Akil_Stokes
Short

Fantastic Risk Profile on EURAUD

FX:EURAUD   Euro / Australian Dollar
1491 19 10
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
WATCH MY LATEST TRADING VIDEO
https://www.youtube.com/akilstokes


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
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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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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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no
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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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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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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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As long as it doesn't penetrate the "A" it's valid for me
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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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Correct, it was based off of the 1.272 extension.
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