Akil_Stokes
Long

GBPJPY: 1 Hour Bullish Cypher Formation

FX:GBPJPY   British Pound/Japanese Yen
Bullish Cypher Formation on the GBPJPY             Hourly Chart
Trade active: Long @ 159.85
Trade closed: target reached: So glad that were we able to watch this one live this morning in the live trading room. A very teachable moment for many of our traders on discipline. I'll see if I can share it on youtube when I return later this weekend. GREAT TRADE GANG! Really tested us
I also agree with this one Akil. Thank you for your analysis, very good reassurance haha
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Thanks Miz
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AviMizrahi Akil_Stokes
Akil what's the rule for ciphers ?
Because I think "C" leg close above 141.4 .
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It can touch it, but cannot close above
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ErnestasKvedaras ErnestasKvedaras
Just checked, it did not even touched 1.41
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Akil_Stokes PRO ErnestasKvedaras
Make sure you're drawing your pattern formation out using the fibonacci extension tool and not the "pattern drawing tool"
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Akil_Stokes PRO ErnestasKvedaras
Or if you're going to use one of the patern drawing tools, make sure that you use the tool specific for the "Cypher pattern"
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Make sure you're drawing your pattern formation out using the fibonacci extension tool and not the "pattern drawing tool"
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Or if you're going to use one of the patern drawing tools, make sure that you use the tool specific for the "Cypher pattern"
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Please see the comments that I left below
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Totally agreed with u
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Akil_Stokes PRO adilnaqvi00786
Awesome!
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Hi Akil,

Where do you think this long position will go up to? 162.5+?
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Akil_Stokes PRO bharrison0605
I'll be looking for at least a 38.2
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stockerz Akil_Stokes
whats the 38.2?
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It's a Fibonacci ratio
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159.17 SL is good ?
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I wouldn't deviate from your normal rules for placing stops
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In my opinion you always want to take the even handle into account if you can take on the amount of risk
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Waited for 100 pips to stop and filled. Great risk/reward on this one!
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right with you on that
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Looking at the very bearish price action, I would say that this would be a Shark pattern and not a Cypher (but clearly I could be wrong), so I will looking to buy around 159.10 -159.00, good trading ;)
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Akil_Stokes PRO Trading_an_Edge
We can't control the market so we never know until it happens. All we can do is consistently execute the trading plan.
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ok :-)
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nice Setup, thanks Akil
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thanks
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SaeedRehman Akil_Stokes
Hi Is this trade still valid??
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Akil_Stokes PRO SaeedRehman
Yes
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hi Akil
You are a smart guy as your name.
you know Akil means who is clever, smart and intelligent. :)
thanks
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Akil_Stokes PRO AbdullahArslan
thanks, and yes Akil Lateef (Intelligent & Honest) i don't think Stoke means anything however
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AbdullahArslan Akil_Stokes
I think Stoke means making fire bigger/higher anyway :D
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Akil_Stokes PRO AbdullahArslan
interesting
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61% retrace from CD is usually what cypher traders aim for right?
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It depends on there rules, but many will shoot for that level for secondary targets
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Loii Akil_Stokes
thanks mate. btw ur a legend on tradingview! good track record. i been following ur trade ideas for a while now!
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Thanks, I wouldn't say a legend, but I'm glad that other traders have been able to learn from my shared ideas.
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I really think Akil that you're on the right track with this one. I'm seeing this one being bullish as well!
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Akil_Stokes PRO TarikCampbell
Thanks Tarik, it'd be great if the market goes in our direction
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TarikCampbell Akil_Stokes
Yes indeed
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do you take your 382 targets on the retracement of your entry or were the market reverses?
so if the price action moved beyond your entry you would move the fib retracement ?
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I take it from the end of the D leg
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SvyatoslavH Akil_Stokes
Doesn't that make your R/R much worse, since you have decided on the entry and stop loss placement before the pattern has completed?
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Akil_Stokes PRO SvyatoslavH
Yes
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Akil i've been secretly following you, you made me fall deeply in love with advanced patterns, i took some time to learn and understand them, they have simple rules that are easy to understand. Now i'm trading them, another strategy added to my strategy bag.

Thanks maid God richly bless you
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That's awesome man, and great to hear!
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Akil, why do trading strategies tend to fade out or die out over time?
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I don't believe they do, aside from maybe algo's
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Akil your target is 38,2 from CD points???
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That's what i'll be looking for
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Agree also. Thanks for the knowledge.
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Akil_Stokes PRO Eduardo_Zamora
Thanks Eduardo
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IMO,This is risky trade. The momentum is down strongly on the hourly and may be the end of the pullback on the larger TF. I think the most likely event will be a small bounce to about 160.75 and then another leg down on the 4h to test the February low.
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CROforce thejohn74
All trades are risky... but if you follow your plan and your plan agrees with this setup, then I would take this trade every day regardless of result of this particular one.
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Couldn't have said it better myself
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Thanks for sharing your opinion. And I agree this trade is risky, but so are all trades.
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I'm getting 1.612 on the C leg extention. For a valid Cypher pattern, are we not suppose to go beyond the 1.414?
Thanks
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Cypher formations are allowed to extend beyond the 1.414
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I took this trade and also Gartley on USDCAD 60min chart earlier today. Will see what Market will do to us :-)
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Best of luck in both trades!!
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CROforce Akil_Stokes
Thank you
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long long at 159.49 on sep future .. see how long this can run
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Hopefully it runs in our favor
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Yes, I think you're Intelligent & Honest. About the fire...not sure. I'm confused, my C leg is extended at 1.618 and closing above 1.414. I thought Cyphers need to close below 1.414.

