FX:GBPAUD   British Pound / Australian Dollar
Hey gang! A we've been waiting for some bigger moves on this pair for a while now but have seen nothing but sideways action. Fortunately for pattern traders sideways action isn't always a bad thing as consolidation breeds pattern opportunities.

The pattern we have on this pair is going to be a bullish Gartley pattern completing down at the 1.9328s level. Minimum stops should be 10pips below the X leg, but in my professional opinion (I don't use the 10pips rule) it's probably worth risking a few more pips to give yourself the safety of being below the even handle seeing how these psychological numbers often act very similar to structure.

Although we have the bigger pattern on the horizon, i wouldn't assume that it's going to complete and would have no reason to get fancy with extended targets or trailing stops for bigger gains. We still haven't broken previous resistance (Bigger B leg) therefore structurally I have no reason to think continuation.

For a look at last week's rollercoaster of a ride in the markets please check out my latest blog post "Trading Recap Week 17: Self Evaluation" Good luck this week traders!!! http://tradeempowered.com/trading-recap-week-17-self-evaluation/

Akil Stokes
Chief Currency Analyst
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Talk about getting lucky on this one, missed getting stopped out by 2pips. Exactly why we pay attention to those high psychological levels. Adjusting targets hurt my profit, but any thing positive is better than taking a loss.
Is the price spiked below stop, we sill have no close below structure left, so we can still get a push up to complete cypher on 15min ?
+1 Reply
Akil_Stokes oMNiCRoN2501
I was actually fortunate enough to pull some profit out of this one, but yeah this can now be a cypher
Looks like some target adjusting will be in store for this one
Just wanted to ask - what if price touches .786 and moves up and gets to .382 of AD of .786 ?
Will it be still valid to enter at at 1.272 ?
+1 Reply
It would for me, but also take into account that in the way i trade gartley's the 78.6 means absolutely nothing
Your T2 also comes just over the entry point for a short 2618 Trade on the 15min chart, have to keep my eye on that even 1.9400
+1 Reply
Akil_Stokes oMNiCRoN2501
Good eye, even more reason to get out there if the markets give us that opportunity
oMNiCRoN2501 Akil_Stokes
Just doing some IPDE training while i'm forward testing my P221 scalper strategy, need my RAS in top condition when the scalper turns out to be solid, so i can add a trader position to try an catch those bigger moves :)
Nice trade setup while waiting for the bigger bearish Gartley to complete on this pair ! Thanks Akil !
+1 Reply
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