Akil_Stokes
Short

EURUSD: 4 In A Row On The Euro?

FX:EURUSD   Euro Fx/U.S. Dollar
As a pattern trader the EURUSD             has been one of my best performers over the past few weeks. After our last big drop from 3150's the market has finally shown some relief in the form of consolidation before the next big move. Fortunately, for pattern traders consolidation is great, because inside that choppy, nasty looking price action are advanced patterns, which if played right can yield some pretty good profits.

The EURUSD             has been 3 for 3 lately and is setting up it's 4th for a potential completion today. Odds are that a loser is due, but that doesn't mean that this one is going to be it. It's not my job to try and over think the pattern. it is what it is and it's my job to participate. If it loses it's not a big deal because the previous 3 have already covered it. If it wins then I'm simply working towards padding my account to absorb the next loss. That's what trading is, wins need to cover the losses and if you're consistently doing so losses won't hurt anymore.

Akil
Akil Stokes -Head FOREX Trading Coach at Trade Empowered
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"Plan Your Trade, Trade Your Plan"




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iznogood
2 years ago
Very nice as always sensei.
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Jurij
2 years ago
Hey Akil the last Gartley already completed and reached the .382 target.
See my screenshot:
snapshot


I wanted to trade that gartley with an .886 entry because of the PRZ which was higher and to get better risk reward potential. Sadly it went without me down...

So do you still plan to trade that pattern?

Keep it up.
+1 Reply
Akil_Stokes TOP Jurij
2 years ago
It has not completed per my rules, so yes I still plan to trade it
Reply
Akil_Stokes TOP Jurij
2 years ago
But yes, if the pattern had completed per my rules and I missed it, then I wouldn't look to re-enter. I'd just accept that I missed the move and wait for the next opportunity. I've learned my lesson in the past of what happens when you chase trades....it's never good.
+1 Reply
bekkerm
2 years ago
Everyone has different rules for entry/exit, it completed by my book but I missed it
+1 Reply
Akil_Stokes TOP bekkerm
2 years ago
Exactly, that's why we always want to "Trade What We See" or better yet "Trade Our Plan"
+2 Reply
Scu_FX Akil_Stokes
2 years ago
Yeah, many losses are made cause of disregard the rule "Trade what you see, NOT WHAT YOU THINK!" :-)
Reply
Akil_Stokes TOP Scu_FX
2 years ago
and I'll add, NEVER trade based off other traders ideas
+1 Reply
Mr DL Akil_Stokes
2 years ago
But whats the point of being on "trading view" if you don't steal Ideas a bit?
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bekkerm Mr DL
2 years ago
Well it helps spotting trades, I then apply my own rules. If it fits I'll watch it, if not, I'll walk away. But indeed most trades I do are based off my own discovery
+1 Reply
Akil_Stokes TOP Mr DL
2 years ago
I agree with Bekkerm, it's not to "steal" rather to have more sets of eyes on the market. You may identify a setup that I slipped my eyes. So by seeing your post I can then look at my chart, do my own analysis and confirm that it meets my rules of engagement as well. Only then would I take the trade. The problem with blindly following other traders is that you have no clue how they actually trade. Where/how are the entering, setting stops, setting targets, or managing the trade.
Reply
Scu_FX Akil_Stokes
2 years ago
ok, so to say "trade what you see (and don't what you or other traders think) while stick to your plan"
oh well... some day we can put it all together in one sentence :D
+1 Reply
Akil_Stokes TOP Scu_FX
2 years ago
How about this "Plan YOUR Trade & Trade YOUR Plan" ;-) That's one of my favorites
Reply
Lastin
2 years ago
wow awesome i think pattern already completed with pin bar market will be down soon also gold market may be up with daily chart there i can see some thing like butterfly pattern what you think about ?
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Akil_Stokes TOP Lastin
2 years ago
I'm not seeing a butterfly on Gold but there is the bigger potential gartley still forming. We've just broken structure so there may be a retest before the next dump off
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IvanLabrie PRO Akil_Stokes
2 years ago
Akil, you are waiting for a close, or at least a more decisive up move before taking that pattern as complete (I spot 3 wave corrective legs on each segment too)
Reply
IvanLabrie PRO IvanLabrie
2 years ago
, right? (missed the question mark sorry!)
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Akil_Stokes TOP IvanLabrie
2 years ago
I've got an aggressive limit order on so a touch is all I would need... Well a touch and a fill
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william.whitley.10 Akil_Stokes
2 years ago
How'd you end up? Stopped out?
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Akil_Stokes TOP william.whitley.10
2 years ago
Yeah stopped out, had stops right under .90
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stiwart
2 years ago
Hello Akil, what do you think about this?
Two powefull bullish flag
+1 Reply
Akil_Stokes TOP stiwart
2 years ago
Bigger wedge looks good, been tracking that on the HTF as well, not so sure about the smaller one since we've already broken out of it
Reply
Hey Akil, I just started following you on trading view, but I have been following Trade Empowered for a few months ( Best education I have received since i started Forex Trading) BTW.

