Akil_Stokes

EURUSD: Bat Pattern Setting Up, How Will We Get There

FX:EURUSD   Euro Fx/U.S. Dollar
In yesterday’s post I mentioned that the EURUSD             was at a decision point. Well, it looks like the markets didn’t decided to go with my decision to get short as I was stopped out on the 2618 opportunity. Luckily Jason had a monster day in the Syndicate bringing in just under 300 pips himself. That’s what friends are for!

Now that the Euro             has broken and closed above the previous resistance level it’s time to redo that IPDE process and prepared for the next move. Our next structure level starts around the 1.1360’s area which would also line up with a bearish bat pattern completion here on the daily. I’m not a daily chart trader, but this information will be useful for building a CTS             score as I do analysis on the lower timeframes. One thing to be careful with is the higher level of structure looking left. In my experience I’ve noticed that when two levels of structure are close to eachother, the higher one is typically tested. Something to keep in mind when placing those stop losses.

In the mean time, there are two ways that price action can reach that level, it can either go directly there, or we may see a pullback into previous resistance which should now act as support

Because I didn’t have the chance to record a Weekend Review video last night I’m going to do another Live Google             Hangout for the first 20 minute so of today’s Live Trading Room. Here’s the link if you want to join. And make sure you subscribe to my channel.

Click here to join the hangout https://www.youtube.com/watch?v=HGvRDpn8HHE

Akil Stokes
Chief Currency Analysis at Trade Empowered
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OsamaAbouzeid
a year ago
Perfect analysis as always
+1 Reply
Akil_Stokes TOP OsamaAbouzeid
a year ago
thank you
Reply
berniet PRO
a year ago
Looking forward to the live session again... BTW is there a Cypher in the D leg @ 1.08479
+1 Reply
Akil_Stokes TOP berniet
a year ago
Thanks, not going to be a Cypher for me, but I can see what you're talking about
Reply
JFinTrade
a year ago
This is not trading strategy! you posted a bearish pattern and keep trying short trade when trend is bullish, that's just gambling (possible with any ZUP INDICATOR) ...only my opinion, good luck!
+2 Reply
Akil_Stokes TOP JFinTrade
a year ago
Thanks for sharing your opinion
+1 Reply
PipUnicorn Akil_Stokes
a year ago
Frankly, I think your strategy is the safest and most consistent. Needs a lot of patience and control though. :)
+1 Reply
Akil_Stokes TOP PipUnicorn
a year ago
Thanks, at the end of the day all any good strategy needs is an edge and a trader that has the ability to trade it consistently without making mistakes
+1 Reply
Thanks to everyone that came to the Hangout this morning! hope you enjoyed the show
Reply
moneymaking
a year ago
Hey Akil, thank you pointing out this type of situation where 2 structures level are this close to one another. I was getting confused where I should put my stop loss for the the bat pattern. Thank you once again for the clarification. All the BEST :)
+2 Reply
Akil_Stokes TOP moneymaking
a year ago
No problem, I learned that lesson the hard way
Reply
MaryJane
a year ago
Nice! THX very much !!! Here is my view:TP and MoB-Zone reached
TP and MoB-Zone reached



We have reached my exspected level -the target of the sh-pattern.
Now it s getting very interesting. This Level is a potential selling zone - a MoB - the R/R for a short looks phantastic.
Can the eurusd brake through that selling zone, a big buying-signal would be generated.A possible target of the Breakout could be the 62,8 fibo-retracement @ 1,1755 from the move 1,25-1,044.
I exspect a shortterm pullback to 1,1190 ( "3?")

Former analysis:
LITTLE INVERSE SHS ?
Little inverse SHS ?

snapshot

Will the shs push the price to the upper edge of the triangle?
Green: preferred Szenario
Gey: Alternative Szenario
Reply
moneymaking
a year ago
Market just went straight to the bat pattern completion point and now it's just stuck there, for now. To me bulls got more strength here than sellers. Little hesitant about the bat pattern !!
+1 Reply
Akil_Stokes TOP moneymaking
a year ago
It probably won't do much until next week. Only about 2.5 hours left in NY and London has already gone home for the weekend.
Reply
moneymaking Akil_Stokes
a year ago
Ya, that's true. Let's wait and see how this plays out in the next week. By the way, Have a great weekend Akil :)
+1 Reply
Akil_Stokes TOP moneymaking
a year ago
Thanks you too. be safe
Reply
Jagger_Graham Akil_Stokes
a year ago
Great live show this morning. Quick question. How do you handle trades like this going into the weekend? For example, if you get filled do you let the trade roll through the weekend or cancel it before the market closes? Thanks!
+1 Reply
Akil_Stokes TOP Jagger_Graham
a year ago
It will vary from situation to situation but in general as a swing trader you'll have to be comfortable with holding positions over the weekend.
Reply
Akil_Stokes TOP Jagger_Graham
a year ago
I would say this, in the specific case of this bat pattern, if the market is anywhere around your breakeven point by the time the close approaches, the safest play is to exit and re-enter first thing on Sunday night
Reply
Jagger_Graham Akil_Stokes
a year ago
Awesome thanks!
Reply
ernestpaleczny Akil_Stokes
a year ago
That is smart, close and reopen on Sunday. Cleaver, I was holding over the weekend and sometimes bad things happened. Thanks. Great videos keep doing this, its awesome that you and Jason sharing knowledge. Thanks again.
Reply
If you didn't get a chance to attend this morning, here's the link to the recorded version of today's Live Trading Room Hangout https://www.youtube.com/watch?v=HGvRDpn8HHE
Reply
KVE PRO
a year ago
Interesting, upper boundary exactly at my target 1 of current long position!
The point at which the current up move ends might give us clues on the further move up or down...
My view:
Reply
KVE PRO KVE
a year ago
EURUSD update: watch for the triangle breakout!
Reply
u guys missing someting.. this pair want to go more up sales force getting low to you guys bearish lvl.
for this pair smart move is folowing to main trand watch price action whats gona do on bull trend if gets low lose power buy it keep it over 40 minute and close position having with 500 pip minumum. break even u can make it over 200 pip in sort term to foloowing price.
+1 Reply
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