This NZDUSD trade is something that I've been keeping tabs on for the past few weeks. In fact by this point I think my Live Trading Room & Sydnicate members are probably sick of me mentioning it. But during yesterday's FOMC events price action finally pushed down into the area that I was willing to buy at. Although i didn't get filled on the initial push (due to FOMC trading rules) I did get filled over the London session & currently have a long position.
On the 4 hour chart this is simple an advanced pattern trade, but if you were to take a look out on the higher timeframes you'll see that this is also a trend continuation play as well with a lot of legroom to the bullish side.
I just finished recording my Weekend Review video & this week's topic was "Building A Rules Based Trading Strategy" (Link below). The video reminded me of this trade because although I use a simple example of a TCT trading strategy in the video, advanced patterns can also be used as reasons for entries as well.
I'm a big fan of combining the two, however you have to be very care of when to shoot for extended targets & when not to or else you may end up sabotaging your system by accident. let me know what you think of the video guys!
Hi Akil.
How did you know where to expect the C-D leg to end at? Shouldn't a Gartley patterns' D point end at the 0.786 retracement of the X-A leg?
And also regarding the B point, shouldn't it end at the 0.618 retracement of the X-A leg?
Just felt like asking because I thought advanced patterns should be quite accurate when drawn..
Akil_Stokes
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I use the 1.272 for my D completion, so it won't always line up with the 78.6
papajos1771
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Thx!
pyramids_Forex
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Thank you for this call and nice setup Akil
Akil_Stokes
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No problem
GcNaif
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as usual Good Call Akil
Akil_Stokes
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Thanks
sumathidenward
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Akil to be honest i have changed my game plan after hearing your daily video review and also attending the syndicate webinars and listening to your goals and principals man it changed me a lot i have made 150 pips for last couple of days and following a strict game plan and treating Forex as an business where i see lots of differences in my trading style . Thank you once my man see you in the syndicate today ........
Akil_Stokes
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that's awesome to hear!
samurai110
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There is also a very nice bullish Butterfly pattern beginning at the B leg of the Gartley. It also completed exactly at the support level, I took that one :)
How did you know where to expect the C-D leg to end at? Shouldn't a Gartley patterns' D point end at the 0.786 retracement of the X-A leg?
And also regarding the B point, shouldn't it end at the 0.618 retracement of the X-A leg?
Just felt like asking because I thought advanced patterns should be quite accurate when drawn..