Akil_Stokes

XAUUSD: Bearish Cypher & Bullish Gartley

FX:XAUUSD   Gold / U.S. Dollar
Gold             has been stuck in this wedge for a while now and during so has put in various advanced patterns (in orange). There are 2 more on the radar int             he form of a bullish Gartley & a bearish cypher .

Something that separates a trader from an investor is the fact that we don't care which way the market goes. Our job is only to take advantage of the opportunity when it occurs. IF the market goes down, THEN we know where our next buy is and IF the market rallies, THEN we know where our next sell it. Now all a trader must do is bracket their orders and stops and wait to see which path the market decides to take.

Structure traders may want to look for intraday opportunities on the lower timeframes as well.

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I've been following you guys from Trade Empowered for quite a while. So thank you for all the good work and teaching effort. It's been a massive help in many respects ! I had to say it :)

Don't you think that in the case of the bullish Gartley pattern you revealed us in this chart we could get a chance to be both be traders and investors ? Some people seem to see the 1180 region as the end of a 4 waves correction from the 2011 high and the beginning of potential long term rally.
+1 Reply
Akil_Stokes PRO pascalde-aguiar
1st of all thanks for the compliments. Great to hear that we're doing a quality job. To answer your 2nd question yes. There will be both bulls and bears out there from the long, term perspective, especially with the continued easing and eventual interest rate rise. But When I put on my investor hat I like to create my bias, then looks for a technical reason to plan my place on entry. So yeah someone who's a bull on Gold would find an excellent place of entry at the Gartley that comes in at a a pretty good structure level.
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pascalde-aguiar Akil_Stokes
Many thanks for your reply Akil ! Have a nice day !
+1 Reply
That red Cypher, point C is allowed to close beyond the 1.41?
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Akil_Stokes PRO MarshallFX_
Not it cannot
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