GBPJPY:Gartley, Bat or Butterfly w/ video on Rising Wedges

FX_IDC:GBPJPY   British Pound / Japanese Yen
As you can see, lots of potential action here on the GBPJPY             following our Rising Wedge from earlier in the week. Yesterday I recorded a video talking about this rising wedge as well as a MUST own trading book, so make sure you head over to my Youtube page and check if you if you haven’t already

“A Trading Book Must Own & Trading Simple Patterns” https://www.youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg?sub_confirmation=1

Today I have a handful of advanced             patterns on the radar including a bear gartley , bull bat , and a bull butterfly . I’m not too big on butterfly patterns so I’ll be ignoring that one but it’s there.

Aside from that, I just got short the AUDCAD             from last night’s Syndicate video which is now featuring another rising wedge pattern inside of our ab=cd/2618 trade and I’ve got my eyes glued to EURUSD             , GBPUSD             & NZDUSD             from some trading opportunities.

Yesterday was a no trade day for me, but hopefully I’ll get some valid signals today and end the week with a bang!

Akil Stokes
Chief Currency Analysis at Trade Empowered
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Sell limit triggered upon completion of the Gartley but got stopped out regretfully... Pity, because it was a nice setup!!
Lesson learned..., SL too tight (194.85)..., should have known that the high @ 195 would be taken out..., hitting myself in the head now... :-)

Anyhow, now on the way to complete the bullish bat (I hope), any recommendations on SL at completion of the bat?
+1 Reply
Why do you say that your stop loss was too tight?
KVE Akil_Stokes
That 195 level was close, so some stops would be accumulated above it so easy taking out by smart money I would say.
But, you're right, I get the point... I had a plan, followed it through so it was a good trade anyhow, right?!

Thanks Akil I needed that ;-) :-)
The psychology of trading for me is the most difficult..., wiped out my whole account before by revenge trading; you know everything you shouldn't do but still you do it, over and over again... Greed, fear, revenge, not being able to take a loss...

That's why I stopped monitoring my trades, I just put in orders (separate order for every TP, typically 3 TP's) and wait for them to be filled and completed (win or loss), only adjusting SL after completion of TP1 (and TP2, but not always).
That already did alot for me, I would recommend it to anyone! Watching the screens during a trade can be so stressfull...

Thanks alot for your reply, only one simple question from you, but it did what I'm quite certain you intended it to do!
Cheers, keep up the good work and happy trading to all!
+1 Reply
No problem, that's what i'm hear for. Keep that confidence!
Mr Stokes, thanks for all the great ideas and training. Question, I noticed you're using the FX IDC chart, which differs from the FX FXCM chart. They have differences in the candles and wicks and may have a valid pattern on one and not the other. Which one should we use?
+2 Reply
I didn't even notice that, I didn't know that tradingview used different data providers as it's not what i used to do my normal analysis
I don't really have a recommendation on which to use (for legal reasons) but this is the first I've heard of FX ICD
+1 Reply
leszekstanislaw Akil_Stokes
Indeed, I have noticed different candles and wicks. Personally I think FXCM data based charts looks better (and thus probably works better) :-D
+1 Reply
Balazs leszekstanislaw
Seems some others agree on FXCM also... thanks!
Balazs Akil_Stokes
Thank you for your input!
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