Akil_Stokes
Long

USDCAD: Potential Gartley Formation

FX:USDCAD   U.S. Dollar/Canadian Dollar
6 months ago
I'm currently long this pair (1.2950) on an "at Market" Bullish Cypher Formation, but looking ahead, we also have an advanced Gartley Formation which would complete if price were to push lower.

Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company


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6 months ago
Trade active
6 months ago
Comment: Yellen speaking in Philadelphia (My Home Town) at 12:30 (NY) Let's see how thins effects the USD. We're already under the assumption that rate hikes will be pushed back from June to December. I wonder if she'll bring that up or be asked about it.
6 months ago
Trade closed: stop reached
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SvyatoslavH
6 months ago
Hey Akil, if I remember correctly, in one of your videos you said that in backtesting USDCAD has been horrible for harmonic patterns. Since you still take harmonic patterns on this pair, do you have a rule for filtering out the "horrible" ones?
+1 Reply
Akil_Stokes TOP SvyatoslavH
6 months ago
There's not way to tell that a pattern formation with be "horrible" until it's already stopped your out. For the traders that yielded unfavorable results when backtesting this pair, my advice was to simply eliminate it from their portfolios
+1 Reply
SvyatoslavH Akil_Stokes
6 months ago
Yeah, that's right. I just thought that, since you have not eliminated this pair from your portfolio, you must have some specific ruleset, which made your backtesting/experience produce a positive expectation on this pair. As opposed to the ruleset of the traders who found it to be bad for harmonic patterns.
+1 Reply
Akil_Stokes TOP SvyatoslavH
6 months ago
My backtesting for this pair was done at a different time than the traders who are going through it now. USDCAD wasn't so directional which is better for advanced pattern formations. This pair hasn't been the best with me for patterns, yet it's been extremely good for my trend continuation & structure trading which is why it stays in my active trading portfolio. but nope, i don't have any special tricks, i just consistently trade the plan.
+1 Reply
johnmad PRO
6 months ago
My 2.236 Pattern confirms your Gartley for a Possible PRZ
+1 Reply
Akil_Stokes TOP johnmad
6 months ago
Awesome John!
+1 Reply
bunah2
6 months ago
Hi Akil,

