Akil_Stokes
Long

EURAUD: Bearish Gartley Turning Into Bullish Cypher

FX:EURAUD   Euro Fx/Australian Dollar
Coming off a pain free trade on this pair last night our once bearish Gartley pattern's next step could be to complete the C to D leg of a bullish Cypher . Again, EURAUD             typically has a pretty large ATR so you want to double check you're risk profile on this one, but aside from that "The Pattern Is The Pattern Is The Pattern."

Laid out on the chart are initial ideas for minimum Stop placements and targets, but as I always recommend, please follow your specific rules for stops and of course targets may have to be adjust based on price action.

For an inside look at my trading on a day to day basis feel free to check out my blog and today's post "Trading Recap/On My Radar" http://tradeempowered.com/trading-recapon-my-radar-4-21-15/

Aki Stokes
Chief Currency Analyst
www.TradeEmpowered.com

Akil Stokes
Akil Stokes Trading Coach at Trade Empowered

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Excellent, still got 25% of the position running short ... Will look for this Cypher to complete for a stop and reverse :)
+3 Reply
Akil_Stokes TOP Nico.Muselle
2 years ago
Sounds like an excellent idea. Man talk about PAIN FREE last night. Good for the stress levels
+1 Reply
WSM
2 years ago
i had the short pattern last night,strong trend line support the long move as well
+2 Reply
Akil_Stokes TOP WSM
2 years ago
Nicely done, that ended up being a very good trade! And a very profitable one as well
Reply
WSM Akil_Stokes
2 years ago
very profitable yes it was but 6 hourly candles struggle around 127.2 was really much but in the end it deserved
Reply
MinervaFX
2 years ago
I took the top of the gartley early in the morning with +22 and +75 pips and now I wait for the cypher. It is the first time that my setup is exactly like yours :D It means that my trading goes the right direction :D
+1 Reply
Akil_Stokes TOP MinervaFX
2 years ago
It looks like you shortchanged yourself on the profits a by a good chunk. But hey, as long as you followed your rules then great trade. You want to be sure to take full advantage of the winners, that way the losers can be shaken off. If not you can have a very high win percentage yet still be breakeven or even down money when it's all said and done. So be careful
+3 Reply
MinervaFX Akil_Stokes
2 years ago
I followed my rules 100% with the short trade. Yes, I got out too early but I'm just a human so I make mistakes.
Reply
Akil_Stokes TOP MinervaFX
2 years ago
If you got out too early then that's not following your rules 100% It's okay to make mistakes, like you said you're human and everyone does it. i made a big one yesterday. But when it does occur we need to be sure to write it in as a bad trade and try our hardest not to make the same mistake again.
+2 Reply
Nico.Muselle MOD Akil_Stokes
2 years ago
Finally got my trading plan on paper since this weekend and I have to say, it really helps. Especially if you read it in the morning before the start of your trading day, no matter how well you know the contents it really re-enforces to stick to it.
+3 Reply
Akil_Stokes TOP Nico.Muselle
2 years ago
I did the same thing for so many years. Especially the Psychology and Philosophy section just to get in the right state of mind
Reply
MinervaFX Akil_Stokes
2 years ago
But I have a question. If there is almost a pattern completion, but it didn't hit the entry limit yet and it is before you go to sleep, do you set an entry limit and your targets and stops so if the price hits your pattern completion you enter trade or do you wait until the morning? I'm mostly scalper so I've never had such a "problem", but as I started to trade patterns it happens sometimes and I hate to not to know if my entry limit had been hit or be "surprised" in the morning.
Reply
Akil_Stokes TOP MinervaFX
2 years ago
If holding a position overnight bothers you then it's probably best to stick to the lower time frame trading since as a swing trader you'll have many instances where you'll have to hold overnight and deal with the stresses of the unknown
+1 Reply
MinervaFX Akil_Stokes
2 years ago
yeah, probably. or just to learn to live with it :D But thank you for your reply ;)
Reply
MinervaFX Akil_Stokes
2 years ago
yes, you're right. I have to admit that I've made a foolish mistake when the setup was perfect.
+1 Reply
sabidawg
2 years ago
The last 6 euraud trades i have taken, i have lost. Decided to pass on the first cypher and wouldn't you know it it hit target 2 :(. lesson learn t, never pass on a cypher Lol
+1 Reply
Akil_Stokes TOP sabidawg
2 years ago
Yup, stick with the plan, Losers...winners...that doesn't matter a GOOD trade IS defined by "Did I Follow My Rules" If so, then tap yourself on the back!
+3 Reply
sabidawg sabidawg
2 years ago
sorry gartley was the first pattern*
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I don´t trade Gartley´s but i got the Cypher on my eye sight, but i did not have time to backtest this pair yet so i will be taking this one on a demo account cause im not sure about the stop a you also mension. Well let´s see whats gonna happen. It was a sweet trade the Gartley perfect reversal
+1 Reply
toinhao1
2 years ago
Another great chart, thank you to TE and everyone associated with you guys. After the TTW I have been training and just focusing on the basics and recognizing Cypher patterns. Im creating a portfolio of pairs to just trade Cyphers and focus on that only . Thank you again.
+1 Reply
Akil_Stokes TOP toinhao1
2 years ago
that's not a bad idea at all. best of luck and thank you for the kind words
Reply
agbana.olabode Akil_Stokes
2 years ago
Hi Akil, I also see a butterfly pattern forming starting from the "B-leg" of the green gartley. also keep an eye on it. Thanks for the analysis all through.
Reply
MinervaFX
2 years ago
I can only say that if I'll make money with pattern trading I'll be thankful to Jason and Akil only as I watched their training and it helped me a lot.
+1 Reply
agbana.olabode MinervaFX
2 years ago
True Talk. I call them the Forex Messiah of our time. :)
+2 Reply
Shaior
2 years ago
Hi Akil, This is the Nzd/Cad 1h bearish Cypher
snapshot
+1 Reply
Akil_Stokes TOP Shaior
2 years ago
Nice one!
Reply
Shaior
2 years ago
Eur/Cad 1h bearish cypher just triggered now...
snapshot
+2 Reply
Akil_Stokes TOP Shaior
2 years ago
Nice good luck with it.
Reply
RJHumphries7d Akil_Stokes
2 years ago
Hi Akil, I've been following the progress of this one and noticed how the price has risen from 1.379 and is now in a bit of a rut around the first target zone. Does this mean the cypher is not completed and thus will not complete and thus we need to start again. OR would you say that if the price did lower to 1.375 'C' (buy price) then its might still then rise again to the first target.
Basically when the shape goes against our expectations is it completely negated??
+1 Reply
Akil_Stokes TOP RJHumphries7d
2 years ago
Sorry I'm late to see this comment, but the pattern would still be valid even if price action slows. What would invalidate it is a change in structural integrity . Again sorry for the late response
+1 Reply
Is this a Valid Gartley?
Reply
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