Akil_Stokes
Long

EURUSD: Been Waiting All Week & Finally Got My Reason

FX:EURUSD   Euro Fx/U.S. Dollar
After stalking the EURUSD             this entire week, price action has finally made its way down into my kill zone and has also given me a reason to get long in the form of a bullish bat pattern that completed during the early London session.
There are so many ways to take targets on this trade and instead of laying them all out I’ll just ask you these questions. Why are you involved in the trade (advanced pattern or trend continuation)? And (of course) What do your rules say to do?

I know you guys hate hearing that, but hey, that’s the reality of trading. Each of us are different and as I tell my clients, your trading style should match your personality making it fit you like a fine tailored suit.

BIG NEWS OUT AT 8:30 eastern! We’ve got USD: Advance GDP, Trade Balance & Unemployment. This should certainly give us some action early on in the New York             session so be careful. The underlying market sentiment still looks to be very bullish the USD especially since yesterday’s (lack of hawkish tone) FOMC statement showed little movement before being shaken off my the market.

Yesterday’s USDCAD             didn’t go my way and if you’d like to read about it here’s the link to my trading blog. http://tradeempowered.com/the-next-good-trade/

Also it’s Thursday so that means my weekly video is coming out so make sure you head over to YouTube and SUBSCRIBE to my channel, that way you don’t miss it. I’ll most likely be talking about dealing with failing strategies and looking at equity curves…we’ll see. Good luck today traders and let’s ROCK the markets on this wonderful Thursday!

Akil Stokes
Chief Currency Analyst
www.TradeEmpowered.com
Akil@Tradeempowered.com /@AkilStokesRTM /
Forex Weekend Review Videos: https://www.youtube.com/playlist?list=PL3pkGkL2zWpHt7X4ZeT0w0n6hk0C8Lwx1
Akil Stokes -Head FOREX Trading Coach at Trade Empowered
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"Plan Your Trade, Trade Your Plan"




