Akil_Stokes
Long

GBPJPY: Two LARGE Potential Advanced Cypher Formations

FX:GBPJPY   British Pound/Japanese Yen
Tough day for the GBP, and the weakness on this particular pair has inched price action towards 2 potential Cypher formations.

More so than most of the other major pairs, it's important that you measure out your risk prior to setting your limit orders. For example, for the smaller cypher completion the "X" leg (which is where stops need to be beyond) are over 125pips away.

Enjoy traders!!


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


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Trade active: I'm Long at 158.36
Trade closed: stop reached
Thanks for sharing I hadn't spotted this set up yet. I will be looking for a 2X bot for a better R:R.
+1 Reply
Nice! best of luck Rick!
+1 Reply
Hey akil, just have a little question. When you see something like this where there are 2 possible patterns, how do you decide which one you should trade ?
Thank you!
+3 Reply
There are a few ways to handle it depending on where you're trading from in the world. But in general I believe that a bird in the hand is worth more than 2 in the bush. Meaning a completed pattern is always better than a potential.
+3 Reply
Hey Akil, see you on here and never have gave you a shout before or talked but, I also see bullish momentum coming in. Check that crab coming in nicely on the 1hr, the completion would be max extended as well around 158.00 level.

We would also have a shark pattern in play at that level based on the 1hr, so I like that setup a lot. If you want me to post the chart I can, I'm sure when you hop to 1hr you'll see it with ease.

Maybe we can do a podcast sometime, keep up the great work!
+1 Reply
Akil_Stokes PRO PipsUniversity
Thanks for the shoutout! And sure, I'd have no problem doing a podcast sometime.
+1 Reply
.thanx for sharing....I m long at 158.37....what should be first target sir ?
+1 Reply
I would exit the trade immediately. Before ever entering a trade we should no where both stops and targets are at. That's how we measure our risk profile. Rules for those should be in our trading plan, so by hearing this I would assume that this was not a trade that you have rules for. In my opinion that makes it a "bad trade" and if ever I find myself in a "bad trade" I exit immediately
+2 Reply
mlbo Akil_Stokes
good answer without giving away much of your strategy ;)
+1 Reply
Please look at the chart above. That is my strategy for this trade. an buy based on a bullish Advanced Cypher Formation. Why won't I tell this trader where to put his stops and targets at? Well because that would encourage traders to blindly follow what I'm doing and blindly following anybody in my opinion is a bad idea in this industry.
+3 Reply
eager Akil_Stokes
thank u very much..best of luck for this trade.
+1 Reply
Thanks Eager, same to you
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where is your SL?
+1 Reply
Beyond the "X" leg by an ATR
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I dont understand why you to long at a price where the first pattern is invalidated (because price ran through it's end) and the second pattern box is not yet entered....
+1 Reply
The first pattern has not been invalidated. That would not occur until the lows of "X" are breached
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mlbo Akil_Stokes
ups. i am sorry. think i got it now. and for SL you use the invalidation point (X) plus ATR ?
+1 Reply
yes that's what I used for this trade
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mlbo Akil_Stokes
unfortunatly you d need to close the long trade right in the zone where you are looking for another long trade. these situations su*k ;) how you handle this? keeping the two possible trades totall seperated and let the first one hit automated sl while you are looking for priceaction to enter long in the second box ?
+1 Reply
There are a few ways to handle double patterns like this. In this particular case even if I wasn't involved in the first pattern formation i would not be able to enter the second at the traditional "D" completion due to the risk
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Just as wit the first trade, I'd half to wait for a push lower
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Let's see if the second Cypher can hold that rock!
i'm short because of the Butterfly and the WW
snapshot
+1 Reply
Hopefully, if not I'll be taking a big rip on this one
+1 Reply
iznogood iznogood
Akil, by mistake i have put the corner x of the green triangle lower instead the right one @155.67 but... if you see closer... my mistake give us another one Cypher more promising!
snapshot
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i am long @157,45
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You are faster than I, before I post I always look at yours because many times you have already posted.

I know you don't trade SHARK, but there is also a bullish shark on H4 right into the last wing of the Cypher :-)
Thank you for sharing!
+1 Reply
Nice! Good find TJ
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Maybe we'll get another chance when it moves down for better R:R..
+1 Reply
Yup eyes on Cypher number 2 now
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http://invst.ly/1tjls
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Hi Akil, I believe your intent to participate is to gain more followers/business. For ppl like me who're not as knowledgeable on Harmonics, we would like to see some details on these charts.....e.g where's the TP, SL etc. Just honest and candid feedback. Hope to see more awesome stuff from you :-)
+1 Reply
eager mail2paras
Akil is there any video of ur, where we(noobs) can learn what r BAT, Cypher formation ?...and how does it works ?....where we should put our stop loss and TP ?..frankly saying i don't even know what is ATR ............Thanx akil...i appreciate everything u do .
+1 Reply
hey eager from one noob to another check out this web site: http://www.tradeempowered.com - heaps of good stuff there. plus check out youtube.

plus there is this (copy and paste it into your browser)
Harmonic Patterns Ratios  2016 // ®


Hopefully this will help
Reply
eager shaunrev
thanx mate
Reply
Trade What You See by Larry Pesavento is a great book for those getting started in pattern trading
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eager Akil_Stokes
thank u very much.....
+1 Reply
you're welcome
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I understand what you mean and yes, one of the reasons I post on here is to gain followers. But, although I take part in a trading education business I also want to continue to provide content for those who are unable to afford what I offer. However from my experience, when I place targets and stops many traders will blindly enter trades just because I'm involved, or they think I'm involved. (Then get angry at me if I wasn't involved or if my stops and targets changed from the original post) As an educator, that goes against what i stand for as I never wanted to run a signal service. I believe in the long run it hurts more traders than it helps. So I understand where you're coming from, but I hope that you can understand my perspective as well.
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mail2paras Akil_Stokes
Thanks Akil !Good to know your perspective.
+1 Reply
No problem
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