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.
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 :)
Akil_Stokes
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No problem, I learned that lesson the hard way
JFinTrade
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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!
Akil_Stokes
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Thanks for sharing your opinion
PipUnicorn
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Frankly, I think your strategy is the safest and most consistent. Needs a lot of patience and control though. :)
Akil_Stokes
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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
samed.karsanbas
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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.
moneymaking
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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 !!
Akil_Stokes
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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
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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 :)