Akil_Stokes
Long

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
http://www.TradeEmpowered.com -The Premier Online Trading Education Company


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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
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?
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Akil_Stokes TOP SvyatoslavH
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
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SvyatoslavH Akil_Stokes
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.
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Akil_Stokes TOP SvyatoslavH
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.
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My 2.236 Pattern confirms your Gartley for a Possible PRZ
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Awesome John!
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Hi Akil,

I have the same , but I am looking to go long at 1.2736 area
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Nice!
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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...
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Good trading to you this week as well
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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.
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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
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Trade active already? And where ur SL, sir?
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Yes I'm active in this trade. For Advanced Pattern Formations Stops need to be beyond the "X" leg
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Werasuper Akil_Stokes
Tnanks! Good luck in this position!
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Thank you!
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I am in. looks very good trade.
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"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
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thanks Akil.
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you're welcome
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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.
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Correct The Cypher formation completed at 1.2834.
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SupraBoy Akil_Stokes
Completing cypher formation means what? Is it reversing back up after? Or going down?
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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.
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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?
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No there does not have to be a close beyond the 61.8
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Gartley BC/D - 1.618 buy limit 1.27583
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Akil_Stokes TOP UlfatGarazade
Nice, good luck with the trade
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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
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Thanks Stuyts, advanced pattern formations is only one of the strategies that I trade, but I appreciate you lending your insight
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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
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Akil_Stokes TOP MarwanALjaadi
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.
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Akil_Stokes TOP MarwanALjaadi
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?
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Bordoc MarwanALjaadi
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
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Thanks Bordoc, i'm still hanging on in this one as well
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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?
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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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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.
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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
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Better Set- Up for a Low R/R .
AB=CD with a perfect 161.8 Fib Extension
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Nice, thanks for sharing your view John!!
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You mean long position is still ok?
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Akil_Stokes TOP SauliusBalciunas
Is that question for me Saulius?
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johnmad PRO SauliusBalciunas
You could target this but it depends on what is your rules
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Thanks
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