EURUSD is setting up almost identically to the Gold and Silver trading opportunities that we discussed in Tuesday's Syndicate video. Looking at a retest of a previous structure shelf that once was support and now is anticipated to show some resistance.
We've already double topped during the London session, which means that using the 2618 would be the perfect technique for those looking to get involved.
We have another jammed packed day of economic news events being released today especially from the GBP starting at 8am (New York). Thus far this week I've been on the wrong side of most moves but as we demonstrate time in and time out, the only way to get through a drawdown is to trade through it.
Easier said than done this week as I'll probably be shutting down shop soon, but I did get filled the Kiwi position so if I could get a positive win on that, it would be a great start to the drawdown healing process.
Lastly I'll probably be live on Youtube tomorrow during or right after the Non Farm Payroll release.
Trade active
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Short at 1.1108
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Mentioned this in the live room earlier, it's technically NOT a 2618 due to the invalid 2xtop but structure wise it's takeable in the same type of way
Order cancelled
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Out for breakeven before NFP
Trade active
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I re-entered the EURUSD at the same price point after the Non Farms release showed little reaction
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Stops rolled to 1.1086, that locks in 18 pips of profit as the worst case scenerio
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Stops rolled to 1.1065's as we came 5 pips shy of 1st profit targets
Looks like another failure or a bad entry on your level, because of not understanding 2nd touch and where support lost of the previous leg actually is. In an effort to help educate those interested in using Fibs properly, I will show you. Often most traders make the mistake of drawing Fibs from the swing high and the swing low, but this in incorrect. The proper way is to draw from the first significant level of support lost before the swing high down to the swing lo (or visa versa). As demonstrate in the chart I've included, we can see how by doing this, significant levels are properly designated by Fibs, and as it just so happens, the next untested Fib level @ .618 was where price lost support and left it untested. So what should happen? Price rejection. Now if you're smart, you may have intuitively realized that Fibs (when drawn properly) indicate nothing more than levels of significance.
Akil_Stokes
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Thank you for sharing your opinion
UnknownUnicorn461520
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There is a difference between opinion and fact. Another example. Do you need more facts?
UnknownUnicorn461520
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Wait a second, maybe I don't really know what I was saying and just a coincidence. Let's break down the leg and see if it still works?
Oh yeah, again draw from where support was gained and then lost, (not the swing high) and where does price settle? the 1.618? If only I understood what those fib things were.
Akil_Stokes
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I appreciate you sharing your thoughts. Please understand just because I don't personally agree with you doesn't mean I'm saying you're wrong so please don't take offense. At the end of the day all that matters is that a trader is able to be consistently profitable over time.
Akil_Stokes
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As I mentioned before, thank you for sharing your opinion.
eightpac
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Nice trade! I didn't get in on this one, as I am short the EURCAD and I would have had to much risk on my small account but your ideas and coaching are a big help as I learn to trade!
Akil_Stokes
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Thank you!!
eightpac
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Anytime, just got stopped out EURCAD for 158 pips of profit, thought it would retest lows on the daily but I won't complain! You all are great coaches and mentors at TE, the old me probably would have took a loss on this trade lol
HendrikTL
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Hi Akil, what is you ATR settings for the stop loss? My atr was at 15 so the sl at 1.1041 got stopped out right at the top...