Tree1
a year ago
Nice I came with the same conclusion!
+1 Reply
Akil_Stokes TOP Tree1
a year ago
Sweet, hopefully it goes in our favor
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kevmurray
a year ago
Hi Akil. Would you consider waiting for the news to come out prior to entering? Or do you strictly take a technical approach regardless of the events? Thanks for your help.
+1 Reply
Akil_Stokes TOP kevmurray
a year ago
In general i take a technical approach (especially with the longer term setups). However there are certain news events that I stay on the sidelines for, taking an approach where I won't enter anything 15mins before or after. this particular event isn't one of them, so I won't be making any adjustments to my current position.
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kevmurray Akil_Stokes
a year ago
Thanks again for the insight. Best of luck with the trade!
+1 Reply
Akil_Stokes TOP kevmurray
a year ago
Thank you
+1 Reply
DanielMwaura
a year ago
Hi Akil, you say the USDCAD trade dint go your way and looking at it at the moment , it seems to be following what you had said except for the negative effect of the news yesterday. Do you still think the USDCAD will be bullish today and tomorrow?
+1 Reply
Akil_Stokes TOP DanielMwaura
a year ago
Yes, i'm still very bullish on the pair. I told this to my Syndicate members this morning but unfortunately we have a bearish cypher pattern near market, so despite my overall bullish view I might have to get short base don the advanced pattern
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Mr DL
a year ago
Argh your brave. Chart 1d and 4h look all wrong to me, no floor. I'm not in
+1 Reply
Akil_Stokes TOP Mr DL
a year ago
Good idea, if the trade doesn't meet your plan, stay out until the correct opportunity arrives
+1 Reply
Mr DL
a year ago
I take it your are entering on a limit not a stop order
+1 Reply
Akil_Stokes TOP Mr DL
a year ago
yes I had a limit order on the bat pattern completion
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This one's invalid now?
+1 Reply
KVE PRO IvanLabrie
a year ago
I'm in @ 1.0930 with tight SL and targets @ 1.1000 and 1.1020, moving SL to BE and maybe partial TP @ 1.0986.
What do you think?
+1 Reply
Akil_Stokes TOP KVE
a year ago
Sounds like you have a plan and that you've followed it, so no matter the outcome it's a good trade. I think you need to decide beforehand what you're doing with targets, that way you don't end up making an emotional decision
+1 Reply
Akil_Stokes TOP IvanLabrie
a year ago
Nope still valid
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ErikXuanYan
a year ago
Hi Akil, do you think this could come down to 1.075 before popping up?
+1 Reply
Akil_Stokes TOP ErikXuanYan
a year ago
I honestly have no clue, the market will do what it wants to when it wants to. All we can do is see how it reacts as it gets to each structure level and re-evaluate at that point
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caifu642
a year ago
Akil, Does this down move invalidate the pattern or is it perhaps just considered a failure since it went down that far after the news this morning? Looks like it went below the lowest low of the structure. Not sure where you had your stop set. And I'm not trying to be negative here. I know that some patterns just fail. In fact, I've been trying to find any research that's been done on technical patterns and their success percentages. If you know of any references on that I would appreciate you letting me know. Thanks.
+1 Reply
Akil_Stokes TOP caifu642
a year ago
Yes, the X leg has been penetrated so the pattern is now invalid and I have been stopped out. The best way to find the success rates of patterns is to do manual backtesting. You can read all of the information in the world or watch all of the videos out there, but unless you do it yourself on your pairs on your timeframe you won't 100% believe that they work, which can cause a lot problems during periods of drawdown.
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dr.gsbharaj
a year ago
this pattern is invalidated now. i had longed on this one. market is just crazy. still holding to my long of maybe breaking it even. 50 pips down so far
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caifu642 dr.gsbharaj
a year ago
Looks like some divergence on the RSI with the lower move so you might be OK to get out at BE! Good luck!
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moneymaking
a year ago
No signs of reversal just yet. All the BEST mate :)
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dr.gsbharaj moneymaking
a year ago
closed the trade with loss.....
+1 Reply
Akil_Stokes TOP dr.gsbharaj
a year ago
Me too, stopped out as well
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simpleforextrader Akil_Stokes
a year ago
Dollar is too strong to long EU right now
+1 Reply
Akil_Stokes TOP simpleforextrader
a year ago
I wouldn't generalize it like that, the dollar has been strong since May yet there have still been plenty of opportunities on both sides of the market
+2 Reply
yoseph.ronald dr.gsbharaj
a year ago
Me too..
+1 Reply
DaniloMarcello
a year ago
Hello Akil , will you keep us updated on your view?
+1 Reply
Akil_Stokes TOP DaniloMarcello
a year ago
I won't be doing any further analysis until later in the day, as i have to get my weekly video out before those overseas head to bed, but if there's an interesting setup I may post it on here tomorrow and most certainly throw it in my morning warroom video (not sure if you're a Syndicate member or not).
+2 Reply
Akil_Stokes TOP DaniloMarcello
a year ago
If I have time maybe i'll include it in tonight's youtube video, since I may talk about this trade
+1 Reply
MIchaelTran
a year ago
:)
+1 Reply
MIchaelTran
a year ago
I also think Eur will rise, but not this time.
+1 Reply
FapAli PRO
a year ago
bulltraps?
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ForexGuru
a year ago
Is the signal still valid akil
+1 Reply
Akil_Stokes TOP ForexGuru
a year ago
No the pattern is no longer valid
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FX_J4YD3N
a year ago
Did you get stopped out?
+1 Reply
Akil_Stokes TOP FX_J4YD3N
a year ago
yes
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moneymaking
a year ago
Hey Akil, we are getting hidden bullish RSI divergence on 4 hr, all we now need is the market to break structure to the upside to get some short term long opportunities :)

snapshot
+1 Reply
Akil_Stokes TOP moneymaking
a year ago
Yeah we'll see, I'd like to see a push lower before looking to get long again
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Akil_Stokes TOP moneymaking
a year ago
The hidden divergence is a good sign though
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moneymaking Akil_Stokes
a year ago
Damn, I didn't know I could spot hidden divergence that accurately :)

OR maybe it was just luck that was involved here, with the news going in the direction of the divergence !!
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Little more to the downside....then I pounce! Bat's already filled. Waiting on the Crab and the .786 - .886 retrace.
EURUSD: Post-GDP Update. When Does Wave 2 End And Wave 3 Begin?
+1 Reply
I've just posted this week's Trading Video "How To Know If My Trading Strategy Is Failing" https://www.youtube.com/watch?v=gZ3gG3HbMjk Do me a favor, if you learn at least 1 thing from my video, please leave a comment on my youtube page letting me know what it was. All feedback positive an negative are welcome, just if it's bad please keep it clean, no personal attacks ;-)
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DaniloMarcello Akil_Stokes
a year ago
Great video! That kind of information is really helpfull
+1 Reply
Akil_Stokes TOP DaniloMarcello
a year ago
Thank you, please spread the word so we can reach as many traders as possible
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dr.gsbharaj Akil_Stokes
a year ago
great video.really will help me on building a positive approach
+1 Reply
Akil_Stokes TOP dr.gsbharaj
a year ago
Thanks you, trading is such a frustrating thing to do sometimes, i feel as if you've got to stay positive just to make it through day in and day out
+1 Reply
dr.gsbharaj
a year ago
the 50% fib level held. i could had breaked even. well the trade is a past.
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MaryJane
a year ago
Hey..nice to read your Analysis..here is my view:
Enough Rebound?
snapshot
At the moment i see on the one hand the chance for a double bottom with basis 1,08. The target of this formation is 1,1425. -Above 1,1425 there is enough place to make a new high at 1,18. (orange counting)

