Akil_Stokes
Short

EURJPY: Consolidation Brings Plenty of opportunity

FX:EURJPY   Euro Fx/Japanese Yen
Nothing fancy here just a plain and simple bearish Cypher on EURJPY             (This is a 4hr pattern, I decided to show it on the hourly chart because I went down to that timeframe for further analysis. But if you're a 1hr trader only THIS IS INVALID) . However if you've been following along my recent string of post on this pair (either in here or in the Syndicate) then you know that this has been one of our hottest and most profitable pairs during the month of August. With all of these wins in would be naive of me not to expect a loser at some point (for those you you thinking this is an automatic win) but if a pattern is valid I trade it and let the numbers work themselves out.

Akil
"The Rule of 3's"
https://www.youtube.com/watch?v=Fsaa8DJfG04&list=UUVveEks3MWZqOsvzTF_LGQg
Akil Stokes -Head FOREX Trading Coach at Trade Empowered
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Magicleverage
2 years ago
It closses below 1.44 extension though..
+1 Reply
Akil_Stokes TOP Magicleverage
2 years ago
It doesn't on the 4hr, just showed the hourly chart because it's clearer
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BartoshG
2 years ago
this one should be invalid mate
+1 Reply
low.wf.5 BartoshG
2 years ago
It is currently retesting the resistance . Why invalid ?
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BartoshG low.wf.5
2 years ago
cypher can touch but not close below 1.414
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low.wf.5 BartoshG
2 years ago
Ok thanks , I get it. Btw , there is a Gartley and Butterfly forming. I put a sell on that since it finish retested on D point.
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Al3xandre BartoshG
2 years ago
You mean c leg??
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Akil_Stokes TOP BartoshG
2 years ago
It doesn't on the 4hr, just showed the hourly chart because it's clearer
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I just added the bit about the 4 hr to the explanation. Hope I didn't confuse anybody too much.
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shailesh0206 Akil_Stokes
2 years ago
what could be the stop?
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Akil_Stokes TOP shailesh0206
2 years ago
With all advanced patters we want t get our stops above the X leg, since that's our most recent level of structure
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scrosbie PRO
2 years ago
On my 4hr chart the B-C leg closes just beyond the 1.414 extension. The lowest close of the B-C leg being 136.66 compared the 1.414 extension at 136.71
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Akil_Stokes TOP scrosbie
2 years ago
if your data has it closing below on the 4hr then I wouldn't take the trade as it would be invalid
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Akil_Stokes TOP scrosbie
2 years ago
I would recheck though, my 141.4 comes in at 136.60, but then again data can be different depending on your provider just usually not that much
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BuatDll
2 years ago
Hi, actually I take the the trading on eurjpy because of the previous structure. Like you and Jason always say.
"Look left, structure leaves clues" ;)
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DayFarrell
2 years ago
It's Amazing how you spot that pattern through all that rubble man, that's talented. though i think it is more harmonious if we use 138.36 as our D reversal point, it fulfills the prerequisite ratios of another pattern, and it is the completion of the impulsive Zigzag (AB=CD) who knows, current point can be reversal. i was looking at this chart yesterday for a while and i conclude it had nothing to say to me, but there you go man, you found a pattern.
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low.wf.5 DayFarrell
2 years ago
Right , I saw the ABCD as well. Cypher is forming on the D point as well. D = 138.65 right ?
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DayFarrell low.wf.5
2 years ago
yes yes my mistake don't know how the 3 got in there 138.6 thanks.
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DayFarrell low.wf.5
2 years ago
i just see why i thought it was 36 and not 60, i think we can see a reversal at 36, but i wouldnt trade thispair just yet,
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Akil_Stokes TOP DayFarrell
2 years ago
I'd love to take credit but this one was actually founded by the constellation software I've been using. But in general the more time we spend in the markets training that RAS the easier they become to see. I remember when I first was given the cypher to test I couldn't spot it to save my life because it was so different from any other pattern I traded. Now it's like 2nd nature.
+1 Reply
Jurij Akil_Stokes
2 years ago
Hey that's true. When I started learning harmonic trading I could not spot any pattern. You have to train your brain to visually identify pattern instantly. I always look for the main swing first, which is easy to spot highest high/lowest low and then look for retracements (B point). Or another way look for M or W type structures. Now those pattern stick out alone ;)
+1 Reply
m4nti Jurij
2 years ago
Personally I prefer looking for AB=CD then moving back to see if there's an XA leg. I can't spot full patterns to save my life though. I'm hoping practice will "make perfect" so to speak.
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Akil_Stokes TOP m4nti
2 years ago
If you can identify that initial X-A leg the rest is simple, just have to throw the ratios on there. But I'm a fan of leaving my analysis on my chart, so once you find X-A leave it up and when B forms, just add another line. When i first started off I kept my pattern notes on my trading desk and just took it one step at a time
+1 Reply
DayFarrell
2 years ago
snapshot

