Akil_Stokes
Long

AUDUSD: 1hr Potential Bullish Bat Pattern

FX:AUDUSD   Australian Dollar/U.S. Dollar
I'm looking at a potential bullish Gartley pattern here on the AUDUSD             hourly chart completing at the 88.6 (0.7553). If the gartley were to complete I'd expect a move back into our 38.2 fibonacci retracement locate at 0.7605. With that level being so close to the 76 even handle it's probably worth front running your targets a little more.

Do be aware that we have Retail Sales news out tonight at 9:30pm and Cash Rate due out at 12:30am NY which should push these thin Asia-session markets, but when the smoke clears, if the pattern is still available it looks pretty appetizing. If you're a trader that can't actively watch the charts during this time period, it may be worth playing the sidelines.

Also for those of you who attended today, I'd love to hear your opinion on how things went. I mentioned the "Kaizen" philosophy in my trading, well i also use that same philosophy in life as well so all comments are welcomed so that day 2 can be even better.

Akil
Akil Stokes -Head FOREX Trading Coach at Trade Empowered
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StarProsper
2 years ago
Akil! Great posts as always and a really great session yesterday (AUS time here)

Really looking forward to day 2! Keep it rockin, you're the best :)

Philip S
+1 Reply
Akil_Stokes TOP StarProsper
2 years ago
Thanks Philip, I'm reviewing the tape right now to see if there is anything I missed of importance
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mcpeacocks
2 years ago
@Akil_Stokes - only was able to attend the first hour or so due to sh*tty internet connection and will be watching it back asap. hopefully tonight (am based in Asia) will be better and can keep attending!
regarding above chart - how about RBA rate announcement - you don't think this will have an impact - likely much more so than the retail sales?
+1 Reply
Akil_Stokes TOP mcpeacocks
2 years ago
I do, i didn't even notice it until I read a comment, i think i'll go back and add that to the post. I haven't been trading this week due to the workshop so i've been slacking on my routine. *Don't tell anybody ;-)
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moneymaking
2 years ago
Hey Akil, I believe we also got AUD cash rate at 12:30 am. I will be keeping close eye on this setup, but better to stay on the sideline before the cash rate news. Also, great webinar today, I learned about stuff that I was not even paying much attention to. So Thanks for sharing this setup and for the great webinar, See you tomorrow in the webinar. Good Luck for this setup :)
+1 Reply
Akil_Stokes TOP moneymaking
2 years ago
Thanks, i didn't even look at tomorrow's (for me at least) news events. I've been slacking on the trading side of things due to the Workshop, but that's the sacrifice we make on the educational side of things. Missed a really good pattern day today as I looked back through things.
+2 Reply
moneymaking Akil_Stokes
2 years ago
That's alright Akil. You do a great job both at providing reasonable trade setups and the webinar material. Can't thank you and the Trade empowered team enough for putting up this great workshop together. You guys are AWESOME !!
+1 Reply
Akil_Stokes TOP moneymaking
2 years ago
Thanks!
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JacobHarper
2 years ago
9:30pm EST AUD Retail Sales m/m

* High Impact
+2 Reply
Akil_Stokes TOP JacobHarper
2 years ago
Yup, that's why i made sure to mention that in the post. Another trader brought up the 12:30am Cash rate as well which should force some decent movement in the pair.
+1 Reply
JacobHarper Akil_Stokes
2 years ago
ya just figured id throw it out there good stuff as always though
+1 Reply
Akil_Stokes TOP JacobHarper
2 years ago
I appreciate it man, it's certainly good...and important to be aware of.
+2 Reply
Akil_Stokes TOP JacobHarper
2 years ago
We got to be aware of those High Impact events especially with this pair.
+1 Reply
iTradingForex
2 years ago
I totally disagree. Huge daily downtrend with no support in sight. Longs beware, this is a counter trend trade. You should be prepared to scalp at best, and look to get short into any bounce.
snapshot
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Akil_Stokes TOP iTradingForex
2 years ago
I agree 100% with us being in a down trend overall and also with this being a counter trend trade. Who knows how this will turn out, but the cool thing is that we could easily see a 50pip pop on the hourly that wouldn't even be a blip on the daily. Do you agree with that in general taking this specific trade out of the picture?
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dangap
2 years ago
Expecting more rate cuts to a new record low
+1 Reply
Thanks mate....on a side note, I applied the 2618 trade setup for the first time and the end to end process was sweet. Much more effective than the old method I used to trade those set ups.
Cheers to you and Jason!
+1 Reply
Akil_Stokes TOP anthony.pham00
2 years ago
Thanks Anthony
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HolmK
2 years ago
Nice to have this confirmation on my own analazys (difficultword to spell ,,,) of this chart
Great seminar yesterday. Looking forward to the rest.
+1 Reply
HolmK HolmK
2 years ago
But now the rate decission from RBA has made the pattern invalid. There was no change in the rate though... But the Aussi rallied by more than 100 pips
+1 Reply
moneymaking HolmK
2 years ago
Yup, it was wise to wait for the AUD cash rate. Conserving your capital is the FIRST most important thing for us as traders, making money always comes second :)
+1 Reply
Akil_Stokes TOP HolmK
2 years ago
Thank you
+1 Reply
gdavidespinoza
2 years ago
Hey Akil! Is there any possible way to review the recording from today? I missed the workshop due to a meeting this morning...
+1 Reply
moneymaking gdavidespinoza
2 years ago
Hi, I think you had to register with your email to the workshop, so that way the recording is sent to your email, in case you missed it. Hope this helps :)
+1 Reply
dangap gdavidespinoza
2 years ago
gdavidespinoza If you registered you should have got an email already with the link to watch the replay, I did.
+1 Reply
Akil_Stokes TOP gdavidespinoza
2 years ago
Yes, the link was mailed out last night. Did you register?
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Hey, Akil. Suppose we have a situation when price reaches the previous structure high but fails to make a new structure high. We have a double top where the second wick is higher the the first one, but its close is lower then the first high. Then price retraces and makes a second attempt which becomes succesful. To consider this second attempt a new structure high should we have a candle slose above the first wick (which is considered a previous structure high) or above the second wick (wich is higer then the first). I asked this question yesterday but had no answer. May be you'll explain this situation on Day 2?
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Alexander_Nikitin TOP Alexander_Nikitin
2 years ago
What if we have a candleclose above the first wick, but this close is lower than the second wick?
In this situation we defenitely have a close above the previous structure high (the first wick), but we don't have a close above the failed structure high (second wick). should this third high be considered a new structure high?
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Akil_Stokes TOP Alexander_Nikitin
2 years ago
It must close beyond whatever the highest point is, so if it's the new wick then that's it.
+1 Reply
Hi Akil, also attending the webinar. Just started trading seriously. This platform is an awesome way to learn and test your predictions. So far it's going really well, I am surprised what happens if you stick to the rules of structure (in conjunction with the other things of course)
Thanks so much for your efforts!!
+1 Reply
Akil_Stokes TOP RobinOphion
2 years ago
Good things happen when you respect the markets by approaching them like a business
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ccChimi
2 years ago
the expectation was right @Akil_Stokes , but did not went to you potential PRZ , i use BC extension and AB extension to find the best entry it always goes on 127-138 ext levels of AB &138-161of BC (i use AB ext to confirm BC ext ) i place my limit order somewhere in that area and it really did worked (almost always works with me in other trades that i take with harmonics)
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