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EURAUD: Reviewing The Tape (Education not a trade idea)I've already written my "Trading Recap" blog post for today but I wanted to share something with you guys. For you guys that have been following along with my blog you know that I've been working on an article looking at professional athletes and professional traders. One of my main comparisons is the amount of preparation and review that both do. Just like Peyton Manning or Tom Brady do after every game, after each trading day I review the tape, meaning that I go back through my trading day and critique myself. After all, in this industry we are our own bosses so if we don't do it who will? Last night I posted a trade looking for a potential breakout to the upside on EURAUD, although we did test the highs of our previous structure level we never got the break that I was looking for and it ended up being a scratch trade (breakeven). This morning in our Warroom meeting Jason Stapleton fired off 2618 idea for this same pair. (I'll attach a link to the FREE 2618 training at the bottom of this post). In the live room we ended up finding a bearish Cypher at the same level and ended up getting short as well. After banking some good pips, I spend the rest of our session going through the rest of my portfolio and basically but this pair on the back burner. BIG MISTAKE, if only i would have paid more attention to it, i would have seen that IF our 2618 setup were to rally to 2nd targets THEN we'd also have a Bat pattern completion which we plant a stop & reverse at. So yeah I left a few pips on the board today but the important part is that I was able to identify my mistake and turn it into a learning experience. For those who don't take the time to review their day, well that mistake may continue to be a future mistake. Thanks for taking the time to read this and I'll see you next week at the Technical Trader Workshop!!! FREE 2618 Training Lesson: www.youtube.com 2015 FREE Technical Trader Workshop: promos.tradeempowered.com
Education
by Akil_Stokes
10
EURJPY: Bearish Bat Pattern Into 2618/Kiss of Death TradeJust broke this pair down in my Live Trading Room. After looking at the LLLC of the triple top highs, our traders were gearing up for a potential 2618/Kiss of Death trading opportunity. As we dug a little deeper into things we noticed that if we got the retracement back into previous structure then that 2618/KOD would be bet with a bearish bat which could be used as an entry reason. If price action goes the opposite direction (or retraces and then makes a bearish dive) we also have 2 more advanced pattern waiting for us lower. A bullish Cypher and Bat pattern
Short
by Akil_Stokes
3
EURUSD: Active management/A structure trade review (w/video)THIS IS NOT A TRADING IDEA, more of a recap. Earlier this week I posted a chart of the EURUSD that had three potential bearish patterns setting up in the same area. In that post I mentioned that I was also involved in a long position on the Euro. Well after 24 hours of doing absolutely nothing this pair finally decided to rally and move in my favor. Throughout the week I've gotten numerous messages about that position and since I never posted it here's a quick look at what was on my mind. Unlike advanced patterns, when I involve myself in a structure based trade I look to actively manage it. The "black flags" on the chart were potential profit taking levels for me and as price action approached them I would keep a close eye on the reaction. A positive sign would lead me to stay in the trade, while a negative sign would cause me to take my profits and fight again another day. The blue lines are an example of how i managed my stop/loss while the position was in progress. While the green flag is where I ultimately ended up taking off my final profits. Now before you yell at me about "not catching the entire move" please take a look at the video i just uploaded to my YouTube channel explaining the "Pros" and "Cons" of active management vs shooting for a static target area. www.youtube.com
Long
by Akil_Stokes
4
EURUSD: Bearish Gartley & CypherAfter yesterday's FED Fun (unless you were on the other side of it) a lot of currency pairs are showing similar movement. A complete retracement from yesterday's spikes back into previous structure. We've been rolling through charts all morning in both the live trading room and the Warroom meeting trying to fish out which opportunities are worth taking and which are better off staying on the sidelines for. EURUSD is one that I like. I just fired off a long on this pair at 1.0665's and Jason is waiting a little bit lower to potentially get involved. Those are more intraday/swing trading opportunities since the ATR is rather large today, but from a day traders perspective, we also have 2 potential short opportunities in the form of a bearish Gartley and Cypher. It would be nice to see all win on different accounts. Would make for an awesome end of a nice looking week thus far.
Short
by Akil_Stokes
5
SPX daily candle analysis 3/10/15For my analysis for Tuesday's trading, I am anticipating a move down. The market failed to get back to 2088 yesterday and breathed more life into the sellers to take this lower. I am looking to see this test out the low 2050's. The MACD is in favor of the bears. The stochastic however is approaching oversold. The price pattern isn't too bad as it stands now. The channel is still in play and this may very well be just another day in the neighborhood. Until the channel is broken, the market will continue its move up.
