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

FX:EURUSD   Euro / 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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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
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:
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
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 PRO moneymaking
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.
moneymaking Akil_Stokes
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 PRO moneymaking
Thanks you too. be safe
Jagger_Graham Akil_Stokes
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 PRO Jagger_Graham
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.
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