Akil_Stokes
Short

USDCAD: Daily Gartley Pattern

FX:USDCAD   U.S. Dollar/Canadian Dollar
USDCAD             VIDEO (https://www.youtube.com/watch?v=AGXymWfe-XM) Obviously I'll be playing the sidelines today due to the Non-Farm release, but for you longer term traders, we've broken past our B leg which means it's time to pay attention to the bearish Gartley .

This particular pattern comes in at a very nice level of structure (looking left) where price consolidated in the past before a markdown. This doesn't mean that the level will hold again, we never know in trading, but it does show that the market has respected this level in the past, and as a pattern trader all you should be looking for is a brief pull back.

Good luck for anyone getting involved in this one.

Akil Stokes
Chief Currency Analyst at http://www.TradeEmpowered.com
Akil@Tradeempowered.com /@AkilStokesRTM /
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Hi Akil, first I always read EVERYTHING you put out and really appreciate all you do in trying to educate us less knowledgeable trader's to be successful.

Now my question is this. I put out a post on this pair showing a daily Gartley pattern as well about 5 days ago. But when I went back to review it again, I discovered what I thought were 2 errors: one I KNOW was wrong, a bearish cypher that wasn't and the second, the Gartley. I am thinking the Gartley also isn't a Gartley because the B point has prices closing beyond the .618 which I thought invalidates the Gartley. Also,I have the Gartley already being completed at the D point at the .786 retracement where I see you have your Gartley ending at the 1.272 extension.
What gives? I defer to your opinion.....
USDCAD: WARNING! A Mistaken Cypher Pattern!
+1 Reply
Akil_Stokes PRO EverythingForex
Hey EverythignFX, There are no rules about "closes" of candles for the Gartley pattern so the B leg doesn't have to close below the 61.8. Also I trade gartley's with the completion being at the 127.2 extension and not the 78.6. The 78.6 is not wrong it's just not what i use for my completion point.
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Thanks for clearing that up! So the Gartley I show being completed is actually completed. But I'm with you on this one. Staying away from it due to the NFP.
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EverythingForex PRO EverythingForex
BTW, someone else pointed this out to me but my handle, EverythingForex is not the same guy as EverythingFX. Unfortunately, I can't change my handle without losing everything in this account. EverythingFX is a much more senior and respected member than I. My apologies to him for any trademark infringement! LOL!
+1 Reply
Akil_Stokes PRO EverythingForex
lol as long as he doesn't try and sue you it's all good
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Akil_Stokes PRO EverythingForex
i didn't see your post, but yeah, if your rules say the 78.6 and it hit the 78.6 then consider it completed
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Looks like that would be an AB=CD completion area there also, although I think you already show that.
+1 Reply
Akil_Stokes PRO docwesley90
Yeah an AB=CD would complete a little above the Gartley completion level. I was actually looking at that first then remembered there was a pattern too. It's good to have that confluence and I know me personally I'll be looking to use to harmonic move (on an LTF) as I won't be entering the Gartley
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Now that 1.272, it's a heck of a turning point.
It will determine if this is a wave C of a corrective zigzag advance, or if it's wave 3 of a new bullish cycle in the dollar.
I'm long since I think it's the latter, bought at 1.23604. Stop at 1.23552 but already closed half so it's essentially risk free.
USDCAD: Trading map in the daily with weekly overlay
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5 pip stop?
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IvanLabrie PRO Akil_Stokes
I had my stop lower initially, now trailing it.

snapshot


If 786 does something, I'll buy it again then ride to 1.272. Then figure out what to do up there.
If it falls 0.382 again, I'll buy it again if the bullish trend is still valid.
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IvanLabrie PRO IvanLabrie
(I aim for 1.31 if we clear the 0.886 PRZ after a retrace, and move up again without falling below my stop zone.
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Ahh I see. Nothing better than trailing a stop and minimizing risk
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IvanLabrie PRO Akil_Stokes
I'm at break even now, letting this one run. I'll just wait for the 0.382 retrace to buy if the Gartley works.
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USD/CAD - DAILY CHART - GARTLEY PATTERNS

Hi Akil,

This pattern has been a long time coming, However i am of the same opinion when it comes to the US data due out in 30mins.

We will have to wait and see :-)
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Yes, patterns this big often take a while to play out the legs
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IvanLabrie PRO Akil_Stokes
Akil, seems like the data did nothing, and the market's waiting for Greece.
What do you think of this correlated setup?
I spy a shark in the background, and some ABCD's meeting there.
Gold: Interesting Gaussian distribution
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IvanLabrie PRO IvanLabrie
*bearish shark
I'd like to go long that CD leg.
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I'm not seeing too much that interest me on GOLD Daily. We're still holding previous structure lows. If we were to get a LLLC I would anticipate a move down to the 1150's area
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IvanLabrie PRO Akil_Stokes
Indeed. I'm short with minimal risk, I think it's possible to see such a close.
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anythings possible in these markets, so it's important to stay on the right side of the risk/reward
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i like the video man it makes me understand it a bit quicker and better! thanks :D
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Thank you, if you haven't already make sure you subscribe so that you'll know each and every time they come out
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Tijmen_K Akil_Stokes
You mean on trading view? I Will follow you ;)
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Tradingview is good too, but for the videos I meant subscribe on youtube. Sorry I'm used to commenting on the Youtube channel about videos. I do appreciate the tradingview follow though!
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Tijmen_K Akil_Stokes
Okee nice i Will subscribe cant Lear enough ;)
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Tijmen_K Akil_Stokes
watched some of your video's and i must say i pretty like it! your style of trading. keep it up! really appriciate it
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Thanks, if you have any trading buddies please share it with them as well. They often generate some interesting discussions so the more people that watch and comment the better they get
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Hi Akil,

i've just watched the training for the 2618 trading system.
enjoyed it :D
Now my question for this chart/trade:

if the price hits 1.22745. should we wait to see a double top? and we have to wait until the price drops to below the higher low . then look at whether the 0618 is coming or not ? sorry for my bad english... :( lets explain it into a chart :P

:

snapshot
+1 Reply
Yes that would be an example of a 2618 trade. Looks like your retracement is a little short maybe a 382 from what I see drawn on your chart but the concept is 100% correct
+2 Reply
IvanLabrie PRO Akil_Stokes
In Elliott Wave terms, I think the double top might lead to dangerous situations.
What would be your target here?
Low retest Akil?
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for a 2618 the initial target is a retest of the new structure low
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IvanLabrie PRO Akil_Stokes
I see, that'd be pretty high probability then.
+1 Reply
I wouldn't say high probability, but it's a decent opportunity if you can get the risk/reward to work.
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Tijmen_K Akil_Stokes
Okee Thanks for the explenation!
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No problem
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docwesley90 Akil_Stokes
Check this out...Looks like an ALT SHARK...

snapshot
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