Akil_Stokes
Long

GBPUSD: 4 Hour Potential Bullish Cypher Formation

FX:GBPUSD   British Pound/U.S. Dollar
Potential Bullish Cypher Formation @ 1.4398. Because of the amount of risk on this trade I won't be entering at the normal "D" completion point, rather a lower level within the killzone.

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

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Comment: The other pairs on my radar for today are EURUSD, EURJPY, GBPJPY (Involved) & USDCAD. Also News events on my watch list are the ADP Non Farm (USD) at 8:15, Trade Balance (CAD) at 8:30 & ISM Manufacturing (USD) at 10:00
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Hello
Stop loss to any level
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RahatHasan Adel.ps
Below the X level
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Sorry didn't see that you answered already, thanks!
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On advanced pattern formations stops should be beyond the "X" leg
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Thanks Akil
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You're welcome
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Gbprider Akil_Stokes
man with the eagle eye :) thanks for the helping mind
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No problem
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Structure based trade on EURUSD ?
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Akil_Stokes PRO journeyofarookie2.0
Yes, based off of the idea that I shared yesterday
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Hey Akil, you look like you know your stuff :-) Do cypher patterns lend themselves to a generic take profit amount? like half the distance between X and C or somthing like that? I'm new :-)
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Akil_Stokes PRO robdavid1111
Traditionally you'd be looking for targets at the 38.2 & 61.8 fibonacci retracements when it comes to advanced pattern formations
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robdavid1111 Akil_Stokes
And is that drawn from X to C, or from the lowest point of the whole bullish element? :-) Thanks Akil :-)
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Akil_Stokes PRO robdavid1111
C to D
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Dear Mr Akil, need one advice from you, I have one open trade @ 1.4750 long without stop loss, am worried for that, what would you suggest, wait until next week?
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Akil_Stokes PRO SajjadHaider
First I suggest that you always use a stop loss. Secondly I would stay with the trade until your rules say that you should be out (determined by your stop loss). if you don't have a plan, or the trade didn't meet any of the rule sin your trading plan, I would consider it a "bad" trade and I would exit right away before you donate any more money to the markets
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SajjadHaider Akil_Stokes
Thank you very much Mr. Akil, I made a mistake by not putting a stop loss, now just thinking to act accordingly, I just have a feeling like on friday at NFP GBP might reverse, though I am not expert at all,
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SajjadHaider SajjadHaider
but as always it is better to close the trade as early as one blows his account
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robdavid1111 SajjadHaider
hey buddy, does your platform not allow you to add in a stop loss after you have placed the order? :-) Might be able to?
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Akil_Stokes PRO SajjadHaider
Correct it's always better to cut your losses when you know that you're wrong rather than hope and pray and potentially blow everything
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Akil_Stokes PRO SajjadHaider
We should always trade based off of our trading plan, not our feelings. I'm not sure if you saw my youtube video titled "Statistics on why most traders fail" but what you're doing with the stop/loss or lack there of is how most failing traders hurt themselves. https://www.youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg
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SajjadHaider Akil_Stokes
Iwill never trade again without stop loss, hard learned lesson, the problem right now is smaller equity , so far I have hedged the trade but it doesn't work always. might get stuck more badly, so far on prayers ,LOL...
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Akil_Stokes PRO SajjadHaider
My suggestion is to allow your trading to take a backseat and focus on learning how to trade first. No point in donating money to the market when you're unsure of what you're doing.
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Hello Tp?
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Akil_Stokes PRO TontasSinan
38.2 & 61.8 fibonacci retracement levels
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Akil_Stokes PRO TontasSinan
However, if you don't have rules for entries, stops and targets then you probably shouldn't be trading this. Remember we only want to take trades that meet the rules of engagement from our trading plans
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Indeed. When I am asked for stops or targets I also answer people not to take the trade.
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I short the pair in higher time frame as there is major structure level
GBPUSD _ Back to major structure level.
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Akil_Stokes PRO OsamaAbouzeid
Nice!
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Hey Akil, what's your entry point? how many pips below D?
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The entry for the Cypher formation is the at "D" completion, I'll have to wait until it meets my risk profile which will be somewhere between the D completion and X leg all depending on price action