SP:SPX
by Wincreaseteam
1
NZDUSD: The Last Trade Have OnIt's been a very slow week for me, but luckily Jason is picking up the slack. Going into Friday's Job Report I have no intention of entering any new positions aside from this potential bullish bat pattern on the Kiwi. NZDUSD is in a very interesting position as our HTF trend has bounced off previous structure resistance, yet our LTF trend has recently created a NSH and is retesting previous structure support. Consolidation perhaps?? Hope so since that would work well for pattern traders. VERY IMPORTANT. IF this trade does not trigger before tomorrow mornings top-down analysis THEN I will remove all orders as I want no parts of the crap shoot that is the Non-farm Payroll report. As always it's Thursday so that also means the release of my weekly WEEKEND REVIEW video. (link at bottom)) In this week's video "Dollars Don't Matter" I talk about this NZDUSD trade, how we can help each other out in the initial phases of backtesting an updated version of an inside bar breakout strategy that i used to trade, and of course an update of how Jason and i have down int he Syndicate. here's a clue...I haven't done much lol www.youtube.com Lastly make sure you clear your schedules for early April ;-)
Long
by Akil_Stokes
33
USDJPY: 3 Potential Advanced PatternsMultiple potential advanced patterns setting up on the USDJPY all around the same area. We've yet to break out of this consolidation, but if we do before Friday's Jobs number, we have a good location to look for our next short. Before I get a million nasty messages no, I don't think dollar weakness and Yen strength long term, but that's what makes me a "Trader" and not an "investor" I don't have a long term bias when trading on shorter term charts. I take the setups as they come bullish or bearish despite my personal fundamental outlook.
Short
by Akil_Stokes
22
Potential Bullish Flag Breakout Into A Bearish BatA lot of news coming out this week for both CAD and AUD but on the technical side of things what I see is a bullish flag pattern forming within the C to D leg of a potential bearish bat pattern. I don't trade flags the same way i trade advanced patterns but I do like when they come back into previous structure as in this case so it's something I will certainly be keeping my eyes on to see if I will get a chance to be involved. If so you can look to ride price action up to the potential bearish bat and then stop and reverse putting yourself short the advanced pattern. Not that this means much as I don't have that much of a bearish bias, but the Bat completion would also give us a valid C leg of a much bigger Gartley pattern located on the daily. If you want to get a better idea of how I trade please check out my YouTube page where I have over 100 FREE trading videos posted. www.youtube.com Also for day to day insights of what I did in the markets and what lessons were learned from it check out my blog at ratiotradingmentor.com
Long
by Akil_Stokes
19
GBPAUD: Retest of Triangle via Bullish Gartley (+video)GBPAUD has been a pair that we've been tracking for about a month now. For the past w\few weeks we've been waiting for the ascending triangle breakout and now that it's occurred the next chance to get long would be a retest of structure. As the market has wiggled it's way down, we've set up a potential bullish Gartley pattern that can be used to take advantage of a longer term buy or simply just trade as the pattern that it is. Also yesterday, I released my usual Thursday night video. It has nothing to do with this particular trade but it should provide a better idea of what I look for when analyzing a price chart. www.youtube.com
Long
by Akil_Stokes
16
USDJPY Descending Wedge Into Previous StructureLooking at a long opportunity here on the USDJPY for a few reasons. The first is a retest of our previous outside return and the second is the descending wedge pattern that exist. I'm typically not a wedge, triangle, flag, or pennant trader, but I am a structure trader so when all the starts are in align I take it. SYNDICATE members I'm producing a video as we type with a more in depth look at the mindset behind this trade idea along with a few other setups as well.
Long
by Akil_Stokes
19
USDCAD: Almost Everything In A Single Chart*Here's The Link To The Video Explanation of This Trade www.youtube.com Rather than write out a lengthy explanation for this trade, I decided to include a video break down in my Weekend Review video which will be out on YouTube tonight. The video typically takes a good amount of time to produce and upload so I decided to share this chart before it's completion. Analysis was performed on the 240m with the reason for entry occurring on the lower timeframes. A lot is going on here, but at the end of the day it's simply a price action and structure based trade. *I'll edit the description box with the video link as soon as it's available.
