Akil_Stokes
Short

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
Akil@TradeEmpowered.com


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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. :)
+1 Reply
Thanks, i appreciate the support
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We also have a possible Bear Bat X leg 1.0835 if we can get up into the 88.6% D leg completion
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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.
+1 Reply
SLV SLV
This means that my 2618 double bottom shall have extended targets. We will see.
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Good luck!
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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
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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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