Akil_Stokes
Long

GBPAUD: BULLISH GARTLEY PATTERN @ 1.9338

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
www.TradeEmpowered.com
Akil Stokes -Head FOREX Trading Coach at Trade Empowered
Check Out Our Free Training https://goo.gl/5e8Jcr
TradeEmpowered On Youtube https://goo.gl/IscNch
Akil Stokes on Youtube https://goo.gl/u5kDC3
"Plan Your Trade, Trade Your Plan"




Nice trade setup while waiting for the bigger bearish Gartley to complete on this pair ! Thanks Akil !
snapshot
+1 Reply
Nico.Muselle MOD Nico.Muselle
2 years ago
But as you are saying ... we'll need to break B first to see that happening and with all this sideways action and British elections coming up ... it might take some time if it completes at all.
+1 Reply
Akil_Stokes TOP Nico.Muselle
2 years ago
Yeah, this is going to be an extremely busy time fore the markets on both sides on the pound.
+1 Reply
Nico.Muselle MOD Akil_Stokes
2 years ago
Definitely ... and if the Gartley would fail, we still have this potential bullish bat as well
snapshot
+2 Reply
Akil_Stokes TOP Nico.Muselle
2 years ago
Exactly, always 1-2-3 steps ahead of the market. love that oodaloop!
+1 Reply
Nico.Muselle MOD Akil_Stokes
2 years ago
Speaking of which... if the bat fails as well ... there is a bull cypher
snapshot
+1 Reply
Nico.Muselle MOD Akil_Stokes
2 years ago
The bat pattern is working out well for now, Target 1 is reached, stops rolled to break even ... up to TP2 for a total of about 200 pips :)
snapshot
Reply
Urbandj Nico.Muselle
2 years ago
Got my eyes set on that bullish bat completion too
+2 Reply
Nico.Muselle MOD Urbandj
2 years ago
Plenty of opportunities here to go long and catch some retracements ... one pattern does not exclude the other :)
Reply
Urbandj Nico.Muselle
2 years ago
For sure, I've been watching this pair for sometime. Currently in a short position from last week since we failed to close above the 1.9443 level three times. The bigger bat move would be awesome however I'll be monitoring this as the day goes on :)
+1 Reply
Nico.Muselle MOD Urbandj
2 years ago
Yep, it's on my watchlist as well. :)
Reply
Akil_Stokes TOP Urbandj
2 years ago
Well done on that short, I had one that was barely stopped out before dropping last week
Reply
oMNiCRoN2501
2 years ago
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 TOP oMNiCRoN2501
2 years ago
Good eye, even more reason to get out there if the markets give us that opportunity
Reply
oMNiCRoN2501 Akil_Stokes
2 years ago
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 :)
Reply
fx1
2 years ago
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
Akil_Stokes TOP fx1
2 years ago
It would for me, but also take into account that in the way i trade gartley's the 78.6 means absolutely nothing
Reply
Looks like some target adjusting will be in store for this one
Reply
oMNiCRoN2501
2 years ago
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 TOP oMNiCRoN2501
2 years ago
I was actually fortunate enough to pull some profit out of this one, but yeah this can now be a cypher
Reply
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.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener 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 Billing Sign Out