I purchased Constellation and have been using it. But i feel that i Havent been using it to its full potential. In the sense that I get more losing trades that winners, and i try to take as much as i can but the ones that i win, dont win as much as the ones that lose. I am setting my Tp and Sl like how you guys do. But i remembered you saying something on a trade that you weren't taking the bearish cypher because you didnt like the risk/reward.. BUT since you you had a bearish mindset for the bullish cypher to complete, you decided to take it.. and that stuck with me. Im trying to watch as much professional traders as much as possible and mold myself into one. But I want to have the right balance of learning and copying and I dont want to be changing my strategy after every loss lol..

So my question is.. Do you take every pattern? If not, Why not? And I had constellation show me every pattern but then i saw too much with close D completetions so i didnt know which one to take or not to take or to just set up orders for all of them etc.. Im a bit lost. I want to have two main strategies like how you and Jason do. Structure and Patterns, But im having a hard time. Thanks for your time akil.

P.S you remind me of a great mentor I once had in a business venture i had done previous to this. Very smart guy, and you guys think a like. Its very easy for me to learn from you because I learned plenty from my mentor. I enjoy watching your videos and hope to keep watching. I've been dying to join your live room but i work 9-5 So i cant watch.. But hopefully here on trading view i can see a bit more how you use pattern trading to be profitable.
+3 Reply
Akil_Stokes TOP daniel.garnier.10
2 years ago
Hey Daniel, I'm sorry but I don't remember that specific example that you brought up so I can't comment on that situation but Yes I take every valid pattern that occurs and meets my rules (pair,timeframe, risk profile). My advice if you're new to patterns is to start by choosing a single pattern on a small portfolio (4-8 pairs) and only trading that single pattern. As you become more comfortable you can then either add patterns or increase the portfolio. There's no need to try and trade everything because as you mentioned, some of these patterns will overlap and you'll be forced to make a decision. Now there are ways to handle that situation if it occurs, but you want to but yourself in a position where your trading is as least complicated as possible. Hope this helps and thanks for the comparison to your business mentor.
+2 Reply
daniel.garnier.10 Akil_Stokes
2 years ago
Hey Akil, thanks for your advice, Im definitely taking it. Right now, I am only trading cyphers. Since my portfolio currently has very few potential cyphers due to these recent big moves with gbp and eur im working on some trend continuation trades. By the way, I found the trade i was talking to you about. It was the AUDCAD trade you posted here on Trading View.

Thanks for your time akil. Its greatly appreciated.
Reply
Akil_Stokes TOP daniel.garnier.10
2 years ago
Thanks Daniel, yes I remember in that AUDCAD trade I used the pattern as an entry reason to get involved in a trend continuation trade that was on my radar
Reply
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