Akil_Stokes

GBPJPY: 2 Potential Advanced Patterns (An Updated Analysis)

FX:GBPJPY   British Pound/Japanese Yen
As I showed you in yesterday's video, the fun thing about trading is the fact that we are constantly updating and adjusting our analysis to go along with the recent price moves.

The recent moves on the GBPJPY             have eliminated my harmonic predictions, yet have opened up a new opportunity in the form of a second advanced pattern .

Akil Stokes
Chief Currency Analyst & Head Trading Coach
http://www.TradeEmpowered.com
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Trade active
Trade closed: target reached: This caps off a very good day of trading 3 wins 1 loss. (not to mention Jason's +134 this morning) Much needed after last weeks struggles
Comment: The potential Bearish Gartley pattern is now invalid
Trade closed: target reached: Final targets achieved 100% flat. Well done gang
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gj weekly..

snapshot
Reply
Hey Akil, thanks a lot for sharing that. Followed it and banked it. One question here, I remember Jason mentioning in one of his videos that we should adjust out target using Fib from A to the actual D point, in this case 169.155. I wounder what's your take on that and is that part of your trading plan.
+1 Reply
I completely agree with that, unless your using structure d not doing so is an incorrect way to use the Fibonacci tools
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weiwei Akil_Stokes
thx, I also think that makes a lot sense. But how do you deal with risk-reward? Say a Gatley pattern and you expect a 1:1 risk-reward ratio. But after entry is triggered, price go beyond and adjusting your Fib to the actually completion point gives a really bad risk-reward ratio. Should you foresee that and maybe not take the trade at the first place?
+1 Reply
No you'll either have to adjust targets to meet a 1:1 criteria or accept the new risk/reward for what it is. You never want to avoid a good trading opportunity due to fear
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JC_Saints Akil_Stokes
do u trade type II Akil or only Type I ?
+1 Reply
I adjust targets with current price action
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JC_Saints Akil_Stokes
oh I know that, I followed you, I was part of live room quite a few times !! I am talking about entering a trade on Harmonics Pattern. I know you do type I. But I was wondering if you do Type II, cause I don't think I ever saw you enter an harmonic trade on type II, which a sort of double top/bottom on PRZ after already having reached or get very close to Target 1.
+1 Reply
Yeah i remember you JC. By type 1 or type 2 I thought you were referring to the question i was asked about. (First time hearing that terminology). After a pattern has completed a move to initial targets I remove my entries if I missed my fill
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JC_Saints Akil_Stokes
ok I read for the second time scott Carney books, and that is where (book 2) he explains what is type II (basically what I wrote). If you are interested I am sure there are video on that subject on youtube. Anyway, take care.
+1 Reply
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