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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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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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
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