EURUSD: Bearish Trend Continuation Setup on the 4 Hour

FX:EURUSD   Euro Fx/U.S. Dollar
We broke this same setup down in the Live Trading Room yesterday, yet never got the pullback necessary to get involved. We've since pushed down a little further and have double bottomed but the same opportunity exists. We just had to adjust our analysis slightly.

As we look to start today's trading day this pair will offer a long opportunity to some with price action where it currently is. A short opportunity to others if price action goes where we predict it to go. And for the experienced trader, there may be an opportunity to take advantage of both moves.

With not much else on my radar today we'll certainly be looking at this first thing before our Warroom Meeting break.

Akil Stokes
Chief Currency Analyst & Head Trading Coach at http://www.TradeEmpowered.com

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I'm looking @ bearish bat on the hourly that terminates in the same zone.
+2 Reply
That would be a perfect reason for entry
1.0799 is my target , Good work Akil ( as always )
EURUSD _ Butterfly Pattern Completion
+1 Reply
Fahad_88 OsamaAbouzeid
Seems to have double bottomed in ur zone. Good eye!
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Akil_Stokes PRO OsamaAbouzeid
Hey Akil nice one and again same point of view. My strategy is - daily candle closed below 1.08 which means for me further downs.
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Akil, what a nice oppertunity to get short. Late last night I broke this chart down predicting price to fall and hit the 1.0630's. I posted it in 12WT chat. Looks something like this
I will follow this and see if I end up being right. This could turn out to be a very good trade set up.

Just had to share because I missed the Live Room yesterday

+1 Reply
I certainly think we can get there. We've got NFP on Friday which may mess things up but a good prediction!
Great Analysis Akil, Looking forward to the live room this morning
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Me too, I think it's great that we have a good mix of new and experienced traders that are willing to lend support and share ideas/advice
Got to love Elliott Waves
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That's a massive risk/reward there. Pretty sweet, don't have to win a high percentage at all to make some good profits. Thanks for the share
stevendave Akil_Stokes
Yep. Akil I love your rants on youtube do you do them everyday live on periscope? whats your add on periscope?
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My periscope name is @akilstokesrtm I've been phone free for a week or so, but I'm going to start doing some more whenever I have something interesting to discuss
Hi Akil - thanks for the setup idea :) - i was looking at the same area due to the resistance lvl at daily chart, and 50% lvl retracement @ the 4hrs chart.
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Akil I'm thinking about selling it as a bat. Then buying it again as a 2618 using the double bottom. In the end if all works out looks to me like it can form a potential larger bat. In the end only a great risk to reward will convince me. Do you see what I see? Just curious. I have NFP in mind as well.
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This means that my 2618 double bottom shall have extended targets. We will see.
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Good luck!
That would be an awesome move. My data is just shy of the 50% so i can't attack it as a bat. but if I could I'd be all over that short
We also have a possible Bear Bat X leg 1.0835 if we can get up into the 88.6% D leg completion
Akil, is there a sentiment shift now? Market has closed above the previous support.Does this indicate bull power?Is it good to look for long opportunities now?
+1 Reply
Short-term yes, long-term no
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lazly94 Akil_Stokes
Thank you Akil. Proud to say that I learned the very basics of trading from you. :)
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Thanks, i appreciate the support
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