Akil_Stokes
Long

XAUUSD: 1 AT MARKET & 2 POTENTIAL GARTLEY'S

FX:XAUUSD   Gold/U.S. Dollar
Obviously we want to be very cautious going into tomorrow's trading session which features our monthly Non-Farm Employment change aka the Fireworks show. but was digging through some different markets tonight and noticed the abundance of opportunity setting up on gold             . The orange Gartley pattern is technically completed but features a very shallow "D" leg which significantly increases the risk and reduces the reward of the move. With multiple harmonic moves and Fibonacci confluence featured in that area it's worth taking a zoomed in view on a lower timeframe inside that "Killzone" and waiting for an alternate entry technique to see if you can grab a better price. Perhaps something to watch and not trade going into Friday.
Akil Stokes -Head FOREX Trading Coach at Trade Empowered
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FXTopcat
2 years ago
Thank you for all your charts and info on trades - never traded this will keep this on my radar - need to be extra vigilant because of upcoming NFP
+1 Reply
Akil_Stokes TOP FXTopcat
2 years ago
No problem, I'm with you I don't touch anything until at least 15 minutes after the announcement. Typically I'll just call it a week or head down to the range bars for some lower timeframe action
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meymz
2 years ago
Many possibilities, very altert on how this one's gonna come out.
+1 Reply
Akil_Stokes TOP meymz
2 years ago
we shall see, I'll certainly be an observer from the sidelines at least until the NFP maddness is over
+1 Reply
meymz Akil_Stokes
2 years ago
I had one guy today who claimed to take like 50 pips from the Euro, expecting to have the same effect tommorrow, on the combination of 2 positive US news. I only thought "good luck with that".
+1 Reply
Akil_Stokes TOP meymz
2 years ago
Good luck indeed, a while back I tried every strategy I could think of or research to try and trade these reports and at the end of the day, I couldn't find anything consistent. It was just a straight up gamble.
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marco1994
2 years ago
At what time will the NFP announcement be?
+1 Reply
meymz marco1994
2 years ago
http://www.forexfactory.com/ Economic calendar.
+1 Reply
Akil_Stokes TOP marco1994
2 years ago
8:30 am New York Time
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AbdulazizAhmed
2 years ago
Hey Akil from where i can to learn Harmonic Pattern ?
Reply
Akil_Stokes TOP AbdulazizAhmed
2 years ago
A great started book for harmonic patterns is "Trade What You See" by Larry Pesavento, after that is Scott Carny's Harmonic Trading (which is a little more complicated) O fcourse there is everything we offer at Trade Empowered (my shamless promotion) as well :-) but the books are a great start
+1 Reply
AbdulazizAhmed Akil_Stokes
2 years ago
thank you man
+1 Reply
AbdulazizAhmed Akil_Stokes
2 years ago
akil can you give me another book talking about Fibonacci ratio like (101) help me man
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Akil_Stokes TOP AbdulazizAhmed
2 years ago
those are the only 2 that I've read dealing with fibs and patterns. Most of what I read are based on trading psychology
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m4nti
2 years ago
Why does the Gartley have such a shallow D in this case? Is it because of BC extending past the 0.618?
+1 Reply
Akil_Stokes TOP m4nti
2 years ago
It's due to the depth of the A-B leg
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I'm riding the downtrend on this one on my demo account trying out some stuff from the harmonics @ Fib levels lesson of the Pro Trader course.
Target is set at 1242, a little above the 1.618 extension, with some support structure in Januari & Februari at that level (right in the kill zone you defined).
+2 Reply
Akil_Stokes TOP Nico.Muselle
2 years ago
Nice, in my Live Trading room I always say when looking for places to take profits "think like the other trader" good stuff!
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Nico.Muselle MOD Akil_Stokes
2 years ago
A new analysis shows me the downtrend is most probably to continue to an even 1200

AB=CD on Gold
+2 Reply
Akil_Stokes TOP Nico.Muselle
2 years ago
That's right at the bigger bullish Gartley as well, nice looking level for the next potential long opportunity
+2 Reply
bekkerm
2 years ago
Maybe the Cypher on 4hr will give some insightful clues
snapshot
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Akil_Stokes TOP bekkerm
2 years ago
Hey Bekkerm, just wanted to say that what you have there is not a valid Cypher pattern as the C leg is too shallow
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bekkerm Akil_Stokes
2 years ago
Thanks for the correction!
+1 Reply
bekkerm bekkerm
2 years ago
See where I made the error now. Everyday is a schoolday.
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DayFarrell
2 years ago
Excited about this new strategy i'm testing feel free to check it out, don't mean to clog your page.
NZDUSD Testing strategy Again
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DayFarrell DayFarrell
2 years ago
i believe that the economic releases can be predetermine by the market also, i haven't started to work on it, but it's something that jumped out at me this week. that is my next course of study, which i don't think will be that difficult.
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DayFarrell
2 years ago
If anyone knows where i can get historical economic data, please send me a link, i'd appreciate it. thanks, have a successful day folks!
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Sebastian.Biel
2 years ago
ABCD on 4H and D1
+1 Reply
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