Akil_Stokes
Long

NZDUSD: Potential Bullish Cypher Pattern (BE CAREFUL)

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
Potential bullish Cypher pattern working from C to D on the NZDUSD             4 hour chart. If you look left you'll see that the Cypher completion also comes in an a decent level of previous structure resistance turned support.

One BIG thing to pay attention to as the week goes on is the RBNZ Monetary Policy Statement that comes out on Wednesday at 3pm NY time. Fundamentals are by far the weakest area of my trading most because I don't use them) but there's about a 50/50 chance that a rat cut will occur.

While I'm on the topic of patterns I addressed subject of people telling you that "patterns don't work" in this mornings My Morning Rant Video https://www.youtube.com/watch?v=ddtGKMZZU2o While you're over there let me know what you think about my previous video titled "What It Takes to be Successful In Trading"

Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com
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"




Tijmen_K
a year ago
great one akil!
+1 Reply
D-Rod
a year ago
I have faith in the pattern being completed..
+1 Reply
Dem0n
a year ago
nice!,thanks akil,i agree,and i have H&R Pattern at same PRZ. thanks for sharing.that is my chat:
daily chart  H&R Pattern and 4H chart H&R Pattern
+1 Reply
SifisoKhumalo
a year ago
Looks very possible.
+1 Reply
SmartTradingFX
a year ago
Nice! I recently posted a similar one on EURUSD using a gartley as a reason for entry! Take a look if you have a moment!

Touching on what you mentioned about patterns not working, these people that are saying this, have they back tested?... Or just hopping on a forum chat and saying what they see? Curious!

Hope your well!
+1 Reply
Akil_Stokes TOP SmartTradingFX
a year ago
I would assume that >90% of traders have never done any type of backtesting whether it be on there own strategy or someone else's
+1 Reply
D-Rod Akil_Stokes
a year ago
this day is 400 + better than yesterday & I wanted 2 say. thanks for your help. you changed my trading game. I love you man. lol im straight talking becuz I had 2 cups of coffee & racked up 400 pips 2day.. could have been 500 but I really didn't have the Nzd Usd trade open like I figured. U rock man & don't take the I love u man like that.
+1 Reply
Akil_Stokes TOP D-Rod
a year ago
Great day. Well done!!!
Reply
D-Rod Akil_Stokes
a year ago
thanks. means a lot coming from the person who helped me made this possible, as well as Jason. Guys.. Jason and Akil rock. Follow em
+1 Reply
amitbnl07
a year ago
nzdusd
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AdamReid
a year ago
Hey Akil, it's great doing my analysis, posting my trade ideas and then see you've posted the same idea, it just backs up that I'm on track. You taught me well.!!
Cheers
+1 Reply
Akil_Stokes TOP AdamReid
a year ago
That's great to hear man. i used to do the same thing with Jason Stapleton
Reply
AdamReid Akil_Stokes
a year ago
Haha. Brilliant. Enjoying the 'Morning Rant' as well and from the videos it looks like you're enjoying doing them.
See you at the next Rant
+1 Reply
Akil_Stokes TOP AdamReid
a year ago
I love every second of it. Even before trading I always had a passion for motivational and inspirational speaking. Trading has given me the platform where I can now hopefully inspire many others to go after their dreams and stay positive through what are often difficult times in this world.
+1 Reply
TomHall TOP
a year ago
Nice chart Akil.
I am with you on the potential bearish news out of New Zealand, however lets see if price can respect the PRZ zone.
+1 Reply
Akil_Stokes TOP TomHall
a year ago
Thanks Tom
Reply
kubair
a year ago
How can this be a cypher when C is coming at 1.56 of XA. It should be a Shark pattern IMHO as that allows extension upto 1.618 levels.
+1 Reply
Akil_Stokes TOP kubair
a year ago
It's Cypher patter because it meets all of the Cypher pattern requirements. What problem are you having with the "C" leg? Maybe I can help clarify for you.
Reply
kubair Akil_Stokes
a year ago
Akil, the B to C leg is at maximum 1.414 of XA leg. That's the disqualifier or am I wrong here somewhere. Thanks.
+1 Reply
Tijmen_K kubair
a year ago
Arent you using the Xabcd pattern tool instead of the cypher pattern tool?
Reply
Akil_Stokes TOP kubair
a year ago
Close, what would invalidate "C" would be a break and close beyond the 1.414 fib extension.
Reply
kubair Akil_Stokes
a year ago
That means in a pattern like Gartley if A-B leg has Low at say 70% but close at 61% of XA, then it would be a VALID Gartley pattern. Conclusion: Close matters, High or Low do not. Guess learned something new today!! Thanks Akil !!
+1 Reply
Akil_Stokes TOP kubair
a year ago
Close only matters on the Cypher pattern Kubair
Reply
Akil_Stokes TOP kubair
a year ago
In your gartley example a simply touch (wick) of the 78.6 would invalidate the pattern
Reply
Akil_Stokes TOP Akil_Stokes
a year ago
*simple (talking about the "B" leg ofcourse
Reply
Eduard_Walda
a year ago
The close of the B-C leg can't touch the 1.414. This is a valid Cypher.
Reply
pyramids_Forex Eduard_Walda
a year ago
Yes it can be from 1.272 to 1.141
Reply
moneymaking
a year ago
Hope you got filled on this one mate, but it was during NZD interest rate news event. So probably should have stayed out.
Reply
Akil_Stokes TOP moneymaking
a year ago
Yup, cancelled orders at the beginning of my trading day
+1 Reply
moneymaking Akil_Stokes
a year ago
Nice. Always preserve capital first :)
Reply
Akil_Stokes TOP moneymaking
a year ago
Yup, with it being the end of our trading year I'm in no rush to take anymore risk than necessary
+1 Reply
moneymaking Akil_Stokes
a year ago
Totally agree :)
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Just missed the fill on this one, I didn't front run my orders! Must learn for next time.
+1 Reply
moneymaking lukeboland
a year ago
Hey mate, if you had front run your orders, you would be breaking your rules for the cypher pattern. Since cypher pattern requires the D completion at least touch the 78.6% fib level. According to my rules, this cypher pattern never got completed. Even if you are planning on to front run your orders, you should have some type of evidence from back testing results, to give you enough confidence to do it the next time.
+1 Reply
lukeboland PRO moneymaking
a year ago
That's a very good point, thank you. I am used to front-running 2618 setups as the entry level (61.8% retracement) isn't as strict on the entry/validity as harmonic patterns.
+1 Reply
moneymaking lukeboland
a year ago
Awesome, all the best mate :)
Reply
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