Akil_Stokes
Long

USDCAD 1 Hour Bull Bat Pattern (Think we can go to $1.40)

FX:USDCAD   U.S. Dollar/Canadian Dollar
a year ago
USDCAD             has been a pair that I've had my sights on for a while now. After clearing our previous level of resistance I see nothing in the way of $1.40. My optimal reversal zone starts a little bit lower around the 1.3420 level but any chance I have to get long, i'm going to take and will be certainly keeping a portion of my position on for the bigger potential move similar to what we did this summer.

Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com
Check out my FREE Youtube Videos https://www.youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg
a year ago
Order cancelled: Looks like we're not going to get a valid Bat. Shame, oh well just have to be prepared for when the market offers the next opportunity
Akil Stokes -Head FOREX Trading Coach at Trade Empowered
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"Plan Your Trade, Trade Your Plan"




Really like your ideas and am learning harmonic patterns. How would you determine first and second target on that BAT pattern ?
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Akil_Stokes TOP journeyofarookie2.0
a year ago
If you're trading it as strictly a bat I'd stick with the traditional targets, if you're looking for extended targets treat it as if you were setting up for your next short entry
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journeyofarookie2.0 Akil_Stokes
a year ago
Makes sense. Thanks
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Very nice Akil I am buying in the same area for the same reasons
USDCAD Long: Gartley TCT at Wave ((iv)) S/R Zone
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Akil_Stokes TOP glennmercer
a year ago
Awesome, I think the lower level will be the more effective level but when a valid opportunity is there, we have to try and take advantage of it.
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imranafzal4
a year ago
thanks for sharing its in correction period also waiting for to get long i also hope it will get to the $ 1.40 currently its playing in the channel and getting little bit resistance from the outer channel while inner channel has broken
+1 Reply
Akil_Stokes TOP imranafzal4
a year ago
You're welcome
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imranafzal4
a year ago
snapshot

hoping for break up
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Mind_V_Gap
a year ago
audcad is one of the best pairs so far. in 2 days I hit both target in 2 trades.
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Mind_V_Gap Mind_V_Gap
a year ago
sry missread the pair.
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journeyofarookie2.0 Mind_V_Gap
a year ago
Agree. 2 winners yesterday. Was not as lucky on EURUSD this morning
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Akil_Stokes TOP Mind_V_Gap
a year ago
AUDCAD has been my best pair this year. It's been a killer!
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langtoni PRO
a year ago
Akil,

There is a bearish Butterfly on the 4hr chart and its up against a daily trend line?

snapshot
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Akil_Stokes TOP langtoni
a year ago
Hey Langtoni, what's your question?
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imranafzal4 Akil_Stokes
a year ago
i think he is trying to say that price is playing in the daily channel and can come down if you go on 4hrs chart you can bearish butterfly pattern am i wright langtoni
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langtoni PRO imranafzal4
a year ago
yes USDCAD is at daily resistance line and showing a bearish butterfly on the 4 hour, it just contradicts a bullish move?
+1 Reply
Akil_Stokes TOP langtoni
a year ago
Okay sorry I saw the question mark so i didn't think of it as just being a comment. My bad
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imranafzal4 imranafzal4
a year ago
snapshot
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snapshot


As long as this ending diagonal holds-we are gonna see a possible huge move down.There are some other reasons for a bearish overview,but the bat is ofc valid:) It's really interesting how it's gonna play out.....either way I am gonna be happy for those who will manage to make some pips out of it.
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imranafzal4 Don_Corleone
a year ago
i dont think it will get back in the channel any time soon as we can see bullish momentum in its full force whats my opinion is
snapshot
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EL_KHIBRATTOR
a year ago
What's your outlook for the pair now ?
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Akil_Stokes TOP EL_KHIBRATTOR
a year ago
Same outlook, just have to wait for another opportunity to try and get involved. I plan on discussing this in my weekly trading video so if we get something by tomorrow I'll recap it there as well
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EL_KHIBRATTOR Akil_Stokes
a year ago
where i can find this trading video ?
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Akil_Stokes TOP EL_KHIBRATTOR
a year ago
My weekend review video comes out every Thursday on youtube. Just search "Akil Stokes" & subscribe to my channel
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EL_KHIBRATTOR Akil_Stokes
a year ago
thank you
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ropri4 Akil_Stokes
a year ago
Is there suppose to be some news from the reserve? Do you think the dollar will strengthen or weakened after these announcements?
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Akil_Stokes TOP ropri4
a year ago
Are you talking about the interest rate decision on the 16th?
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ropri4 Akil_Stokes
a year ago
Yes I just seen it on tv
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ropri4 ropri4
a year ago
Could you talk about it on Thursday
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Akil_Stokes TOP ropri4
a year ago
We'll see, i often don't script the videos so I'll do my best to remember but it all depends on where I go with whatever the topic is
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Umair90
a year ago
Hey Akil i really appriciate your analysing But can we buy right Now?

