Akil_Stokes
Long

EURUSD 4 Hour: Potential Bullish 2618 (Part 2) Higher Support

FX:EURJPY   Euro Fx/Japanese Yen
9 months ago
Yesterday I mentioned that we have the potential for a bullish 2618 opportunity on the EURJPY             4 Hour. As we dug down to our intraday trading timeframes in yesterday's Live Trading Room session we identified another level that could end up giving us our first chance at getting long.

We'll see what the market has in store for us today, but this could end up being a similar situation as the example I provided in last week's trading video about EURAUD             and how it's okay to look for multiple opportunities during a retracement


Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company


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9 months ago
Comment: Sorry guys, just realized that I wrote "EURUSD" in the title instead of "EURJPY"
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PooyaSalehipour
9 months ago
The title is EURUSD but analysis is EURJPY
+1 Reply
Akil_Stokes TOP PooyaSalehipour
9 months ago
Opps must have had EURUSD on the mind. Thanks for letting me know
+1 Reply
PooyaSalehipour Akil_Stokes
9 months ago
I follow your analysis everytime. thanks for share and update them, even when the position touch your stoplose. it means you are honest market analysis. Thanks
+1 Reply
Akil_Stokes TOP PooyaSalehipour
9 months ago
You're welcome and thanks for the support
+1 Reply
J-P
9 months ago
the title is EURUSD, the chart is EURJPY
+1 Reply
Akil_Stokes TOP J-P
9 months ago
Thanks for the heads up.
Reply
prince125700
9 months ago
buy from here or wait for more down??
+1 Reply
Akil_Stokes TOP prince125700
9 months ago
What does your trading plan say to do for this type of oppotunity?
Reply
prince125700 Akil_Stokes
9 months ago
i think we should buy with half lot ..what u think sir??
+1 Reply
Akil_Stokes TOP prince125700
9 months ago
i believe that instead of "thinking" the action of buying or selling should be dictated by whether the trading opportunity meets the rules of engagement that are in your trading plan. If your plan say that now is a time to buy, then you should follow your plan and buy. If there is nothing in your trading plan for this type of situation, then I would say sit on your hands until it does meet something within your plan. That's my opinion
+3 Reply
prince125700 Akil_Stokes
9 months ago
thanks sir
+1 Reply
Akil_Stokes TOP prince125700
9 months ago
No problem,
Reply
juklangel11 Akil_Stokes
9 months ago
so 10 pips off the double bottom should be indicated for stops right?
+1 Reply
Akil_Stokes TOP juklangel11
9 months ago
If that's what your rules say. There's no single way to place stops
Reply
juklangel11 Akil_Stokes
9 months ago
or at the bottom?
Reply
juklangel11 juklangel11
9 months ago
if multiple of standard lots are in play, too much sl. not my criteria, but i like the 2618 employment, very accurate. tsk
+1 Reply
Akil_Stokes TOP juklangel11
9 months ago
I would actually disagree, the accuracy of this strategy isn't very high at all. That doesn't make it a bad strategy, but I don't want you getting the wrong idea. Just curious what was the win % from your backtesting results?
Reply
juklangel11 Akil_Stokes
9 months ago
the 2618 i backtested and used just a few times, i made it every time so i say 100%. but if i only used in 5 trades, i can't really quantify, i guess would take over 50 trades to be consistent.
now the 0.618 retracement every trade i enter usually holds, specially in trend continuation or counter trade.
+1 Reply
Akil_Stokes TOP juklangel11
9 months ago
I recommend backtesting 100 trader per pair that you plan on trading or 5 years worth of data in order to get a good enough sample size
Reply
juklangel11 Akil_Stokes
9 months ago
Akin, i've been trading fx since 2005, i earn a good living through my trading, it complements my income until i rich the next level. i also used to be a floor trader at sao paulo stock exchange, independent trader at the age of 20.
also learning every day of course. but i went through the motions of learning till i created enough consistence through the years.
+1 Reply
juklangel11 juklangel11
9 months ago
i meant Akil sorry for the typo
+1 Reply
juklangel11 juklangel11
9 months ago
i scale my trades and look it at it in terms of pure risk management based on the opportunities that i see it. one dos not create the trade, it comes to you in different forms, then i access it and if fits my criteria after funneling fundamentals and trading pattern, i deploy my leverage accordingly ..
Reply
juklangel11 juklangel11
9 months ago
if one does not:
follow the other people's ideas blindly
don't have discipline
don't try new things if the current ones aren't working
don't use or understand what leverage they are using against of the one the house give you
it's a mathematical certainty they will lose all eventually.
Reply
Akil_Stokes TOP juklangel11
9 months ago
No problem, I make a lot of typing errors myself
Reply
Akil_Stokes TOP juklangel11
9 months ago
Also congrats on your success, I didn't even know what trading was at the age of 20
Reply
juklangel11 Akil_Stokes
9 months ago
you are the only one here i pay attention to it and Jason also has some deep views on trades. thank you too for trading empowered. lots os sleazy people out there trying to add more liquidity to the system through novices. you are doing all the right things there!
+1 Reply
Akil_Stokes TOP juklangel11
9 months ago
Thanks, that does mean a lot especially since the field that we're in often gets a bad reputation
Reply
HermanBrummer PRO Akil_Stokes
9 months ago
I thought 100 trades on backtesting would be fine, but just read in the last two days in a trading book, that statistically speaking 400 tests are required to get within a 5% accuracy deviation. I was like, OMG. 400 is a big number. I know Tim West once mentioned something like 30 trades to get a feel for it. Anyway, I am following you from now on, as you seem to be looking at things from a consistent methodical point of view.
+1 Reply
Akil_Stokes TOP HermanBrummer
9 months ago
Thanks Herman, great to have you as a follower
Reply
cussler
9 months ago
Akil. I am a Syndicate member and am learning as I go. I do not trade the 2618 so I have not back tested it but I'm curious about something in the example above. I notice that in the HTFs the trend is clearly down and longer term structure appears to me to be around 1270.
If this is so, does it reduce the percentage win rate of this strategy? Or is it the case that all conditions being met one should take the trade anyway?
Many thanks for sharing your analysis and your thoughts as often as you do.
+1 Reply
Akil_Stokes TOP cussler
9 months ago
I don't trade the 2618 as it's own strategy so I'm not sure if the hit rate would be different. Given the nature of the strategy it would be difficult to use for strictly TCT opportunities though I would guess
Reply
Ni_Toni
9 months ago
is the short still valid sir.ATM
+1 Reply
Akil_Stokes TOP Ni_Toni
9 months ago
I was never looking for a short, but my advice is to refer to the rules in your trading plan in order to tell if it's valid or not
Reply
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