Akil_Stokes

EURUSD: 2 Advanced Pattern Non Farm Payroll Predictions

FX:EURUSD   Euro Fx/U.S. Dollar
Happy NFP day traders! As you know we've been tracking the EURUSD             all week in the live room and last night I was finally able to get short an hour after the New York             close.

We never know what to expect from our monthly Non-Farm Payroll report (and accompanying news) but here are a few predictions on the higher timeframe that are worth keeping an eye on.

We have 2 potential bat patterns setting up on this pair. A potential bullish bat down at 1.0580's and a potential bearish one up at 1.1380's.

Something that I truely enjoy about being a trader vs. an investor is the fact that we get to act like a mercenaries in the markets. Meaning in situations like this we're not concerned if the market will go up or down, because we have a plan to attack either situation. Good luck out there today gang and please remember to hit that "thumbs up" button before leaving. I really do appreciate the support!

Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com

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Yep, really doesn't matter where it goes...
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IvanLabrie PRO
11 months ago
Akil if you move your stop a bit above X (maybe via ATR?, not sure how you do it), the bearish pattern will be an epic win, I can tell you now.
+1 Reply
Akil_Stokes TOP IvanLabrie
11 months ago
I'm sorry but I'm not sure what you're referring to can you please explain your question/comment so that I can. (Could just be because it's early)
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IvanLabrie PRO Akil_Stokes
11 months ago
Lack of coffee...I was saying a few things:
#1 I think bearish pattern is in play.
#2 If you use stop at X it's a bit dangerous perhaps, not sure what your criteria for stop in this case is.
#3 This will be a hell of a win :D
Cheers Akil!
+1 Reply
Akil_Stokes TOP IvanLabrie
11 months ago
Okay I gotcha now. yes I believe that stops should always be above the "X" leg. Also it would be great IF it completes and IF it went on to win but that's not under our control and we have no clue it it will or not. Our job is simple, take the trades that meet our rules and trust the expectancy of our system
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IvanLabrie PRO Akil_Stokes
11 months ago
Exactly...my analysis and trade setup aims for that zone, hence my remark (I do think it's fairly accurate at 55% for this trend signal, so worth a shot to short up there for sure).
Cheers!
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Akil_Stokes TOP IvanLabrie
11 months ago
Excellent!
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Kadhijah
11 months ago
I chose the green :)
+1 Reply
PaQu
11 months ago
In case of Bullish bat down shouldn't the C point be placed at 1.0991?
+1 Reply
Akil_Stokes TOP PaQu
11 months ago
No that would not be a valid bat pattern
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YemiTrader
11 months ago
Hello Akil. Nice Analysis. i just have one question concerning the bullish bat pattern. On my own charts the B point touched the 61.8 retracement, shouldn't that automatically put us on a bullish gartely alert or is it my broker feeds thats a lil out of sync.
+1 Reply
Akil_Stokes TOP YemiTrader
11 months ago
You're correct it's a Gartley and not a bat, looks like I rushed through the post and shared the wrong thing. thanks for the correction
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SSSDEV
11 months ago
Well, Akhil Eur/Usd closed at 1.0920 levels. I understand, I was not trading since I deal with www.nseindia.com and you need to select Currency and select Eur again. Yes,I trade in Eur/Inr futures. with limited market hours. Now, I thought Eur/inr mimics that mimics Eur/usd would close at !.8040 levels and I was wrong. Where do you EURUSD ,IS it having down side pressure now. Or you would wait for higher levels ??/
+1 Reply
Akil_Stokes TOP SSSDEV
11 months ago
I don't currently have any trades on the radar for that pair so it all depends on how price reacts at the current decision point. That will allow us to make a prediction for the next move
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SSSDEV SSSDEV
11 months ago
Thanks Akil , I appreciate your well thought out reply. Actually, I wanted to ask you this too. Are you short term bearish on Euro/Usd like most Analyst ie many favour a Sell on rise theory ?? A famous Analyst tells me we would have Euro/usd hitting 1.06 before gradual ascent. Of course He may be wrong but he backs his arguments with lots of graphical charts. Regards
+1 Reply
Akil_Stokes TOP SSSDEV
11 months ago
I was short based on my analysis for the market at the time going into the NFP. I just trade what the charts tell me to trade
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Our overall fundamental theme for the global economy is still intact.What does it mean to the Euro and the USD you say?It means the continued export of deflation worldwide from China will be gaining traction.The second major fundamental theme is this - You have Saudi Arabia with the capacity and reserves to pump an infinite amount of Oil vs. The United States who has the ability to print an infinite amount of Reserve Currency Dollars.Taken from ZeroHedge.Stay educated,it makes you a wise and better trader.
http://www.zerohedge.com/news/2016-01-09/46-months-accelerating-deflation-mean-beijing-now-trapped
http://www.zerohedge.com/news/2016-01-08/35-trillion-neutron-bomb-keeps-kyle-bass-night
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PaQu RobertHerdman
11 months ago
Better watch the price only. If you read to much you may tend to think that you are wiser than market and that makes you worse trader,
+1 Reply
Akil_Stokes TOP PaQu
11 months ago
The market has humbled me numerous times for thinking I could outsmart it so i know exactly what you mean. Good post
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PaQu Akil_Stokes
11 months ago
Thanks. That's also my experience.
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Heribud
11 months ago
Hi Akil, I just did some back-testing on the harmonic patterns, mostly on H1, and it blows my mind. it is crazy how this things work! I didn't understand what your posts before, and I searched the internet over the patterns for weeks.Thanks!
+1 Reply
Akil_Stokes TOP Heribud
11 months ago
You're welcome
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Chris_O_Brien
11 months ago
I don't understand where you get the Green Bat from? B legs goes above .382 and .050 invaliding the Bat, and this does not touch the .618 to perform a gartley.
+1 Reply
Chris_O_Brien Chris_O_Brien
11 months ago
A to B leg
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Akil_Stokes TOP Chris_O_Brien
11 months ago
Hey Chris, hitting the 50% is what validates a valid batter pattern B leg for me.
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Chris_O_Brien Akil_Stokes
11 months ago
Oh, Ok. I guess I have been miss informed my apologies . Still trying to learn.
+1 Reply
Akil_Stokes TOP Chris_O_Brien
11 months ago
No need to apologize asking questions is how we all learn. I would say this, if you've backtested it using the rules you stated above and you were able to come out with a positive expectancy then there's no need to switch things up. What's "right" for each trader (at the end of the day) is what they can be consistently profitable with.
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Felix_Hoevelborn
11 months ago
Possible move to get to your bullish bat! Greets!
TRADE WHAT YOU SEE: Overall Expectation for next week on EURUSD
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