Akil_Stokes
Short

AUDCAD: A Cypher Within A Cypher

FX:AUDCAD   Australian Dollar/Canadian Dollar
Last week we put this potential bearish Cypher pattern (left) on our radar, but because the risk was so large, it wasn’t a trade that I was able to take. Whenever this happens instead of calling it a day and deleting my charts, I always look for secondary reasons to enter. After blowing past the “D” completion the AUDCAD             has found resistance at our “X” structure and has slightly retraced. As I look down to the 15 minute chart in preparation for today’s Live Trading session, I noticed a potential Cypher pattern within the bigger Cypher pattern that I can use to be involved in the trade. No it won’t be the same trade because going from 4 hour to 15 minute is just too large of a jump to expect the same results as far as target location, but it does give me a reason to get involved short at a level that I’m fond of.
With patterns like this, stops are always beyond the X leg and initial targets are looking for a 38.2 and 61.8 retracement. Of course extended targets wouldn’t be a bad idea in this scenario as well.


Akil Stokes
Chief Currency Analyst
http://www.TradeEmpowered.com


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It could nicely work out, a nice setup! I am short on the AUDUSD based on a bat pattern that completed and the test of bearish trend resistance, and soon short on the AUDJPY based on a bearish pennant, both on H1 TF, and both are signaling a further down move. So it could be possible for the AUDCAD to follow them.. :) good luck!
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Koryphaeen PRO Koryphaeen
This is one of them:
snapshot
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Koryphaeen PRO Koryphaeen
And this is the other, since I missed the Cypher entry...unfortunately:
snapshot
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I'm short that same trade, looks like we got halfway home overnight then stalled
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Akil_Stokes PRO Akil_Stokes
The AUDUSD trade that is
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Koryphaeen PRO Akil_Stokes
Both are correlated, so if AUDJPY will drop (as forecasted by the pennant which will break in a few minutes..) so will the AUDUSD as well. ;)
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Although I know they exist (and also change), i never like to make assumptions about correlations. but if it means putting some money into my account then I'll take it
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Koryphaeen PRO Akil_Stokes
Love your way of thinking man :)
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Koryphaeen PRO Akil_Stokes
But, you know, more the AUDJPY and AUDUSD vacillates before dropping, the better the chances are that AUDCAD will catch up till cypher completion on the 15m ... :)
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All i worry about is what I see on the individual chart. If it happens to go that way it's all good,
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Koryphaeen PRO Akil_Stokes
Akil, I got short on the AUDJPY as well, I really could not neglect this nice pennant and the R/R ratio... and the AUDUSD is evolving in the good direction, breaking out from that symmetrical triangle to the downside, altogether a nice trading opportunity :)
snapshot
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Koryphaeen PRO Koryphaeen
Of course, I could have waited until break of support line, but I like aggressive entries when everything points to the right direction... :)
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How are you trades going? We've been moving in the right direction all morning ;-)
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Koryphaeen PRO Akil_Stokes
I don't know what right direction means to you :))) but I got stopped out on the AUDJPY (the pennant wasn't working as expected) and AUDUSD is still running high, away with my earned profits... :) but until it does not close on a higher high, I am still hoping... on the XAUUSD I'm still waiting for the Kilroy bottom to complete, than I will go long... that's it for todays trading.
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Koryphaeen PRO Koryphaeen
I have now shorted the AUDJPY again at the 0.618 fib retracement.. for a scalp at least :)
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At the time I was talking about short, as I remember you said you were looking to get short, or were short a few aussie pairs. That was before the retracement began that I wrote it
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Koryphaeen PRO Akil_Stokes
Yes yes, I got short... :) but I think that the US retails sales, which came lower than expected, bullied us... now all aussies rallied
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Koryphaeen PRO Koryphaeen
especially the AUDUSD...
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Wasn't retail sales, we didn't get the rally until after the London close
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Koryphaeen PRO Akil_Stokes
Looking good for short on a LTF 15M, a Cypher gets completed:
snapshot
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Koryphaeen PRO Koryphaeen
Although the last correction on the AUDUSD came a bit higher than I would like it to come, the bearish Cypher from above is complete on the 15M and it signals that overall we might still be right with the short direction of our aussie pairs.. anyway, good luck for us on these ;)
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Koryphaeen PRO Koryphaeen
This 15M Cypher is a good opportunity to make an additional extra profit besides the already open position on the H1, if your trade plan allows to add (double) your position for a short trade in these kind of rare situations
