I noticed that Silver can potentially put in 2 smaller advanced patterns, especially if price action decided to consolidate. I got a question on the USDCAD chart I posted the other day about trading a technique that we used to call the "Aggressive C" I said it was a horrible idea for the most part , but this would an example of a situation that would make sense at least from an entry standpoint.
Hi Akil, since posting that question to you about what you called the 'Aggressive C' trade I have looked at various setups where I thought it could work and it has really dawned on me as to how bad it is. I would say I'd be lucky to achieve a 25% win rate using that as a strategy. Most setups, much like yours posted above, resulted in a 38.2-50% retracement and then rolled over. I am now focusing on the conservative targets of 38.2 & 61.8 retracements (of a completed pattern) while then keeping an eye on the potential 'C' completion to then enter a new trade.
While the potential high profitability of an 'Aggressive C' trade is very attractive, the depressingly low completion rate could/would blow an account in a short space of time.
Thanks for your insights Akil, keep 'em coming.
Akil_Stokes
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Glad you actually took the time to look at it instead of just blindly trade it. I'm sure there's a way to trade it profitably, but it's easy to see that if you try and take every one, money will be lost and pretty fast. Unfortunately there will always be those who try and take the short cut
DanLaffas
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I've made some silly moves in the BTC trading world and learnt some valuable lessons (thankfully not expensive lessons). While it has been a very steep learning curve, it has piqued my interest in forex and in serious trading. I am finding the structure in forex alot easier to read compared to Bitcoin. And with advice and schooling from the likes of yourself, Jason Stapleton, Inner Circle Trader and David Alcindor, I am slowly travelling the road to becoming a trader. For now, I will stick to paper trades and build my skills and confidence and perhaps, one day, I will be able to call myself a trader.
Akil_Stokes
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funny that you mentioned BTC, I've never looked at a chart of it until today and plan on using it in this mornings training lesson
DanLaffas
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well I'd definitely be interested on your thoughts :)
DanLaffas
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I'm using Bitfinex if you'd like to look at their data ;) wink, wink
Mjablo
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Akil what are your last year statistics with Gartley?
Akil_Stokes
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Proftiable
UnknownUnicorn107271
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Sirwallac, Please enlighten the world with how you trade?
While the potential high profitability of an 'Aggressive C' trade is very attractive, the depressingly low completion rate could/would blow an account in a short space of time.
Thanks for your insights Akil, keep 'em coming.