Gartley
+2 Reply
low.wf.5 DayFarrell
2 years ago
snapshot
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low.wf.5 low.wf.5
2 years ago
snapshot
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Akil_Stokes TOP DayFarrell
2 years ago
Looking at that as well for the next opportunity. Good catch!
+1 Reply
fx1
2 years ago
akil if target 1 is not hit and the price rises to the entry level, can i still enter the trade
+1 Reply
Akil_Stokes TOP fx1
2 years ago
yes if you miss the initial entry and price returns to it without hitting target it's a valid entry
+1 Reply
anas.mhana.12
2 years ago
Wrong again
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Akil_Stokes TOP anas.mhana.12
2 years ago
Yes indeed, that's trading for you.
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m4nti Akil_Stokes
2 years ago
At least stops weren't that far, and the double top presents new opportunities.
+1 Reply
Possible inverted head and shoulders?


Hey Akil
This is something I noticed when looking at this pair. I think I remember hearing you say you personally don't trade head and shoulder patterns, but I'm curious as to your thoughts...
+1 Reply
Akil_Stokes TOP william.whitley.10
2 years ago
Yeah I was looking at the same possibility a week or so ago while involved in a bearish pattern. I don't trade head and shoulders per say but they are essentially trend continuation trades if you look to play the restest of structure as and entry.
EURJPY: Short-Term Trend Is Our Friend Part 2

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Akil, did you end up entering this trade? If so, where were your stops?
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Akil_Stokes TOP william.whitley.10
2 years ago
Yeah I entered and took a loss on this one, I don't remember exactly where my stops were at off the top of my head but I took about a 50pip loss
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IvanLabrie TOP Akil_Stokes
2 years ago
Akil, how do you go about projecting unfinished patterns in cases like this? The Gartley above seems to have been spot on. You were really close though. Major reversal move. You post some really great stuff, super interesting.
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IvanLabrie TOP IvanLabrie
2 years ago
Ex:
snapshot
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Akil_Stokes TOP IvanLabrie
2 years ago
Yes, the Gartley came afterwards but in a case when there are multiple potential patterns setting up, I'll take the 1st that occurs and if that gets stopped out (like this this example) I'll reload for the second as well.
+1 Reply
IvanLabrie TOP Akil_Stokes
2 years ago
Thanks!
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Empiretrader Akil_Stokes
2 years ago
That was a crazy week, I took some crazy loss too!
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Akil_Stokes TOP Empiretrader
2 years ago
Yup, 1st week of the month with lots of major fundamental announcements coming out. Not to mention it was the start of the September and a lot of the pros were returning from their summer vacations.
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william.whitley.10 Akil_Stokes
2 years ago
so basically stopped out just before the reversal... tough one
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Akil_Stokes TOP william.whitley.10
2 years ago
Correct, all you can do is shake your head and move on. This one wasn't too bad cause we had a great week prior on this pair, but it still stinks when that happens
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