Akil_Stokes
Long

EURUSD: Potential Bullish Cypher Pattern

FX:EURUSD   Euro Fx/U.S. Dollar
Short and simple, I'm looking for a potential Bulish Cypher Pattern on the $EURUSD. Aside form that I don't have too much on my radar thus far going into today's Live Trading Room session. $EURJPY is the only other pair that I have orders on aside from yesterday's $USDCAD long.

THURSDAY is our big day, not only do we have my usual Weekend Review Video coming out. Should be a very interesting one (so make sure you're subscribed to my youtube page) But Jason Stapleton also has his "Cracking the Code" workshop. Got to make it through today first though. Good luck out there today traders!

Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered,com -The Premier Online Trading Education Company
YouTube https://goo.gl/Afk5sG
Facebook: https://goo.gl/VTQngr
Twitter: https://goo.gl/FlH33l
You Can Also Follow Me On Instagram, Periscope & StockTwits @AkilStokesRTM
Trade closed: target reached
Literally just put in orders dude! See you in the live room!

Ric
+1 Reply
Akil_Stokes PRO SmartTradingFX
great minds. Hopefully the LTF's are offering more than the HTF's today
+1 Reply
SmartTradingFX Akil_Stokes
You know it!
Reply
Nice one!
+1 Reply
Nice catch! Akil! Same thoughts.
+1 Reply
Akil_Stokes PRO morshedul.sazid
great minds
+1 Reply
AFAIK this pattern is advertised to have 80% odds of hitting the target. Though I couldn't find any statistical survey to prove the point. Any help would be appreciated.
+1 Reply
80% is achievable but towards the high end. Instead of looking for a statistical survey I would encourage that you perform the backtesting yourself that way you will have a 100% believe in the pattern, it's results on the specific pairs, timeframe and time of day in which you plan on trading it
+3 Reply
Csys Akil_Stokes
Thanks for clarification. I've actually made my eye-backtest and witnessed the success rate. This harmonic pattern seems to be, in general, superior to the Gartley 222 pattern, which is still a good pattern to trade in my opinion with around 60% odds of winning. On the other hand, I am tempted to combine the ideas coming from those patterns with other methods such as EW counts to create a better yield. What I actually would like to know is the success rate of this in smaller time frames, which is hard to eye-backtest because of the bigger number of the needed data set. Anyways, I am on the long side of this pair as well. I wish everyone happy trades!
+2 Reply
No excuses man, if you want the answers you've got to do the work. the last thing that you'd want to have is a brilliant idea, yet because you never followed up on it you never get to reap the benefits of that idea. Put in the hard work now, and live with the rewards later.
+1 Reply
Also the eye test is good, but what you want to have is hard data
+1 Reply
Yup, I agree. Need to do a tick-by-tick bactesting before saying that something is working. Our eye tends to see winners because deep inside we want to prove that the strategy we are testing is not a waste of time))). Testing the strategy one needs to try very hard to prove that it is not working.
And, of course it alll depends on the target and stop levels. If you place 1-pip target and 100-pip stop loss then the accuracy will be very high, I think more than 95% in Gartleys:). Will the strategy still generate money? I personally place my first target for Gartleys at 0,618AD and never have and accuracy more than 40%.
In my opinion, the stats one gets through backtesting doesn't help a trader a lot. I am so sorry when I see traders that switch from one strategy to the other after they had steadily falling equity curve in their backtesting results! Although the atats are bad one still can generate money. Only need to invert it. Just buy instead of sell. The results only depend on the trader but not on the strategy and stats.
Just my view.
+1 Reply
Akil_Stokes PRO Alexander_Nikitin
Are you saying that if I were to test a strategy at it performed poorly then I should simply implement a strategy doing the exact opposite of what I tested and that would mean positive results?
+1 Reply
I say exazctly the same. But it is not necessarily that you will have positive results. What I mean that it is worth trying))
+1 Reply
Akil_Stokes PRO Alexander_Nikitin
Okay, I gotcha, just wanted to make sure I was reading your comment correctly.
+2 Reply
enlascalles Akil_Stokes
I think it was an excellent setup. in a "normal" scenario it´s obvious that the price was going up. Thanks Akil
Reply
still pending on this one Akil?
+1 Reply
yes
Reply
manoj15 Akil_Stokes
Hi Akil, is it right time to buy EU
+1 Reply
It's the right time when your plan say it's the right time. The the situation meet your rules of engagement?
Reply
YemiTrader Akil_Stokes
Lol.. Your response to such questions can be so hilarious.
+1 Reply
So far so good. Once again, congrats, Akil!
+1 Reply
thanks
Reply
wow, nice work!
+1 Reply
Thanks
Reply
Jerry_V Akil_Stokes
I've been in the syndicate for 1 month. During this time I have watched many videos from you and Jason Stapleton and I have learned a lot. The most important take aways from those videos are the mindset. I bought the advanced pattern course one month ago and working hard with the backtesting since then. When this year started I saw so many trades that you and Jason Graystone put up at tradingview. I was very tempted to take those trades at first. But then I said to myself, no you are not doing that. That would only be short term gain, that is the wrong way to do it. I'm want to learn to fish not being fed with fish. I will wait until my backtesting is finished and creating my own trading plan to follow. However it's fun to follow meanwhile :).
+1 Reply
I love this!!
Reply
Great mindset!
Reply
Hi Akil ,
waiting for your perspective on EURUSD after fomc. I am looking for 1.0960 levels as major resistance. I have a long trade in Eur/Inr Feb 2016 expiry as I have told you, I trade with http://www.nseindia.com and select Eur/inr pls. It mimics Eur/usd fully
+2 Reply
Until it breaks out of it's current consolidation I have neither a bullish or bearish view on Euro. Just hoping to catch some more advanced patterns as it makes up it's mind on what it wants to do.
Reply
SSSDEV Akil_Stokes
Thanks Akil, I would wait for your update on Eur/Usd
+1 Reply
You're welcome. I appreciate you waiting for an update on here. Just don't lose sleep waiting for it as I only tray to share a single idea a day on this site
Reply
SSSDEV Akil_Stokes
ok no problem
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out