Thank you Master.
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Akil_Stokes PRO Vamonosky305
I think your drawing your fibs wrong as the C leg barely touches the 1.272. My assumption is that you're using the "pattern tool" and not the fibonacci extension tool
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kmurphy002 PRO Akil_Stokes
I had a similar question above, Akil, should we alway draw the fibs with the extention tool and not the "pattern tool" to get an accurate read? Also when you draw your fibs, do you go from wick to wick?
thanks again!
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yes and yes, the fine people here at tradingview actually created a tool specifically for Cypher formations as well if you want to keep using those type of tools.
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Vamonosky305 Vamonosky305
OOOOOH!...You're right......Again!
Thanks!
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Akil_Stokes PRO Vamonosky305
not right yet, we still have plenty of room to go
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Right now it looks like is going to continue the down trend, don't you think so??
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Akil_Stokes PRO AlbertoSolano
Longer term yes, i still think we're in a bearish trend based off of the daily
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Hi Akil, the D point has stretched to beyond 88.6 of XC, so is this cypher still valid?
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You wouldn't have known that, had you entered at the 78.6. As long as your stop based on your knowledge at the time of entry wasn't triggered, I'd say it is valid. Otherwise, you would have to close your position before it reaches your stop. And you don't do that, right?
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Yes
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I just drool when there is an advance pattern forming. - Thanks Akil

I have a question which will benefit myself and may help others. If I am trading 1 lot or 1 point as my stake, do I close my trade out on my first target, as I am unable to take half off? What other signs do I look for to see if the price is going to continue to the second target
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SvyatoslavH SaeedRehman
If you want to do it consistently - yes, you close at the first target. Also you should do some backtesting, which you obviously have not. Otherwise you would have known that relying solely on the second target is a losing strategy.
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Akil_Stokes PRO SaeedRehman
That decision is completely up to you. I would do whatever your backtesting data showed you was most profitable
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Thank you for your comment - Yes you are right no back testing done. I am learning the basics - structure/ formation and once I feel comfortable, will look for a strategy - Hopefully once I have enough spare money I would be inclined to go for Trade Empowerment training course with Akil or Jason and that will be my strategy as it has already been back tested.

I would've gone for first target, due to low minimal stake, just wanted to know what a Pro would do in that situation. Both you and Akil are right, what ever your plan tells you & strategy

Thanks Akil
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Akil_Stokes PRO SaeedRehman
There are different ways to handle the situation and it will all depend on the trades appetite for risk. There are pro's & cons to everything. For example, in the past while day trading I consistently used the "traditional" 2nd targets as my first targets. It was more profitable that way but it also meant having a lower win percentage. Now it would seem that the right decision would be to take what provides you with the most profit, but psychology does play a key role and more losses will often lead to more mistakes which would sabotage the system
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Expecting prices to reach the 159.00 before going long on a price reaction (using Elliott waves & Harmonic patterns)
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possible update on this Akil please? :)
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What would you like an update on?
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Tested my patience is an understatement!
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Akil_Stokes PRO TarikCampbell
Yeah, you'll see when i post the video, but I told my live room members that my heart was beating 100 miles per hour. It's okay to have emotions, that's part of being humans, we just can't act on them
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Where did you have your SL "Exact price" on this trade Akil? Was it a 2 ATR SL or 1?
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158.93
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SvyatoslavH Akil_Stokes
Assuming that you have entered at the 78.6 (159.937), you must have had a R/R of 0.42 to the first target at that point. Am I missing something?
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Akil_Stokes PRO SvyatoslavH
I did not enter at the 78.6 due to that exact reasoning. Well not so much risk reward (cyphers will often be inverse), but amount of risk
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Mberg PRO Akil_Stokes
On which candle did you enter and was the SL based on 2 ATR or 1? :)
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Stops were based off of the even handled number 159.00
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I entered at 159.88's because the original entry offered a stop/loss that was beyond my limit (100pips)
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SvyatoslavH Akil_Stokes
That is still a 0.47 R/R to the first target of 38.2, if you enter at 159.88 and stop at 158.93. Wow, you must have some insane success rate, if you are profitable in the long run and regularly take trades with such a R/R!
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Akil_Stokes PRO SvyatoslavH
The cypher formation is the only trade that I will take that doesn't provide at least an initial 1:1 risk/reward, because of it's high success rate.
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thank you dear akil a great one
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You're welcome
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HI Akil, is this pair qualifying a HS in D chart, if breaking the neck line?
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I'm sorry but I haven't ;looked at it on the daily
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whats your idea about USD/CAD dear brother?
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I'm done looking at charts for the week so I don't have any. Sorry
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i think its a good appourtioninty its near teh oversold area on daily
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If it meets the rules that are in your plan, I say go for it. Certainly not a bad level to look for buying opportunities
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thank you dear brother
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no problem, best of luck if you decide to take it
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i will take it thank you again with the besh whishing for your trades
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Thank you
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I took loss on this one by a few ticks... But that's OK. it was still a good trade :-)
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CROforce CROforce
I did however profit on my other Gartley trade on USDCAD
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Well done
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Great mentality
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CROforce Akil_Stokes
thank you :-)
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great trade!
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