Akil_Stokes
Short

Fantastic Risk Profile on EURAUD

FX:EURAUD   Euro Fx/Australian Dollar
Nothing fancy here, just a good old fashion Gartley pattern . I'm actually not too big of a fan of the Gartley . My philosophy as a trader is built around risk/reward profiles so if I had to pick an Advanced Pattern to be my favorite I'd have to go with the Bat. However, because we have such a deep B leg retracement in this particular case our D leg is going to extend almost all the way to the X starting point offering us a fantastic opportunity to involve ourselves in a trade that has very low risk and very high potential reward.

Does this mean the trade will win? Who knows, what it does mean is that I can afford to be wrong 3 times on a setup like this and have one winner cover all of those losses. Now that's my type of profile.

More on this setup in this weeks WEEKEND REVIEW video "The Stop & Reverse Technique" https://www.youtube.com/watch?v=fZBkVGDB9Oc&list=UUVveEks3MWZqOsvzTF_LGQg
Akil Stokes -Head FOREX Trading Coach at Trade Empowered
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"Plan Your Trade, Trade Your Plan"




maz413
2 years ago
Would that be a Double Bottom too?
+1 Reply
Akil_Stokes TOP maz413
2 years ago
Yes, however not one that I would trade.
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maz413 Akil_Stokes
2 years ago
Still learning. I haven't had the time to take the Course yet. Been following Jason for about a month now. Paper trading now. Cant wait to get back into trading
+2 Reply
Akil_Stokes TOP maz413
2 years ago
Don't get me wrong there's nothing wrong with looking for a long opportunity there. I simply meant that, that in itself wouldn't have triggered a buy. If you've been listening to Jason then you'r eon the right track. Take advantage of as many youtube videos as you can.
Reply
Rmarch
2 years ago
I'm not not sure to understand why you set your entry here. Because of the 1.272BC? As a Gartley shouldn't the entry be at the convergence of 0.786XA and AB=CD which are both close to 1.46000?
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Akil_Stokes TOP Rmarch
2 years ago
Correct, it was based off of the 1.272 extension.
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P.NatButterCake Akil_Stokes
2 years ago
@akil_stokes , what would you suggest to my trade setup here on 240? is it considered incorrect way to use gartley?
Bearish GARTLEY EUR/AUD 240

Thank you in advance
+2 Reply
Akil_Stokes TOP P.NatButterCake
2 years ago
I don't personally execute my trades at that completion level, but if it's in your plan to trade it there and that plan has been tested and proven to be profitable then I'd say don't change a thing.
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P.NatButterCake Akil_Stokes
2 years ago
Not that I have a strict plan (yet) on trading gartley nor have backtested this method, all along I just mark the D completion on 786 of the XA regardless of the BC extension due to my noobility. Actually the first course I've ever had was your 'vision week' and TradeEmpower's awesome videos.
Anyway, by thinking through the comparison, the 1.27 ext would minimize the risk ratio if the market is likely to go beyond 786.
Do you sometimes use the 786XA or just the 1.27BC extension only?
Reply
Akil_Stokes TOP P.NatButterCake
2 years ago
I used to measure out a killzone between the 127.7--78.6 & abcd completion and pick somewhere in that area to execute my trades but over the past few years I've exclusively used the 127 to enter. Gives me a lot more consistency as well as a better risk profile on average since I found it really hard to get a 1 to 1 with using the 78.6
+2 Reply
Trading_Accuracy Akil_Stokes
2 years ago
Exacty !!!!!!!!
Reply
sketFX
2 years ago
Hi Akil! I have got a short question concerning the C Leg. So far i have only read that the C leg is vaild as long as no candle closes below the 0.786 Retracement of AB. In the case you showed above it looks like this criterium is not met. Could you tell me your rule for the C Leg? Keep up the good work!
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Akil_Stokes TOP sketFX
2 years ago
As long as it doesn't penetrate the "A" it's valid for me
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chrystael
2 years ago
hello. i think i like my set ups akil. short term and fast money. you could look at my set up today. name: chrystael. play the chart and see the previous analysis and set ups done. i prefer things like that as risk is low and the money seen fast unlike pros like you who could risk big sum and hold a position for days even months. however this set of yours today baffles me. i dont like it cause it may not occur though money wont be lost nor anything cause if it doesnt occur nothing happens when it comes to cash. woulda prefered the butterfly set up just before your set up. however when a daddy says see, you gotta see. much respects akil. thanks for all your enlightenment. love you.
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Akil_Stokes TOP chrystael
2 years ago
That's the great thing about trading, there are tons of ways to be profitable. I always say, find a style that matches your personality and trade it to death
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fx1
2 years ago
If the price goes up again and touches 1.27 extension of AB, then will it be still valid to enter the trade ?
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Akil_Stokes TOP fx1
2 years ago
no
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FractalEyeZ
2 years ago
This is a great setup but it may also be a bear trap and that is why I will be waiting for more upside before making any move. Also price is now floating above both of your Fibo MA's {13 and 233} so watch out for a possible uptrend forming.

I know the Euro is very weak across the board but for this pair particularly on the Weekly and Monthly charts, price seems to be more in a bullish phase.
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P.NatButterCake
2 years ago
wow, this trade opportunity is quite tricky, went down from 786 at first then spike up to hit your initial D!!
would you think there'd be an opportunity to grab the aggressive C down to a bigger bat right here?
snapshot


I'm aware that you're taking time-off during thanksgiving but I'd gonna ask anyway :D
Reply
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