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Koryphaeen PRO Akil_Stokes
What do we need more than another bearish Bat, this time on the 5M TF (after the H1 bat and the 15M Cypher), to ensure us that the short position is the right direction??? :))))
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Koryphaeen PRO Akil_Stokes
Oh, this is so nice, I must put another one out (I hope you don't mind I have spammed you with these ideas.. :D )
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No problem, tradingview was built for traders to share ideas so SHARE away. It adds value in my opinion so see how these ideas progress
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nice work as usual, Akil)
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emadudin Alexander_Nikitin
K thanks sir So now AUD/CAD is in Sell and what is the TP
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It's not a sell yet. But if you be a sell if the Cypher pattern completes. At this point it's just a wait and see
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emadudin Akil_Stokes
K thanks maybe i will put buy position so what will be TP?
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I really would not put a buy on this pair right now...see the comments and correlations above. But, if it fits your strategy... ;)
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Sorry for my broken english above, just re read it. What would be your reason for buying?
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It seems like you're a little unsure of what to do in this situation and a great saying is "when in doubt, stay out" If you don't have a trading plan and the setup doesn't match the ROE's inside that plan then you should never enter a trade in my opinion.
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emadudin Akil_Stokes
K thanks sir i want to join with you could i? If is possible please send me your phone and or skype if you have time?
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my email is Akil@tradeempowered.com
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targets are in the trade description
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Akil_Stokes PRO Alexander_Nikitin
Thank you Alexander
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Nice one Akil - love your work as always I managed to get involved in this trade by looking at the previous structure and minimizing my risk based on the an entry level where I though price was more likely to reverse. Excellent find with this smaller cypher.
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Thanks, hopefully it'll provide me a reason to get involved. If it doesn't well hopefully AUDUSD falls as well. I'd take that too
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Nice spot Akil ! I was watching this waiting for my order to get filled.
A Very NICE setup! AUDUSD
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Sweet, bets of luck in the trade. may the pips be on your side.. Or our side I should say.
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Very nice Akil!
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Thanks
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MA12 ,MA144,MA169 cross together,and the price choose a direction,
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Hange Hange
15mins
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Hange Hange
https://www.tradingview.com/chart/WVl7cDhD/
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Hey Akil, great eye mate, Thank you for sharing. All the BEST :)
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Akil_Stokes PRO moneymaking
Thanks buddy! Love the avatar buy the way
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moneymaking Akil_Stokes
Hehe, you the first one to mention it mate. LOL. I found it soo hilarious :)
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Akil, you say that you look for another reason for entry , what do you think about selling/buying pattern after its blown past D completion but havent violated X? In this case you still could sell this pattern with better price.
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I think it's a good idea, but only if you do it for the right reasons. I'm allowed to make changes to my trading plan at the end of each quarter and that's something that I'm actually going to add come the end of September. Again, as long as it's for the right reasons
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Davis Akil_Stokes
what do you mean by "the right reason"?
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Meaning if it were to make risk reward work, or if say you just missed the trade. I wouldn't purposely forgo the entry point in order to potentially get a better one.
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Davis Akil_Stokes
Thank you Akil! Helpful as always!
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IanMFX Akil_Stokes
Good idea to modify the trading plan concerning the pairs to play on. Add one, remove the poorest one. Doesn't mean that the poorest one will be dropped forever which can always be added like 6 or 12 months later.

May the trade be with you. One Good Trade at a time.
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Thanks,
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Hey Akil, we could also get a potential double top, which would give us a little bit of more confidence in taking this trade :)
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again and again , look like a bird on the chart.
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I have got a different perspective. Have a look thank you
Potential Bear Cypher for AUDCAD
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Thanks for sharing, I think it's good to see different views
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