Long
by Akil_Stokes
14
USOIL: WAITING FOR THE SELLI don't typically watch oil too much but with all that's been in the news over the past few weeks how could I resist. Also being involved in the USDCAD trade that I shared with you guys last week caused me to keep one eye open as well. Anyway, despite the fundamentals (some of which are screaming short) the technicals are what matter to me most and in a heavy downtrend I'm not looking to hop on the bullish move late, rather I'd be looking for the next place to reload short orders and see if I can catch the next wave down. Syndicate members I'm going to record a brief video for you outlining this trade so check your emails in a little while. But I think I did a rather good job of trying to be as detailed as possible with all that I see. I actually think we could go lower at our current point so this one may be worth taking two shots on.
FX:USOILShort
by Akil_Stokes
10
USDCAD: ABCD, BAT & MoreLINK TO VIDEO RECORDING: www.youtube.com We discussed this in my Live Trading room this morning and I'm a little late getting it out to you because I wanted to pair a video with it. But what we're looking at is a Bullish bat pattern completion on the USDCAD 4hr Chart. At that completion level we also have minor structure, Fibonacci ratio confluence, and multiple AB=CD patterns. I'll attach the video in the comment section as soon as it's done, but with a large stop/loss on this particular trade, I walked my live room members how to go about making the setup work for them.
Long
by Akil_Stokes
48
GBPUSD: Part 2 The 2618This morning I posted a trade idea titled "3rd Times The Charm" In this idea I mentioned that i had previously taken 2 losers on this particular currency pair the day before and was ready to reload once again for another shot at getting short. Well that trade payed off as our double bottom/ Bat pattern (LTF) rolled over without much pain this morning and then even more so after this afternoons fundamental action. For those of you who took the trade congrats. For those who didn't the next opportunity to get short will come in the form of a 2618 setup. Here's a link to a FREE training that we did on the 2618 if you want to learn the strategy. www.youtube.com But essentially what we're looking for is the break and close below the initial double bottom (signifying a rotation in trend) followed by an outside return into the 61.8 or structure. typically targets are taken at the retest of the latest impulse leg and some sort of extension whether it be the 1.272, 1.618, ac=cb or just future structure.
Short
by Akil_Stokes
6
USDJPY: If You Hate Patterns Don't Look At ThisI like to think that each currency pair has its own genetic code. Some pairs move very harmonically, some pairs do not. One of the reason that I like to keep my trading portfolio small is so that I can get a good feel for how each pair likes to move. Over the past few years I noticed that the USDJPY likes to go on these insane rallies....followed by consolidation in the form of a wedge pattern. Check out a daily or weekly chart and you'll see exactly what I mean. If there's one thing we know about consolidation is that "Consolidation Yields Patterns" And over the past few weeks this has been one of my favorite pairs to trade. I typically don't like the JPY but it's been a big help in pulling me out of some recent drawdowns. As I noted in my WEEKEND REVIEW video today, I'm currently short on a Gartley pattern completion at 118.65. this is still a tradeable pattern, but the risk/reward has become slightly less attractive due to the retest of the X leg. However, looking towards the future, IF price action does roll down in my favor THEN we're most likely to retest the previous structure lows once again. IF you're looking for an entry reason at that support level THEN look no further than the potential bullish bat pattern that we have setting up. I get asked a lot about where do stops go and I teach a handful of techniques to measure them. But in general I ALWAYS place my stop loss beyond structure and in the case of advanced patterns (Gartley's, Bat's & Cyphers) The "X" leg should always be a level of structure. You can check out my latest video here, which breaks down a similar opportunity on the GBPJPY www.youtube.com
Short
by Akil_Stokes
8
GBPJPY: A Beautiful Cypher Within Our Outside ReturnWhat we have here on the GBPJPY is a potential Bearish Cypher pattern completion forming within a retracement leg of the underlying trend. This pair has spend 6 straight days being bearish so it wouldn't surprise me at all if we saw some relief. So the question is IF we're going to get a pullback THEN where is price action likely to go? 9See how I snuck that IF/THEN thought process in there). Well if you understand how to read a price chart then you know that when in a trend and looking at a pullback, that outside return should complete between our previous structure lows and our previous outside return. We then want to create an "A-KILL" zone within that area for our trading opportunity. In this particular trade we would have the completion of an advanced pattern as well to aid in our decision making of where we want to get involved. I also have drawn out a potential reversal zone slight;y above the pattern completion which offers structure and Fibonacci confluence. If you want to see another example of price action trading and how to combine it with advanced patterns. Check out the YouTube video that I posted last night. www.youtube.com Akil
Short
by Akil_Stokes
8