On the other hand there is the strong momentum and dynamic of the longterm downtrend - we are trading at its trendchanels upper edge. This can perhaps be interpreated as a new anticyclical selling signal as long as we trade below this level.
-Below the last valid orange "3" at 1,08 a drop to 1,04 can be exspected
-below the last valid red "2" a longterm selloff can be exspected with target @ 0,92
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awan0454
a year ago
Akil this is amazing and this is cheating too ! You must be having some insider links with liquidity providers I can say this for sure.
My name is Adil should I swap "d" with "k" to be like you ! Hats of man you are amazing ! I got stopped out by selling it and then I had to come to your post and salute you.
+1 Reply
Akil_Stokes TOP awan0454
a year ago
Thanks, unfortunately I was stopped out on this move. Not by much but stopped out.
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PatrickLompart
a year ago
Hey Akil, great trade it sure was! Too bad you got stopped out. Price turned 3 pips from my stop so it was a great winner for me. Got stopped out by a few pips on another trade today though, forgot which pair. All in all it was a great week for me. Im gonna start posting some trades on TV too, gonna try to get some of these folks hooked on harmonics haha.
+1 Reply
Akil_Stokes TOP PatrickLompart
a year ago
Hey Pat, yeah, would have been nice if I could've held out until today's wages news but those are the breaks like you mentioned
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moneymaking Akil_Stokes
a year ago
Hey akil was it the Employment Cost Index q/q from US at 8:30 am, that COULD have caused this big of a movement on a Friday?
+1 Reply
Akil_Stokes TOP moneymaking
a year ago
yes that's exactly what it was
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moneymaking Akil_Stokes
a year ago
I thought medium news have less impact on the markets BUT it think the main reason this news caused a huge movement was due to the much lower employment cost. Forecast was 0.6% while actual came out to be 0.2%. This big difference could've been the catalyst for this big of a move.
+1 Reply
Akil_Stokes TOP moneymaking
a year ago
Wages have been the major concern over unemployment so when this number came out it was in direct relation to what the fed is watching when making the interest rate hike decsion
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moneymaking Akil_Stokes
a year ago
Oh ok, great thank you. Have a GREAT WEEKEND mate and ENJOY you VACATION :)
+1 Reply
Akil_Stokes TOP moneymaking
a year ago
Thanks, i've got to make it through half of next week, but I'm excited to finally take a breather
+1 Reply
moneymaking Akil_Stokes
a year ago
Yes, Taking a break from this business is really important. It allows you to reset your mind, which will definitely help you make better trading decisions in the future :)
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Akil_Stokes TOP moneymaking
a year ago
Enjoy your weekend as well
+1 Reply
moneymaking Akil_Stokes
a year ago
Thank You mate :)
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Akil_Stokes TOP moneymaking
a year ago
sort of like a domino effect
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hi Akill thanks my idea
USDJPY
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hi AKIL
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The RSI isn't under 20 based on your system but in any case interesting setup
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Akil_Stokes TOP TradersClub
a year ago
is that a question for me Daniel?
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HI
EUR USD ELLIOTT WAVE
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aryahi29 PRO
a year ago
GREAT SHOW !!!!
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dr.gsbharaj
a year ago
i would like to know how you decide targets for patterns
+1 Reply
Akil_Stokes TOP dr.gsbharaj
a year ago
I use the 38.2 & 61.8 fibonacci retracements for my target levels on advanced patterns
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yoseph.ronald Akil_Stokes
a year ago
Welcome back Akil, glad to see u around..
+1 Reply
Akil_Stokes TOP yoseph.ronald
a year ago
Thanks Good to be back
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dr.gsbharaj Akil_Stokes
a year ago
is it the CD leg fib?
+1 Reply
Akil_Stokes TOP dr.gsbharaj
a year ago
It would from A to D on this pattern
Reply
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