few patterns that are pending completion, so wouldn't it conflict with your current expectations? Or is taking the trade attributed to the rule of sticking to your trade plan regardless?
Reply
Akil_Stokes TOP DayFarrell
2 years ago
A pending or a predicted completion is just that a prediction. Just because we make one doesn't mean it's going to complete it, so I never pass up on a completed pattern in hopes of a potential pattern. Now there are some circumstances where you may have multiple patterns on the same time frame that complete one after the other and a decision must be made on which to enter. But in this particular case I believe you're talking about potentials that exist on higher timeframes. Another thing to take into account is which time frames the trader defines as there "trading timeframes." For example my rules don't allow me to base trades off of the daily, only using it as a birds eye view for analysis so if a valid pattern occurs on that timeframe similar to the cyphers we've been watching on the gbp pairs (not sure if you're a syndicate member or not) It's one thing to know they exist but I won't pass up on a valid trading opportunity because of them. I know that was a little long winded but I hope that makes some sort of sense.
+1 Reply
DayFarrell Akil_Stokes
2 years ago
yes i fully understand, makes sense, thanks.
+1 Reply
Akil_Stokes TOP DayFarrell
2 years ago
No problem, glad I could help
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iznogood
2 years ago
joined @1,0116/sl 1.01
+1 Reply
Tontsake
2 years ago
Price went through the floor below bullish cypher pattern, so I think it is invalidated now?
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Akil_Stokes TOP Tontsake
2 years ago
If you were involved at the original entry you should still be in the trade and in the black now, if you're late I certainly wouldn't look to re-enter as the risk/reward is just horrible now for a fresh entry
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Akil_Stokes TOP Tontsake
2 years ago
But technically speaking yes, once the "X" leg is penetrated the pattern is invalid. Perfect opportunity for graceful exit
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Tontsake Akil_Stokes
2 years ago
Thank you Akil.
Reply
Josh_Marshburn
2 years ago
Still in this one, go bulls!
+2 Reply
Akil_Stokes TOP Josh_Marshburn
2 years ago
Me too josh, targets are a lot smaller now, but any type of profit is better than any type of drawdown. let's see what we can get out of this one.
+3 Reply
iznogood
2 years ago
+37pip... tnxs again Akil
:D
+1 Reply
Akil_Stokes TOP iznogood
2 years ago
Gave us a lot of pain, but worked out extremely well!
+1 Reply
m4nti
2 years ago
What a beautiful rally.
+1 Reply
For those who stuck with this trade throughout the pain. Time to RING THE REGISTERS GREAT JOB!!
+2 Reply
sky2020 Akil_Stokes
2 years ago
was your target 1 still 1.01701? I adjusted my target 1 to 1.0154. DId you do something similar?
+1 Reply
Akil_Stokes TOP sky2020
2 years ago
Yes, I had to adjust mine as well so that dip ate into my profit. Stinks, but anything earned is better than anything lost I suppose
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