Akil_Stokes
Long

EURUSD: Bullish Bat Formation

FX:EURUSD   Euro Fx/U.S. Dollar
Simple analysis for today's share. The EURUSD             has a bullish Bat formation that has completed at 1.0523. Let's see if we can take advantage of a quick relief
Trade active
Trade closed: stop reached
Completely irrelevant but do you know what's going on with usdcad, I'm bearish hoping it goes down to 1.311 but if it goes bullish to 1.33 I'm taking a big loss which I cannot afford mentally. Thanks Akil,

Callum.
+4 Reply
Gurj CallumMcNeill
@CallumMcNeill, Where was your entry and where is your SL?
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@Gurj, sorry I replied to @GenesisCTY accidently
+1 Reply
@Gurj, but that my answer anyway haha
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Akil_Stokes PRO CallumMcNeill
@CallumMcNeill, If you can't afford to take that type of loss mentally my advice would be to exit the trade right away as it sounds like a trade that you shouldn't have been involved in to begin with.
+3 Reply
CallumMcNeill Akil_Stokes
@Akil_Stokes, Thanks Akil, better to lose £15 than £60 (that's a lot for me haha)
+1 Reply
Akil_Stokes PRO CallumMcNeill
@CallumMcNeill, Exactly trading is all about not taking those big losses, especially when they are losses that we're not suppose to take on. We'll always find winners, it's the losers that kill accounts
+1 Reply
Elvis.Deonarine Akil_Stokes
@Akil_Stokes, totally agree that is the one thing i have learned over my time trading, is dont chase trades because you want to be in a position . plan the trade trade the plan.
+1 Reply
Akil_Stokes PRO Elvis.Deonarine
@Elvis.Deonarine, Easier said than done, but chasing trades or revenge trading often ends badly
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Great, I did my analysis and feel it may rise at around 1.04857! Near the 50% fib retracement area! Maybe its a false break through and a failed double top pattern?
+2 Reply
CallumMcNeill GenesisCTY
@GenesisCTY, doing what I do best I entered at the WORSE possible time at 1.322. So are you bearish as well??
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GenesisCTY CallumMcNeill
@CallumMcNeill, Not yet! Im seeing if it hits the 50% retracement area of the entire bullish leg! I really do feel its a false double top and will go bullish just as Akil says!
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Gurj CallumMcNeill
@CallumMcNeill, So Genesis is talking about EURUSD (which is this post). If you entered USDCAD at 1.322, you can still exit and wait for a better entry. Like Akil says, if there is a doubt or you are over leveraged, be careful and exit if needed
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@Gurj, Oh dear.. Thanks for pointing that out. As you may of guessed I'm rather new to this and still learning how to change the colour of a trend line.
It's probably a good idea if get out the trade...
And run.
+1 Reply
Gurj CallumMcNeill
@CallumMcNeill, Keep at it. There are lots of traders on here (top one's on "all time" list), like Akil and others who do Youtube webinars/videos. They're useful. Watch them and pic a trader to follow so you can develop your own style!
+2 Reply
@Gurj, Thanks man, I'm learning loads from Akil and just watched ani's live webbinar a few days ago. Massive help.
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Gurj CallumMcNeill
@CallumMcNeill, Bang on, mate. I'd recommend watching them every week to set your mind up for the trading week ahead! Good luck.
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@Gurj, Love what you said about "pick a trader to follow" because it's so important that a newer trader not try to do too much at once, but also finds a style that matches their personality. Great comment!
+2 Reply
@GenesisCTY, Could be, the Euro has been complete junk for a while now, so until we break out of this range it's hard to predict what will happen.
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CallumMcNeill GenesisCTY
@GenesisCTY, do you mean 1.348, that's a heck of a drop haha
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GenesisCTY CallumMcNeill
@CallumMcNeill,
snapshot


Haha the reason I see the drop is because I did a Fibonacci retracement on the pullbacks and found the 261.8 areas align well with the 50%! Normally false double tops have a violent drop and a rise back into new highs, so it confuses the hell out of us
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CallumMcNeill GenesisCTY
@GenesisCTY, Oh wow, let's hope your not wrong ;)
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TomPower GenesisCTY
@GenesisCTY, leave it to the experts like akil
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GenesisCTY TomPower
@TomPower, Haha oh nono! Its not like that! Akil is my role model, both as an excellent trader and an amazing teacher! Just thought I'd share some thoughts was all! :))
+2 Reply
@GenesisCTY, Thanks for the kind words man!
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I'm looking out for a potential bullish bat if price breaks past that area of support...that Trump speech later on tho...
+1 Reply
@Andy009, Yeah the Trump speech is certainly on my radar, same with Carney's at 9:15am
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I told you,F...ing patterns does not work !!!
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Akil_Stokes PRO Dragon-From-Balkans
@Dragon-From-Balkans, I would be sure not to involved them in your trading plan if I were you then. Never want to trade anything that you don't fully trust. Hope this helps
+1 Reply
@Akil_Stokes, on the patterns I do not believe anymore, waste of money and time !!!
+1 Reply
Alexander_Nikitin Dragon-From-Balkans
@Dragon-From-Balkans, Did you ever test them on history? If yes, then what are you talking about? If no, then go and test them before you lose your faith.:)
+1 Reply
Akil_Stokes PRO Dragon-From-Balkans
@Dragon-From-Balkans, As I mentioned above, if you do not believe them and feel that they are a waste of your time, I would highly recommend not trading them as part of your trading plan. In my opinion It's silly to trade anything that you don't believe in
+3 Reply
ToufikChalouli Dragon-From-Balkans
@Dragon-From-Balkans, Nothing work's in this market .... expect jan theory it did never failed me give's you at least 7/10 actions ;)
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no, eurusd will down, until 0385
+2 Reply
it went down very sharp ! does that invalidated the pattern ?
+1 Reply
Akil_Stokes PRO ToufikChalouli
@ToufikChalouli, Yes, once the "X" leg is penetrated the pattern should be considered invalid
+1 Reply
@Akil_Stokes please suggest parameters of buy stop order on this pattern.
+1 Reply
@MartinMoss, The pattern is now invalid but buy orders go at the "D" completion and stops need to go beyond the "X" leg for advanced pattern formations
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MartinMoss Akil_Stokes
@Akil_Stokes, thanks @Akil_Stokes.
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hi akil,thanks for share i think accept loses is a very expensive lesson to learn.
+1 Reply
@hoza_saad, I agree, but not learning that lesson can be even more costly
+1 Reply
hoza_saad Akil_Stokes
@Akil_Stokes, well said Akil
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Idea was good at the end...
+1 Reply
Akil_Stokes PRO gannscalper
@gannscalper, Thanks
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Akil, What do you think about this setup?
Please gime me some advice!
snapshot
+1 Reply
Akil_Stokes PRO WilliamSurya
@WilliamSurya, If it meets all of your rules for engagement then I would classify it as a good trade
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Akil_Stokes PRO WilliamSurya
@WilliamSurya, I know that may not help much, but I don't make the habit of telling traders whether they are right are wrong, simply because there are so many profitable ways to trade that I don't want my opinion to sway you either way
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WilliamSurya Akil_Stokes
@Akil_Stokes, Thankyou Akil!
Reply
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