For those looking to get short the EURJPY we have a potential double top and/or 2618 opportunity setting up. Looking left, price action has made its way back into a previous level of consolidation where the bulls were rejected and are now looking to test for a second time.
The two trading opportunities that exist at this level are a double top sell at the candle close, or a 2618 for conservative traders looking for proof of a hold and a retest.
We've got our morning Warroom meeting at 8:30 (NY) then I'm getting ready for an awesome training lesson this morning at 9am on position sizing and trend continuation trading. Good luck out there in the markets this week.
I actually just finished backtesting the 2618 strat on all the majors on the 4H. I really like this longer time frame because you don't have manage the trades so actively and it showed some great potential for at least 10 pairs.
EURJPY btw is not one of the pairs that made it to my tradeplan, not because it's wasn't profitable over the last 5 years, but it did not generate enough tradesetups for me to make any conclusions yet.
SubTh3ory
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Heck yeah. Now did you use a software to backtest or did you do it by manually scrolling back a while and then just scanning the charts for double tops and bottoms? I find it extremely tedious to try and backtest but any sort of software I find that can really make it easier costs so much money.
Buythelow
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I did it all manually, which should benefit me now when taking the actual live trades. I can now do this ridiculously fast.
Akil_Stokes
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I agree one of the benefits of swing trading is that it takes very little time in front of the charts which opens up the "freedom of time" that we're all looking to get as traders
Alexander_Nikitin
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Mate, five year is not enough for 4H. I will hardly generate 100 trade per pair. 5-year is good for 1H. 20-year is good for 4H.
UnknownUnicorn168204
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Liking the 2-618. Good post Akil!
Akil_Stokes
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Thanks Phillip
Mberg
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Nice to see that i have improved my RAS, and yes the C to D leg i longer that B :) This is my prediction :)
EURJPY btw is not one of the pairs that made it to my tradeplan, not because it's wasn't profitable over the last 5 years, but it did not generate enough tradesetups for me to make any conclusions yet.