Akil_Stokes
Long

GBPUSD: Two Different Patterns, One Same Level of Support

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
Continuing on last nights GBPUSD             discussion we now have both a potential bullish Cypher and bullish gartley pattern setting up at our previous level of resistance turned support.

Akil Stokes
Chief Currency Analyst & Trading Coach
http://www.TradeEmpowered.com

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Trade active
Trade closed: stop reached
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Good morning Akil, i have still a doubt about the Cypher.. is there any limit for the wick of B aside for X? Or any limit at all for the wick of C? Thank you, have a nice day.
+1 Reply
Akil_Stokes PRO Practiceaccount
If you have your doubts it means that you did not do any backtesting of the pattern to build your believe system. And you never want to trade any strategy that you don't believe in 100%. So my advice is to not worry about the cypher and move on to a system/strategy that you have zero doubts about
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Practiceaccount Akil_Stokes
I'm started the backtest assuming that X was the only limit for the B leg but then the idea that maybe i was wrong came to my head and i wanted to clear that, I already backtested the Gartley and the Bat, this would be the last one for now.. Nice day.
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Quick question, Akil:
When something like this happens where the market goes the opposite direction from what was predicted (based on your trading plan), and your trade is closed out, what is your response?
Do you analyze what went wrong, or do you just move along to the next trading opportunity?
I'm a pretty analytical person so my instinct would be to look at the market and what happened and to try and learn from that. But what I've been seeing is that many professional traders are just trading whatever their plan dictates and not really giving much thought to the trades that fail.
I know that we cannot win them all, but I'm trying to figure out if I need to know exactly what happened in the market or if I should just ignore it.
+1 Reply
There's a whole post market evaluation process you can go through but to keep things simple as long as you didn't do anything wrong during the trade (meaning you followed your plan) then you just move on and look for the next opportunity. Yes there are some situations where things can be learned and adjustments can be made overtime (more so for strategies outside of advanced patterns) but in general a losing trade doesn't mean that you were wrong, it simply means that the trade did not go your way this time. So again the main question that you want to ask yourself is "did I do anything wrong?" If not then it was a "good trade"
+1 Reply
Drop after complete retracement 61.8 major wave
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Stopped out on the same trade Akil, challenging week sir
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Akil_Stokes PRO StarProsper
Sorry to hear that man, but you said you've had an incredible month. I'm sure you didn't give back all of those 2,000 pips this week, so you should still look at the month as being a massive victory
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Also stopped. Had similar idea based on something else (ABCD) :)
+1 Reply
impending crab ?
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