I haven't done much trading as of late, more so waiting until the end of this week so that I can officially close out my trading year, but we have been doing our everyday analysis of the markets in my Live trading Room and here is an opportunity that we looked at yesterday.
As we came into the market on Thursday we saw a double bottom forming on the Euro, however, it didn't quite reach the level of structure that I was looking for so i told my traders that if you're looking to get long, you may want to wait it out because I think we can dip lower.
We've now hit that lower level of structure and although it's not a sexy opportunity to get long, it is in my opinion a better opportunity then yesterday due to the reduced risk.
On Monday December 21st me and a few other Traders over at Trade Empowered will be doing a Year Ending Q&A session. If you have any questions about how our year went, or are looking for some advice on what you should be doing over the holidays in order to prepare for a new trading year make sure you check it out. I talk about it in this week's Trading Video. youtube.com/watch?v=wnHo62ZW9rU
I also went long there and , there is a perfect channel , a Crab and a Butterfly ending at the 127.2 fib
Akil_Stokes
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Well done John!
johnmad
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I think it is possible that the Bears will put up a fight and that this Cypher will Complete , if it does happen there is a very nice H & S Inverted here that will then drive price back up to complete that Bearish Butterfly . I will be on the side lines waiting to take action .
johnmad
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prtoors
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Thanx a million, I think your strategy and advice are great!!