Akil_Stokes
Long

GBPUSD: Two Different Patterns, One Same Level of Support

FX:GBPUSD   British Pound/U.S. Dollar
a year ago
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
www.TradeEmpowered.com

Make sure you head over to youtube (search "Akil Stokes") and check out my most recent Weekend Review video
"The 4 Stages of Trading"
a year ago
Trade active
a year ago
Trade closed: stop reached
Akil Stokes -Head FOREX Trading Coach at Trade Empowered
Check Out Our Free Training https://goo.gl/5e8Jcr
TradeEmpowered On Youtube https://goo.gl/IscNch
Akil Stokes on Youtube https://goo.gl/u5kDC3
"Plan Your Trade, Trade Your Plan"




GBPUSD: SHORT NOW OR WAIT. BUT USE THE CORRECT STOP
Reply
moorekapital PRO moorekapital
a year ago
Measured Move Target, Takes us to previous DOWNTREND MODE FAILUIRE
snapshot
+1 Reply
moorekapital PRO moorekapital
a year ago
She motions! ;)
Reply
Tijmen_K
a year ago
very nice setup akil!
Reply
marcus123
a year ago
I understand the 'potential' bullish gartley, but when you say the 'potential' bullish cypher, has this pattern been including in the chart to highlight the two patterns have one level of support as it looks like the cypher pattern didnt 'play-out'/ trigger?
Reply
Akil_Stokes TOP marcus123
a year ago
At the time of posting neither of the patterns had triggered which is why I refer to them as "potential" Since then the gartley has triggered but the cypher still remains a potential pattern. Does that make sense? I'm not sure if I understood your question fully
+1 Reply
marcus123 Akil_Stokes
a year ago
Its just that I dont see how the cypher patter( in blue) could have triggered(as drawn on chart) as the price/candles have 'gone by' the completion of the pattern/the last leg of the pattern ; I suppose what I'm saying is is that the cypher wasnt a 'potential' pattern as you stated in the chart( but a pattern that price did not form) whereas the gartley was a pattern that potentially could form and be traded. Am I correct in my assumption?
Reply
joni.rcunha marcus123
a year ago
In my humble opinion you're not correct because the two patterns don't conflict each other. You can trade the Gartley, reach the targets and the Cypher still remains valid. But most important is you follow your plan and your rules. Please correct me if I'm wrong.
+1 Reply
Akil_Stokes TOP marcus123
a year ago
Please re-read what I wrote. The Cypher Pattern was "Potential" because it DID NOT trigger but it was still valid
Reply
marcus123 Akil_Stokes
a year ago
Got it - thanks. It was just being used to highlight the fact that there was 'one same level of support'.
Reply
Akil_Stokes TOP marcus123
a year ago
Yes it was the same level of support and at that level there were 2 patterns offered, a bullish Gartley and a Bullish Cypher.
Reply
cussler
a year ago
Hi Akil.
Re the potential Gartley, is there not a 618 retracement on the first OR ? Just wondering.
Reply
Akil_Stokes TOP cussler
a year ago
There is, please recheck you fibs and make sure you're drawing them to the correct "b" leg
Reply
Gartley is mine for three reasons: 1) it is the first pattern to complete, 2) it has better RR, 3) it is smaller, so the risk will be smaller:)
+1 Reply
kopparam
a year ago
snapshot
Reply
ImranAfzal
a year ago
thanks
Reply
ChimbOt PRO
a year ago
target?
Reply
My broker is already (50 minutes) 7 pips below X...
And that´s why, it is just ok, to give it some air and put your SL a bit lower....or you can just pick a better broker, who doesn´t cheat with spread :)
+1 Reply
Akil_Stokes TOP sketchmaster
a year ago
remember that we don't work for our brokers, our brokers work for us. If you're unhappy with there performance I say call them up and say if it happens again, you're going to find someone else
+1 Reply
sketchmaster PRO Akil_Stokes
a year ago
Yeah, well, I think it´s called flexible spreads or something like that (?)... Meaning, they can change the spreads any time they want, usually according to volatility...so it´s gonna be in their Terms and Cond. That´s how they manipulate the price. ...just mine opinion...
+1 Reply
Akil_Stokes TOP sketchmaster
a year ago
Adjustable spreads is a normal thing, so don't think that they're out to get you or that their manipulating the markets. If you don't like it, leave them and find a broker that offers fixed spreads
+1 Reply
Since the Gartley does not meet my profile I'm rooting for the Cypher, go Cypher! :) Happy trading
Reply
Fieldgate
a year ago
impending crab ?
Reply
Also stopped. Had similar idea based on something else (ABCD) :)
GBPUSD H1 Trend changed? Hmmm, maybe
+1 Reply
StarProsper
a year ago
Stopped out on the same trade Akil, challenging week sir
+1 Reply
Akil_Stokes TOP StarProsper
a year ago
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
Reply
noels
a year ago
Drop after complete retracement 61.8 major wave
GBPUSD POTENTIAL AB=CD OR BEARISH GARTLEY OR BULLISH CYPER
+1 Reply
SubTh3ory
a year ago
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
Akil_Stokes TOP SubTh3ory
a year ago
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
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 TOP Practiceaccount
a year ago
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
Reply
Practiceaccount Akil_Stokes
a year ago
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.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out