USDCAD: Potential Gartley Formation

FX:USDCAD   U.S. Dollar/Canadian Dollar
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
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Trade active
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.
Trade closed: stop reached
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Better Set- Up for a Low R/R .
AB=CD with a perfect 161.8 Fib Extension
+1 Reply
Nice, thanks for sharing your view John!!
You mean long position is still ok?
+1 Reply
Akil_Stokes PRO SauliusBalciunas
Is that question for me Saulius?
johnmad PRO SauliusBalciunas
You could target this but it depends on what is your rules
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
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
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
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.
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