Akil_Stokes
Short

USDJPY: Potential Bearish Gartley with Good Risk/Reward

FX:USDJPY   U.S. Dollar/Japanese Yen
Potential Bearish Gartley Pattern. With the completion being so close to the "X" leg it provides a really good risk reward ratio.

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Akil Stokes
Chief Currency Analyst & Head Trading Coach
http://www.TradeEmpowered.com -The Premier Online Trading Education Company
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I'm learning more about these gartley patterns but can you be so kind to point the X? I am currently watching a video right now on the Gartley pattern but I believe it's for a bullish set-up and not a bearish so usually X would be the start from the bottom but where is your so-called X location if you will
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The "X" leg is always going to be the start of the move. So in the case of this bearish Gartley the "X" is the initial Swing High to Swing Low.
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TradZ Akil_Stokes
figured so but just wanted to see illustration for practice purposes. Thank you very much
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TradZ TradZ
But is this called the Cypher pattern as well? This is what I also drew up yesterday. Or are these two patterns different
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No this is not a cypher pattern
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Do you feel as if you're comfortable reading a price chart?
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TradZ Akil_Stokes
I'm very comfortable as I've been learning/practicing how to trade the forex market for a little over a year now. I just haven't been using pattern set-ups. I mainly scalp off of price action but am starting to take pattern set-ups into consideration so that can start conducting Swing Trades
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TradZ TradZ
Looks like a Cypher pattern to me and that is what everyone was saying on here yesterday. I even researched it. It must be similar
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There was a cypher yesterday, which is what may be confusing you, but this pattern is a completely different one
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Okay, i was asking because identifying an "X" leg is the same as identifying a swing in the market so if you were unfamiliar with reading the ebbs and flows of the market then it's going to be difficult to identify the legs of a pattern
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TradZ Akil_Stokes
I see! and yes I can easily identify:) I just need to start applying myself to trade off of set-ups
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Great to hear!
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Hi Akil, don't you think that the B point of this Gartley is a little over-exceeded, being almost a 78,6?
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No I do not
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Gargoyle Akil_Stokes
On my chart, B is almost 77% of XA... I thought a Gartley needs an exact 61.8 B, or just a "little" more..
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They way i trade it, it does not have to be an exact 61.8 retracement.
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Gargoyle Akil_Stokes
if this kind of "longer B" Gartley is well backtested, so I just learned a new pattern
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It's still the same pattern Gargoyle
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Gargoyle Akil_Stokes
So if 61,8 is hit, and 78,6 is not, anywhere in the middle between them, we can consider this B point being a 61,8 retracement?
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By how I trade that would be the zone
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Gargoyle Akil_Stokes
I understood; thank you for those details... I am just used to consider a Gartley, only if B is almost a precise 61.8, or not very exceeded..
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and there's absolutely nothing wrong with that. One of the beauties of trading is that there is no single way to make profits. All that matters is that we have a strategy that offers a positive expectancy and ofcourse, that we have the ability to execute that strategy consistently
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Gargoyle Akil_Stokes
Sure... whatever are the rules, we just need them to be proven as a profitable ones.. Do you apply such a tollerance of exceeded B point also in the BAT?
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yes
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Gargoyle Akil_Stokes
of course I have seen and traded many patterns with some excess of B, but from my experience, a more exact B point, tends to increase the edge of the pattern. For example in this present Gartley, we are so close to 78,6 in B, that probably many would start considering a Butterly there.. and so on..
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That's why it's important that we have clearly defined rules for what and how we trade.
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Gargoyle Akil_Stokes
yes... as a sheet music....
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vintv Gargoyle
I think the gartley can touch or cross 61.8 but should definitely be less that 78.6%.
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Thanks Akil ! Have an ABCD here, all the same targets, has the potential for a bullish cypher If we get a .786 retrace from target area
snapshot
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nice! Thanks for sharing
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Hi Akil,
I hope you are doing well. Isn't this (in the drawing) more than a .786 retracement of the XA leg that a Gartley should have? Thanks

Akram
+1 Reply
Akil_Stokes PRO akrammandourah
The 78.6 was never hit on my data
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Forsureex akrammandourah
I was also caught out by this, the entry is the 1.27 extension of the AB leg, the lining up with the .786 would only happen if we had the 'perfect' 61.8% retracement of leg AB and allow no deviation
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correct
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is it still valid?
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Akil_Stokes PRO altcoins_trading
yes
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Is this pattern still valid given the large retracement Akil? I'm assuming not but happy to be persuaded otherwise.
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yes,
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Hi, is this Bearish Gartley still valid since the profit 1 (113.382) is over and if now the price raise to 114.774.Thank you.
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Akil_Stokes PRO Kah Shiuan Chin
yes
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On the radar!
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still can sell now right? the price is turning down now.
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J_Graystone PRO Kah Shiuan Chin
You can do whatever your trade plan says
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Akil_Stokes PRO Kah Shiuan Chin
sure as long as that's what you rules say for you to do
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Took me a little time to figure this one out, as per the 'standard' rules to a gartley (and i say standard as everyone should have their own trading style & plan) the CD leg is meant to be a .786 retracement of lag XA i believe?

But i seem to be seeing that you seem to be using the 1.27 extension of the AB leg as entry, is that correct?

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Forsureex Forsureex
Ah i think i sem to have answered my own question! the .786 would only line up with a perfect 61.8% retrace and allow for no deviation!
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sorry I'm answering these out of order, but good to see that you figured it out
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correct
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Forsureex Akil_Stokes
I use a similar method, i take the lowest out of either the .886 of XA, the 1.27 Ext of AB as my entry so not too sure why it took my so long to figure out haha
+1 Reply
It happens, I have plenty of days where the brain just decides to call out from work
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Akil, what is your opinion of the Bearish Gartley that is forming out of the "C" leg of the original pattern? Is this conformation?
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Akil_Stokes PRO OfficialN8smith
If your plan allows you to trade it, then make sure to get orders set
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OfficialN8smith Akil_Stokes
I stick to one move at time, or at least attempt to! I also see a double bottom or possible 2618 move?
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still valid would you say Akil?
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