Akil_Stokes
Short

GBPUSD: 3rd Times The Charm Right?

FX:GBPUSD   British Pound/U.S. Dollar
Tried shorting this pair twice yesterday and failed on both attempts. The first short came at the aggressive structure level that we talked about in Monday's training (which occurs around the B leg of the harmonic move I drew out) and the second attempt came at these very same highs. Unfortunately my stop was about 8 pips too shy and the market got me.

Fast forward a day later and we now have a double top at the harmonic completion level along with a bat pattern (if you were to shoot down to the 15min chart). Third times the charm right.

In a trade like this we can look to either play it as a bat, or simply use the bat pattern as an entry reason for the bigger double top move.
Akil Stokes -Head FOREX Trading Coach at Trade Empowered
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Related Ideas

vern94 PRO
2 years ago
3rd time lucky. Patience
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yongjui.foo
2 years ago
snapshot
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Akil_Stokes TOP yongjui.foo
2 years ago
If you're looking at this being a cypher pattern, please keep in mind that the 786 D completion must complete above the B leg. So in this case (at least on my data) it would be slightly invalid
+2 Reply
yongjui.foo Akil_Stokes
2 years ago
thx for sharing your "data"
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Akil_Stokes TOP yongjui.foo
2 years ago
Not a problem at all.
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akyong Akil_Stokes
2 years ago
Yup the B leg does seem too deep for a cypher
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okanbasoglu
2 years ago
I tried shoring at 1.51 too there was a fibonacci level overlap at that point but it didn't hold hope this bat works.
+1 Reply
Akil_Stokes TOP okanbasoglu
2 years ago
That's trading for you. We try, we get stopped out, we aren't afraid to try again and we make profit. As long as the trade is valid ofcourse
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Davis
2 years ago
Akil, where are your targets?
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Akil_Stokes TOP Davis
2 years ago
Bat pattern target 1 has been hit already, but I'm also looking for a move back into the 5160's area. I'll be managing in very tightly though so we'll see what I can get out of it
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Davis Akil_Stokes
2 years ago
alrighty then...thank you!
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snapshot
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IvanLabrie TOP IvanLabrie
2 years ago
snapshot


Modified Chris Moody's intraday gap indicator to show quarterly gaps...see for yourself how crucial these are. :)
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IvanLabrie TOP IvanLabrie
2 years ago
snapshot


In my view, these levels show previous concentrations of buy/sell orders which market makers want to skip by gapping.
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Akil_Stokes TOP IvanLabrie
2 years ago
The trade has already completed in our favor. Feel free to gap away.
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IvanLabrie TOP Akil_Stokes
2 years ago
Was showing how these lines gave me a good idea of s/r...I'm not much of an harmonic/fib guy. Nice trade Akil ;)
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SuperTramp
2 years ago
can I consider it as a double top?
+1 Reply
Akil_Stokes TOP SuperTramp
2 years ago
Yes you could have
+1 Reply
renato.tranchesi
2 years ago
This look like a cup and handle for me.
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For more insight on how I approached this trade check out Trading Recap Jan. 28th 2015 "Practice What You Preach" http://ratiotradingmentor.com/2015/01/28/trading-recap-jan-28th-practice-what-you-preach/
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