Akil_Stokes
Long

GBPAUD: Structure Trade With Amazing Risk Reward

FX:GBPAUD   British Pound/Australian Dollar
This morning I recorded a video looking at a bullish Gartley opportunity that I missed. By the time I got my orders in price action had move well beyond the original entry point offering a much better risk/reward. Hours later we are still holding on tot he very last bit of structure and are attempting to put in a double bottom depending on the close oft his current candle.

Between the structure level, advanced pattern , RSI being overbought, the retest of structure and the RSI divergence. I'd say this is a heck of an opportunity to get long. Just look at the potential risk reward. Targets a little lower at structure still make it more than worth             it.
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Should SL be that shallow? I saw your gbpchf trade a few days ago and got stopped out on a big spike. I remember watching one of Jason's videos on stop hunters, should that be taken into account?
+1 Reply
pavan15589 SoxKeepYouWarm
If there's a spike and you get stopped out, get on in again.... These are more of a confirmation that the price is gonna move in our direction....And yeah, as you see, the structure is really strong and a break below and close below will definitely put new lows for the month.....
+1 Reply
Akil_Stokes PRO SoxKeepYouWarm
What I put down was the minimum stop loss based off of the double bottom. I use ATR stops so my stops would be between 22 and 44 pips away from the lows. So nothing wrong with adding a little extra breathing room especially with the reward available.
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SoxKeepYouWarm SoxKeepYouWarm
k, thanks for the tips :)
+1 Reply
Thank you for posting that opportunity, Akil. I think i'll try this trade too.
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Aqua-Life Ulisses
You think? Do you normally trade this or just this one because it looks nice? That's an important question to ask yourself. Consistency and rules are key.
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Ulisses Aqua-Life
I'm only a beginner trying to find my way into this world. I'm backtesting a setup with DMI and RSI but doens't hurt to follow some good opportunitys from good traders. By the way, feel free to give me some advices. Thank you.
+1 Reply
AaslandFX Ulisses
I'll give you good advice! :) Go to youtube and search for Jason Stapleton and look at his vids. Also babypips.com has a "School" program for free that is good. Good Luck, and Good Trading :)
+1 Reply
Ulisses AaslandFX
Thank you for the tip. I already knows this guys. I learned a lot with their videos.
+1 Reply
Aqua-Life Ulisses
Then you're in the right place to get the best education possible!
+2 Reply
Babypips is an AWESOME site. I recommend all newer traders to go there and work their way through the school system. Great place to learn.
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As long as it 's in your plan Ulisses
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Ulisses Akil_Stokes
I'm trying to cacht this pair for some time and when i take a look on the Aud/Usd it was the confirmation that i needed. I hope the news don't ruined it.
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hello Akil
thanks for the chart
kostas
+1 Reply
So what's the protocall here, I got stopped out, is there still an opportunity here?
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pavan15589 SoxKeepYouWarm
Wait for the candles to close above the resistance level from the chart and then get back in...
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Akil_Stokes PRO SoxKeepYouWarm
if you got stopped out my advice is to take a few minute to evaluate the trade and see if you followed your plan 100% If so market it down as a good trade and start looking for the next opportunity to trade. One thing you don't want to do is revenge trade and try and make your losses back fast.
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pavan15589 Akil_Stokes
Hello Akil,
Big fan of yours and Jason....:-)
By the way, what if we were stopped by that spike low like the one that just happened on GBPAUD...
I used to sit the trade out but these spikes though red are more bull than bear since the prices closed extremely higher than the low point of the spike....
I saw Jason getting back in immediately in one of his previous trades when the spike stopped him out....

So what do you suggest?...
+1 Reply
It depends on the scenerio, on this one I would not because the market has given us a break and close below structure. If it would have spike below and closed back above then it would be worth another try in my opinion.
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SoxKeepYouWarm Akil_Stokes
What's the difference? Aren't they the same thing? BTW what's your opinion of gartley/animal pattern trading? I've found it incredibly frustrating. I'm used to trading breakouts and simply following channels like on the gbp daily. I actually lost a nice 10% trying to figure these patterns out and I think I'm gonna have to walk away for a few weeks and recoup. I'm used to walking away from trades when they breakout against me but that doesn't seem to be the mentality here. Is there a specific way to approach these patterns regarding the stop hunters and such?

Also, have you played golf? I think you would absolutely love golf.
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pavan15589 SoxKeepYouWarm
That is why you aren't supposed to change your trading plans.... We all, including you take a really really long time figuring out what works for us and what does not... And when you have been doing well with your plan, there is no reason why you should start focusing and implementing others' trading plans.... Pattern take a bit longer to understand and know how to trade...Even when a chart shows clear picture of target and stop and entry, I still wait for candlestick patterns to confirm along with RSI divergence...I wouldn't mind waiting losing the opportunity to make extra 20 bucks and get confirmation than being in a trade that gets me stopped out at 50 bucks loss...
Since you need 'FIGURING' out pattern trading, do not try trading with real money... Cos these people have already figured out....
And I couldnt metaphorically figure out what you tried to mean with the golf question but I have not, I havent had the privilege to...
+1 Reply
SoxKeepYouWarm pavan15589
K, I never really understand why I shouldn't change plans before. I think I'll go back to what I was doing earlier.

:: I didn't mean it metaphorically... I'm a very calm person and the only thing that's managed to !@#$ me off like this was playing golf with my Dad as a kid.
+1 Reply
pavan15589 SoxKeepYouWarm
That is because you have something working out for you already...Its a process where you will find what works for you...In stocks here, I took a lot of time to understand that I am not a scalper and the market isnt suited for weekly swing trading or I a not a breakout trader either...It took a while for me to understand that I am a Intraday swing trader...I found enough success than doing other methods....That's because somewhere while growing up, we are mentally programmed for a certain type of thing, doesn't matter what I am talking about.... The basic idea is we are naturally comfortable with certain things and not with certain other things...In the process we figure out what we are comfortable with, like how you have figured out that breakout trading is what has been fruitful for you....I traded breakouts and god..!! it has been a disaster... I have tried soooo hard to recognize breakouts and spent months solely on that but never been able to figure out, when I started trading structure and patterns, I kinda got a hang of it....And I also understood that I have amazing spacial pattern recognition IQ in process, hence the pattern trading...
So, yeah, you already know whats best for you, why change.... You could try but success with that doesn't come in a short span....Its basically like you are starting from scratch....
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pavan15589 pavan15589
an* intraday
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Akil_Stokes PRO SoxKeepYouWarm
I'm a 100% believer in pattern trading David, but if it's something that gives you doubts I would recommend staying away from them. In the past I've found that whenever I have doubts about a system it leads to be making some sort of mistake such as early profit taking or moving stops. As far as dealing with stop hunters, for patterns we just want to place our stops far enough from the X leg that we avoid the places where a lot of rookie traders hide theirs. Every once in a while the market will still get me and well I just have to accept that it's trading and it's going to happen every now and then. I'm a big golf fan. Haven't had too much time to get out there this year but i love it. Refreshing and relaxing.....until I hit that first shank.
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Double bottom??
+1 Reply
Double bottom is a retest of structure, so when price action hit's the same level twice.
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