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Yassine Akil_Stokes
Nice! Good luck!
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miguelpcn Yassine
I just did my first entry ever - new to trading in a whole :) I am making a few quid with your instructions! Thaks for that! When to exit though? Still in...
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You should no your entries, stops and targets before ever entering a trade. If you don't then it tells me that this trade was not part of your trading plan and if that's the case you shouldn't be involved in my opinion.
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And no i have not entered yet as the pattern formation has not completed yet
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Thank you
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Hey Akil been backtesting advanced patterns, wondered if you take take all patterns regardless, eg if it is with or against the overall trend, one might not have a lot of structure looking left, or not a lot of confluence? Or do you just take Cyphers for example every time regardless but not Gartleys. Thanks
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I take every valid advanced pattern formation
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You should take every formation you can find))
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1.8 AB !!!! i don't think it's a cypher pattern
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I'm not sure what 1.8 means, but if you don't think it's a cypher, then don't trade it. A good rule of thumb is "when in doubt, stay out"
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loukiliy Akil_Stokes
i mean C point is about 1.8 projection of the XA leg . thanks for your reply , have a good day :) ps : thank you for sharing your knowledge , i love your videos
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No problem, Also I think you're measuring your C leg the wrong way. I've seen traders have this problem before if they're using the "Pattern drawing" tool. Trying using the fibonacci extension tool or the "cypher formation" tool and that should provide you with the correct extension level
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loukiliy Akil_Stokes
i see that !!!!! thank you very much :)
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Hey, mate. Akil is a member of the team that INVENTED cypher pattern. Silly on your part to doubt Akil's ability to identify a cypher pattern.
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loukiliy Alexander_Nikitin
it's not a crime to have an opinion , i respect mr akil and i'm always learning from him so don't judge please, have a good day :)
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Don't worry i didn't take any offence to your comment. It didn't personally pick up a negative tone from it. And trust me I got a lot of negative comments so i know lol. And please guys no "Mr" that makes me seem old. ;-)
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Oh, mate. Don't take it close to heart. Didn't ment to offend you. Cheers
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loukiliy Alexander_Nikitin
don't worry brother it's all good :)
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Akil_Stokes PRO Alexander_Nikitin
Thanks I appreciate the defense, but I think this trader was just curious for knowledge and not trying to attack me. You've scared off most of the trolls already Alexander :-)
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Hahaha:)
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how many pair in your portfolio akil if you don't mind asking and can you tell us what is it :)thanks
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Akil_Stokes PRO faisalhasnoon
I currently trade EU, GU, EJ, GJ, UJ, UC, AU, NU, AC
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Is that it ... Wow .. I thought more is better but I guess less is more now :) I guess u come up with this portfolio after a lot of back testing is that all your portfolio or u change every year ?
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Akil_Stokes PRO faisalhasnoon
I tell my clients that it all depends on a the trader. If you're trading a limited amount of strategies, it's easier to handle a larger portfolio and if you're trading a lot you probably want to minimize your portfolio. I've traded as much as 15 in the past and it's just too overwhelming as it's hard to build that needed relation with each pair. It also leads to a lot of missed or miss managed trades and of course a lot more exposure in the markets. I make changes every now and then, for example I dropped 2 pairs this past October, but for the most part it stays concrete.
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This exacly what happened to me the past year but I am learning now thanks to you and Jason and the live room :)
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Akil_Stokes PRO faisalhasnoon
That's great to hear. Trade what you can handle then as you gain more experience you can continue to add. That goes for strategies and portfolio size
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hi akil , i have a question why dont you publish this trade(gbpusd) bullish cypher at the syndicate?
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I did, it's in the video I gave you guys on Tuesday
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trade activate???
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Yes I'm active in this trade
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Akil is this trade still active??
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No targets were already hit
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