Akil_Stokes
Short

GBPJPY: Potential Bearish Advanced Bat Formation

FX:GBPJPY   British Pound/Japanese Yen
While the EURJPY             has about 4 Gartley formations on the horizon, the GBPJPY             is nice and simple with a single advanced bat formation set for completion at the 161.70's level.

Make sure this trade meets your risk profile as the stop may be larger than it seems because of the pairs ATR.

Also here's a link to the periscope video that I did this afternoon for the FOMC minutes were releases discussing trading and news events. it will expire on Thursday at 1pm (NY) and I won't be uploading it to youtube .

https://www.periscope.tv/akilstokesrtm

Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company


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"Plan Your Trade, Trade Your Plan"




bunah2
6 months ago
I have the same one Akil. I am planning to enter higher @162.40
+2 Reply
Akil_Stokes TOP bunah2
6 months ago
Nice! No way I can enter at the 88.6 so i'll be looking for an alternate reason as well
Reply
hatzitesla
6 months ago
how do u even spot that?
+1 Reply
Akil_Stokes TOP hatzitesla
6 months ago
Practice...hours and hours of practice
+1 Reply
PortRoyal
6 months ago
Hey Akil thnx for all the work you guys do at trade empowered. but 1 question doesnt Gartley have to hit 618? that retracement is only .5 which in terms could form a bat and not Gartley?
+1 Reply
J-P PortRoyal
6 months ago
he mentioned bat for this pair. gartley for a different pair.
+1 Reply
Akil_Stokes TOP PortRoyal
6 months ago
Correct, this particular opportunity is a potential bat formation
Reply
PortRoyal Akil_Stokes
6 months ago
ah my bad my bad didnt read properly, i just saw Gartley in the first sentence and "assumed" my apologies
+1 Reply
Akil_Stokes TOP PortRoyal
6 months ago
No problem
Reply
ColossusFX
6 months ago
GBPJPY Killzones
Reply
8miles
6 months ago
Does the price have to reach 161.740 exactly for you to enter into a short position or will you enter when it gets around that price?
+1 Reply
Akil_Stokes TOP 8miles
6 months ago
With advanced pattern formations I enter at the "D" completion, but the pattern formation is valid all the way up to the highs on "X"
Reply
8miles Akil_Stokes
6 months ago
Thank you! That helps alot! I always have trouble figuring out when to enter a trade.












































































































+1 Reply
Akil_Stokes TOP 8miles
6 months ago
There are many ways to enter ranging from the aggressive to the conservative. In my opinion the best way to do so is by finding one that matches your personality. that way it's not as much of a mental battle which will hopefully eliminate some of the the trading mistakes
Reply
SkonBR
6 months ago
Reached 161.650 level , it is a massive bearish divergence on H1 as well, but it seems to move even higher.
Reply
ScottCarney
6 months ago
great call
+1 Reply
Akil_Stokes TOP ScottCarney
6 months ago
Thanks Scott!
Reply
No95TradingCo
6 months ago
Akil, would you possibly wait for a close in the kill zone or would a simple candle stick in the zone be qualitative for a trade?
+1 Reply
Akil_Stokes TOP No95TradingCo
6 months ago
For advanced pattern formations I personally have always used an aggressive entry. I see nothing wrong with waiting for confirmation as long as you're aware of the pros and cons of doing so
Reply
PetriKleynhans
6 months ago
Hey Akil,

Great find, but I have a question. Your C-leg only reaches 0.581 retracement. Is that within your rules, or is it due to a difference in charting price action? If it's the former, can I ask what your minimum retracement requirement is for the C leg?

Thanks man, happy trading!
+1 Reply
Akil_Stokes TOP PetriKleynhans
6 months ago
I require a 38.2
Reply
PetriKleynhans Akil_Stokes
6 months ago
Wow, I'll have to backtest that then! Thanks.
+1 Reply
Akil_Stokes TOP PetriKleynhans
6 months ago
You're welcome
Reply
RBNonit
6 months ago
Hi Akil.

If X breaks, the pattern is invalid right. Now what if price gets back into the X-A zone where we (before it broke X) were looking for shorts.
Would u still jump in the trade? Or do u consider the break above X as a sign that the pattern is more likely to fail and stay out?
+1 Reply
Akil_Stokes TOP RBNonit
6 months ago
I break of "X" would invalidate the pattern for me. I could however still look for opportunities for a structure trade as long as we don't get a close above
Reply
8miles
6 months ago
So this looks like its going down as you said but, it doesn't look like it hit the "D" target. Did you enter into this trade even though it didn't reach the target?
+1 Reply
Akil_Stokes TOP 8miles
6 months ago
No i did not
Reply
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