Jason_Stapleton
Long

EURUSD Counter Trend Trade

FX:EURUSD   Euro Fx/U.S. Dollar
Guys EURUSD             has put in a double bottom at a big support level o the daily. Hourly chart shows some signs of a rally. Be careful with this one. The reversal zone is wide. This is a good spot for the 26.18 trade and it hasn't quite completed yet.
I think you mean support level. :)
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LOL You are correct sir. It's a little early for me still.
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I entered this in early London on 15m double bottom, it move little bit made some strange price action in 1.3530 zone and i close position, will wait for some reaction.
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Looks more like a pause before pushing down lower to at least clear some stops. We shall see.
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Yes, this is a risky play. It's also counter trend. Lot's of room for the market to play with here. I posted it simply for people to identify the structure that exists and then show them a potential entry IF they wanted to play against the trend. If not you just pass on this one and look for selling opportunities.
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Mirandole PRO Jason_Stapleton
Be careful beginners should never play against the trend.
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That's not true.
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Peter2280 Jason_Stapleton
No worries Jason, I realise what you're doing here ;-)
I seem to recall you saying "look left" and talking about structure. If you pan back a bit and look at the big picture there is no reason for a reversal here, which reduces the probability of a successful CT trade and the structure screams liquidity pool below. That suggests to me that we need to consider a move lower (at the very least a stop-clearing stab) as a higher probability. But like I said, we shall see. We both know the importance of flexibility. :)
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Siva Jason_Stapleton
it is 2618 setup?

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i was watching your 2618 video again looking for an answer, how deep can the chart go below the .618 before we consider exiting the position?
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It shouldn't break the double top/bottom
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sky2020 Jason_Stapleton
I have recently watched your 2618 video..Thank you very much..I would like to ask whether on what condition 2618 will be invalidated if it didnt manage to retrace to 0.618. I have watched the video several times and i think you explained a little on how 2618 could be invalidated at about 59- 62th minutes of the video. You mentioned that If it breaks above the structure before hitting 0.618, the trade will be invalid. In the next example, you explained that we could keep expanding our fib as long as it hasn't retraces to 0.618. Could you clarify on that?
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alogg Jason_Stapleton
HEYYY you're on live on my TV!!! :)
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creating some nice higher lows 5m &15m waiting for conformation on 1m jumping in @ around 1.352
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1.3480 zone before any real push backing up
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Jason, with the 2618 trade having an edge at just above 50%, have you thought of a strategy for capturing the violation of the double bottom support as we see here on the 60 min?
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yo.duh.5 yo.duh.5
Say, if 2618 entered and stopped out, then if price rallies and retests resistance enter trend continuation trade, with stops above previous rally's high.
Just an idea
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Hi Jason,
I don't want to be an ass, but this time I hope you're wrong :P I had gone short on this pair couple days ago, and I wasn't expecting double bottom so my TP is a bit lower.
And as always, thanks for your help. You're great!
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Well you're odds are good. I'm wrong a lot. :-)
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Nice chart Jason. I'm long EURUSD and i'm also short USDCHF. Similar setup on USDCHF. My charts are here... https://www.tradingview.com/e/SJAffw1l/ and https://www.tradingview.com/e/Q9x7sznX/. Good luck with the trade and keep up the good work.
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I have recently watched your 2618 video..Thank you very much..I would like to ask whether on what condition 2618 will be invalidated if it didnt manage to retrace to 0.618. I have watched the video several times and i think you explained a little on how 2618 could be invalidated at about 59- 62th minutes of the video. You mentioned that If it breaks above the structure before hitting 0.618, the trade will be invalid. In the next example, you explained that we could keep expanding our fib as long as it hasn't retraces to 0.618. Could you clarify on that?
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yo.duh.5 sky2020
For me, it helps to understand the fractal nature of the markets, and seeing the difference between moves retracing on the lower time frames(LTF) and a valid retracement on the trading time frame(TTF). If price makes new highs from movements on LTF we adjust our FIB618. If price breaks structure of LTF and retraces on the TTF but does not reach the FIB618 and still moves higher, the 2618 trade is invalidated. At least that is my understanding of your question... hope that helps.
Check out the chart below... Red Line=LTF, Blue Line=TTF
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yo.duh.5 yo.duh.5
Just clarifying something...
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sky2020 yo.duh.5
Question
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Thanks for your help Jason. You're a great mentor and a technical analyst.
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There's a ab/dc completion on the 2H timeframe to further predict a possible reversal upwards...
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Sorry, meant AB/CD pattern completion on 4h..
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H4 bull Crab
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bOOM!!! rsrsrs...
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well that sucked....who's up for double or quits @1.3490 retest lol
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mustard vdubus
Maybe your stop sucked?
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vdubus PRO mustard
Binary day trader buddy I've already won 5 trades 3 compounded which gives me an 7- 1 win ratio. Lost it on the second leg -6th trade so basically I win 6 lost 1. Not so bad
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http://00-up.com/do.php?imgf=1446298199831.jpg
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