I have the same , but I am looking to go long at 1.2736 area
+1 Reply
Akil_Stokes TOP bunah2
6 months ago
Nice!
+1 Reply
Jimdandy
6 months ago
I too am watching this possible Gartley formation however mine completes down around 1.2860 along with an AB=CD. Beyond that I'm watching for a cypher completion down around 1.2616. It all depends on how the market interprets what Yellen says today. Will be hard to top last week in reliable patterns but we'll see.. Good trading to ya...
+1 Reply
Akil_Stokes TOP Jimdandy
6 months ago
Good trading to you this week as well
+1 Reply
rem97
6 months ago
Thanks for sharing Akil! This has been on my radar for a few days now, along with a potential Bullish Cypher on the daily that for me completes around the 1.2615 level. I have signed up for your live trading room over at TradeEmpowered, so see you tomorrow.
+1 Reply
Akil_Stokes TOP rem97
6 months ago
Thanks, and Nice find on the Cypher. i didn't notice it until you said something. See you in the Live Room tomorrow. i think you'll enjoy yourself we have THE BEST community of traders out there! So supportive to everyone
+1 Reply
Werasuper
6 months ago
Trade active already? And where ur SL, sir?
+1 Reply
Akil_Stokes TOP Werasuper
6 months ago
Yes I'm active in this trade. For Advanced Pattern Formations Stops need to be beyond the "X" leg
+1 Reply
Werasuper Akil_Stokes
6 months ago
Tnanks! Good luck in this position!
+1 Reply
Akil_Stokes TOP Werasuper
6 months ago
Thank you!
+1 Reply
Ali777
6 months ago
I am in. looks very good trade.
+1 Reply
Akil_Stokes TOP Ali777
6 months ago
"Good Trade"= A Trade that meets all of the rules in one's trading plan. I hope that means it's still a good trade for you
+2 Reply
Ali777
6 months ago
thanks Akil.
+1 Reply
Akil_Stokes TOP Ali777
6 months ago
you're welcome
+1 Reply
SupraBoy
6 months ago
So now it went under 1.283. What next? Currently sitting at 1.281. Going to 1.27 soon? Or is this the "bullshit cypher formation" complete? oops, I meant bullish.
+1 Reply
Akil_Stokes TOP SupraBoy
6 months ago
Correct The Cypher formation completed at 1.2834.
Reply
SupraBoy Akil_Stokes
6 months ago
Completing cypher formation means what? Is it reversing back up after? Or going down?
+1 Reply
Akil_Stokes TOP SupraBoy
6 months ago
A completed Cypher means that the "D" projection has been achieved. Unfortunately the market will do whatever it wants, whenever it wants to do it so we never know if the market WILL go up or down. All we can do is participate.
Reply
ZaliQifty
6 months ago
Hi Akil, is it compulsory for the B point not to have closed candle exceeding 61.8 XA retracement for it to be consider as potential Gartley?
+1 Reply
Akil_Stokes TOP ZaliQifty
6 months ago
No there does not have to be a close beyond the 61.8
Reply
UlfatGarazade
6 months ago
Gartley BC/D - 1.618 buy limit 1.27583
+1 Reply
Akil_Stokes TOP UlfatGarazade
6 months ago
Nice, good luck with the trade
Reply
TimStuyts
6 months ago
Hello Akil I'm not a harmonic trader because I demand a higher probability and risk/reward in my trading, nevertheless I'm looking for a reversal as well but you might want to look for patterns from tops and bottoms to increase your success. Then you will find a better pattern in line with possible structure reversal.
snapshot
+1 Reply
Akil_Stokes TOP TimStuyts
6 months ago
Thanks Stuyts, advanced pattern formations is only one of the strategies that I trade, but I appreciate you lending your insight
+1 Reply
MarwanALjaadi
6 months ago
Why dont you mention your SL ,, is it because where ever it bounce you will update the idea and say i said so ??? im glad you are loosing by the way
+2 Reply
Akil_Stokes TOP MarwanALjaadi
6 months ago
I can certainly understand your question and here's why I stopped mentioning stops an targets. From what I've experienced in the past, it causes traders to blindly follow my ideas. If you look back at my past ideas you'll see more than a handful of charts where I inform you when I was stopped out.
+1 Reply
Akil_Stokes TOP MarwanALjaadi
6 months ago
I just saw the part that said "I'm glad you're losing by the way" May I ask why? Do you just plain don't like me, or have I done something to upset you?
+1 Reply
Bordoc MarwanALjaadi
6 months ago
Everyone is putting SL on different way, someone like it to be tight, someone leave bit space for price. For me this is still valid trade, But I did not enter on 0.786 % retracement, I was waiting for reversal signal below D point. And i did get signal really close to X, SL is 15 pips below X for me. You dont have any right to attack him, if you do not like his ideas dont fallow him
+1 Reply
Akil_Stokes TOP Bordoc
6 months ago
Thanks Bordoc, i'm still hanging on in this one as well
Reply
proverbed
6 months ago
Hey Akil, I'm subscribed to your channel, I like what you're doing and believe in your future, and the guys at TradeEmpowered.

Quick question on the gartley formation, does your D completion ever fall a little short of where the formation completes?

And what do you do in these cases? would you still enter with a slightly bigger risk, or skip the entire trade?
+1 Reply
Akil_Stokes TOP proverbed
6 months ago
Thanks for the support. Yes, because of where we take "D" there are cases when price action will fall just short of my entries. In cases like that, you just have to let the trade go and start looking for the next opportunity. Chasing a trade usually ends badly for most.
Reply
mlbo
6 months ago
looking at price action and only buying the bullish pattern when for example a 2h candle closes above the previous one would have kept us out of this trade that right now looks like a loss.
+1 Reply
Akil_Stokes TOP mlbo
6 months ago
Yeah it's not looking good. I like the fact that you're reviewing your trade instead of making excuses. Keep good notes and maybe in the future you'll be able to create a rule about using LTF confirmation for entries if you find it to be less risky or more profitable than entering aggressively on the trading timeframe
Reply
johnmad PRO
6 months ago
Better Set- Up for a Low R/R .
AB=CD with a perfect 161.8 Fib Extension
snapshot
+1 Reply
Akil_Stokes TOP johnmad
6 months ago
Nice, thanks for sharing your view John!!
Reply
SauliusBalciunas johnmad
6 months ago
You mean long position is still ok?
+1 Reply
Akil_Stokes TOP SauliusBalciunas
6 months ago
Is that question for me Saulius?
Reply
johnmad PRO SauliusBalciunas
6 months ago
You could target this but it depends on what is your rules
snapshot
Reply
SauliusBalciunas johnmad
6 months ago
Thanks
Reply
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