Akil_Stokes

EURAUD: BRACKETING THE EURAUD WIT BULLISH & BEARISH SETUPS

FX:EURAUD   Euro Fx/Australian Dollar
Hey traders, welcome to a new week and a new month of trading!

Here on the EURAUD             we a bracketed order situation where we have two potential advanced pattern formations setting up in a both a bullish & bearish Gartley formation.

With many of these markets still looking to be in consolidation, these are the times when we want to stay alert for pattern formations.

Do you trade the EURAUD, Akil?
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I recently just added it back to my Day trading portfolio but I no longer swing trade it.
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Fahad_88 Akil_Stokes
Are the patterns you trade on it (as per your backtesting), profitable?
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yes
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Good catch.. in bulish trade. Just entered and happen to see you have same idea published. Feel good..
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Awesome! Good luck in the trade Jagsp!
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Jagsp Akil_Stokes
I was stopped out.. I may have to revisit my stop placement for this pair. My plan is to take fib 127 of CD. Should I have to take account of ATR. Which takes precedence?
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I don't think using the ATR is a bad idea but until you test it I would stick to the stop loss that you used in your backtesting. Deviating from that may affect your expectancy.
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Hello Akil,do you normally take that trade even if it's 3 pips away from the limit order? Thanks
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No, i take the trade only when my limit order is hit
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antonyde Akil_Stokes
Ok! We see that 1.27 extension in on 1.4573 In what price do you set your limit order let's say for that situation? Maybe 1.5 pip before?
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I'll front run 2-5 pips depending on the trade
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antonyde Akil_Stokes
OK Great!Thank you very much!!
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No problem
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It broke the "X" point of the bullish Gartley but not the 1.618 expansion of the A-B leg. Is it still a valid Gartley? Not trading it, just slowly studying Gartley and other patterns to incorporate into my trend/channel strategy.
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Advanced pattern formations are invalid once the "X" leg is violated. Some will need a break and close beyond
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beautiful and motivational trade! knocked on the door of my SL by 5 pips and ended up successful at TP1 an hour or so later :)
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Gosh I hate when that happens!!
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PHL Akil_Stokes
Sorry, I meant I ended up in profit but was almost stopped out ;) Luv it!
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Ahh in that case even better. "RING THE REGISTER!"
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