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 TradeEmpowered.com -The Premier Online Trading Education Company
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
cussler
⋅
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.
Akil_Stokes
⋅
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
prince125700
⋅
buy from here or wait for more down??
Akil_Stokes
⋅
What does your trading plan say to do for this type of oppotunity?
prince125700
⋅
i think we should buy with half lot ..what u think sir??
Akil_Stokes
⋅
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