Last night I shot out a video to some traders looking at this opportunity to take a short on EURAUD. The trading idea was based off of a read of price action and a prediction of a continuation of the short-term trend. The idea was to wait for price action to reach that level of resistance and see if we could get some type of confirmation of a hold. (Double Top).
As you can see we got the double top (along with bearish divergence) and the market decided to roll over. Well the question is, for a trader like myself who is fast asleep during the London open, how do I get involved? You know what you need in order to take the trade however you don’t want to wake up every hour stalking it….so what do you do? Well this is when the 2618 trading technique comes in handy. No it won’t replace the double top entry that you wanted, however it does provide another opportunity to get involved.
Now I’m not looking to get involved in this trade today because it’s Non-Farm Friday and I won’t be actively training. But hopefully this answered a few questions about how and when to use the 2618 strategy. Here’s the link to the free training if you haven’t seen it. tradeempowered.com/learn-to-trade/
Lastly make sure you join me today for my Live Q&A session starting at 8am New York. youtube.com/watch?v=9jOp3JgkOl0 As mentioned above, I have no intentions of trading today so I figured we’d hangout and let you guys get to know a little bit about THE MAN, THE MYTH, THE LEGEND!....Oh and myself to hahaha. See you there.
I know you don´t trade when it´s Non-Farm Friday, and I can now see why. The market took a pretty sharp turn last Friday, due to news...
My question is can you still use data from last Friday to build patterns or use in structure trading? I mean, you think the market might be acting erratic, but do you use data from that day. Otherwise one should be careful even after a "non trading day" due to news events, right?
Akil_Stokes
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The data is still usable. Depending on the reaction it may be difficult to do analysis on the lower timeframes but the market eventually goes back to it's normal way of moving
ElPatron.Y
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You shorted the right soulder of an inverted head and shoulder...
Akil_Stokes
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I didn't short anything, please read the description under the chart.
OliverThomsen
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How can this be a valid double top, when the last top has a higher close than the previous top close?
Akil_Stokes
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The high on the retest does not create a higher high, higher close
kwame253
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Lol, 2618 indeed.
Akil_Stokes
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Yup 2618
kwame253
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Bro, You are doing a great job. Market just looks crazy sometimes. I just needed to LOL to relieve stress
Akil_Stokes
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Thanks, sorry to hear that you're stressed. The market certainly has that affect on people
My question is can you still use data from last Friday to build patterns or use in structure trading? I mean, you think the market might be acting erratic, but do you use data from that day. Otherwise one should be careful even after a "non trading day" due to news events, right?