1.3610,,,,,,This point will be good to Buy or wait for a good entry point? And go for Long @1.40?
+1 Reply
Akil_Stokes TOP Umair90
a year ago
Simple answer to your question Umair, What does your trading plan say? If the opportunity meets the rules in your plan then yes. If it doesn't or if you don't have a written trading plan then i would advise you to stay away. This is the exact reason that we use the "If/Then" thought process, to eliminate as much thought as possible.
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SubTh3ory
a year ago
Akil, is it absolutely essential that I back-test my strategy before I trade? I was reading some training material from Jason Stapleton and he seems to be saying that if I haven't back-tested my trading strategy, then I should stop trading now and not trade at all until I've done that.
The problem is that I simply do not have time to back test anything.
I hardly have enough time to trade to begin with. If I have to spend months back-testing one strategy, then I might as well back out of this and focus on my job and my son.
Also, why is he the only one I know of that says that back-testing is mandatory?

I was introduced to Forex by a former co-worker. This person never back-tested their strategy and he is now a very successful trader. I am quite certain this is not mandatory, so I'm just curious why Jason is stressing that so strongly.

Regards.
+2 Reply
Akil_Stokes TOP SubTh3ory
a year ago
Yes I believe that it's ABSOLUTELY essential that you backtest and that it's the MOST IMPORTANT step a trade must take. More importantly that making sure your system has a positive expectancy through different market conditions is the fact that you're able to develop a 100% belief in your strategy. If you don't it's going to be extremely hard to overcome those psychological challenges that arrive.
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KarmaSenge PRO Akil_Stokes
a year ago
Amen!
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SubTh3ory Akil_Stokes
a year ago
I guess I'm not meant to be a trader, then. Eh well. It's certainly not for everyone.
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Akil_Stokes TOP SubTh3ory
a year ago
Are you saying this because of the "time" thing?
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Akil_Stokes TOP SubTh3ory
a year ago
I fit is a "time" thing I don't want to sound rude but saying that there is not enough time is just an excuse. There's always time available, the question is how willing are you use that time in comparison to it's alternative use. If you can dedicate as little as an hour a day towards your backtesting, I'm confident that you can probably complete a single pair in less than 2 weeks. That means if you were to start now over the holiday season, you'd have a few pairs that you could actively start trading by the start of 2016. I used the time excuse a lot when i first started because i was scared of the commitment. Dive in head first and go for it man, tell yourself that you're going to make this work and although it may mean some sleepless nights now, the future benefits are more than worth it.
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journeyofarookie2.0 Akil_Stokes
a year ago
Well said Akil. SubTh3ory, go for it man !!!!!
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Akil_Stokes TOP journeyofarookie2.0
a year ago
Love the support
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SubTh3ory Akil_Stokes
a year ago
I recently had a child. Before I had a kid I thought I didn't have that much time for Forex. Now I haven't even seen an Xbox controller, let alone know where it is anymore.
Perhaps I will have more time on my hands when he gets older, I'm not sure.
I don't mind taking a break from Forex. It's getting to where I don't spend much time with my family anymore and my wife has been getting depressed. I need to sit this one out for a while after hearing about back-testing and try to mend things with the family before I take more time away from them.

Until then, if you don't mind, if you have a link to somewhere I could learn how to back-test, that would be great. I have time to read about it at work.
Thanks!
+1 Reply
Akil_Stokes TOP SubTh3ory
a year ago
My kid just turned one and it seems like I haven't touched my PS3 controller in 6 months. I've almost accepted that my video game days are over as well
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journeyofarookie2.0 SubTh3ory
a year ago
I have 3 little ones at home (7, 5 and 2 years old), a wife, a full time job and other responsabilities outside work and home, and will be killing at least 10-15 hours backtesting this weekend (already nailed 4,5 last night). I know and understand how it's important to spend time with family and take care of your wife after the birth of the little one.

However, it doesn't mean that Forex has to be completely aside for you. It will take you to get (re)organized, set your priorities differently and probably put aside some activities (take a step back and look carefully at what fills your days, I'm sure there are few things here and there that easily pile up to a couple hours a week or more that you can use to learn, educate yourself and start your backtesting). One small step at a time man, that's all it takes.

If you want to be successful, it's gonna take work, sacrifices, investments but in the end it is all worth it. Don't let difficulties and challenges of your current situation kill your dream in the egg.

"If you can dream it, then you can do it".
+1 Reply
I see mrs stokes has replaced you on ps3 akil lol
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