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Ilovetrading

Rite Aid: 3 Drives Pattern & Harmonic PullbacksThe last time I looked at this stock I had a bullish Bat Pattern on my radar, which resulted in a move back up to previous structure before continuing short. That movement down ended up being the 3rd drive in a bullish 3 Drives pattern (in yellow) and what I would expect is a minimal move back up to previous structure (orange arrows). Typically when traders look at harmonic moves they only look at the extensions and not the retracements like in a normal AB=CD pattern. But when the market is moving harmonically it will often give us pullbacks that are equal moves to the previous pull backs. In this example a 3rd equal pullback would place us exactly at the previous structure level providing a great exit place for short term traders. I don't follow the stock market as much as I used to so I'm not up to date on Rite Aid's fundamentals but I do know that it recently beat earnings projections, but also lowered it's earnings guidance for the second time this year. Regardless I'm still bullish this stock both as an investor and trader and this looks as good as a point as ever to enter.
RLong
by Akil_Stokes
EURJPY: Simple Bear BatI don't typically do much trading on Monday's as that's my training day, and want to give the markets time to wake up. But I've been keeping close tabs on the EURJPY since last week and now that last week's bullish setup has rallied nicely, we now also have a potential setup as well. I get a lot of questions about how to manage trades and where to take targets off and what I like to tell my clients is to "Think Like The Other Trader" meaning if you're in a bullish position, think about where you would want to get short at if you were a bear. The same way you can build a case for entry, you can do so for exits as well. Good luck this trading week gang! YOU CAN SEE AN EXAMPLE OF WHAT I MEAN BY "THINK LIKE THE OTHER TRADER" IN THE VIDEO BELOW www.youtube.com
Short
by Akil_Stokes
8
Death Cross on $RUT $IUX makes the hunt for red octoberOn Sept 20th, we posted on our StockTwits about the formation of an Evening Star pattern. The Russell 2000 index managed to also form a death cross on the same day the Evening Star pattern was formed. This typically spells out danger for the future. As the indicators reach oversold territory, there is a chance buyers may bring it back up to the 200 day before this finally breaks lower. The 1100 support will probably be tested first.
IShort
by Wincreaseteam
AUDCAD: Double Bottom at Right Shoulder (Both Charts)Recorded a video of this trade to my Synidcate members earlier in the day but ran out of time to post this before my Live Room started. But with not a lot on my radar this morning AUDCAD was a pair that really stood out to me. Not only has the market put in a beautiful double bottom along with bullish divergence and the RSI being oversold. But we're also right at the dollar mark which should act as a pretty powerful psychological level. Now at first glance I thought I would have to let the trade go as I didn't see a significant level of structure, but as I checked my higher time frames I noticed that "looking left" we did have previous structure in the form of a left shoulder. This is very similar to the setup we captured on the EURJPY a few weeks back. On the chart I drew 2 different levels of where to think about taking positions off depending on if your more on the aggressive side or the conservative side. Akil Also, here's the link to my latest Weekend Review video "Has September Been Frustrating?" talking about why September is often a tough month for pattern traders, or non trend continuation traders. www.youtube.com
Long
by Akil_Stokes
8
AUDCAD: Double Bottom at Right ShoulderRecorded a video of this trade to my Synidcate members earlier in the day but ran out of time to post this before my Live Room started. But with not a lot on my radar this morning AUDCAD was a pair that really stood out to me. Not only has the market put in a beautiful double bottom along with bullish divergence and the RSI being oversold. But we're also right at the dollar mark which should act as a pretty powerful psychological level. Now at first glance I thought I would have to let the trade go as I didn't see a significant level of structure, but as I checked my higher time frames I noticed that "looking left" we did have previous structure in the form of a left shoulder. This is very similar to the setup we captured on the EURJPY a few weeks back. On the chart I drew 2 different levels of where to think about taking positions off depending on if your more on the aggressive side or the conservative side. Akil Also, here's the link to my latest Weekend Review video "Has September Been Frustrating?" talking about why September is often a tough month for pattern traders, or non trend continuation traders. www.youtube.com
Long
by Akil_Stokes
Bracketing The EuroIt's been a rough go around for pattern trades as of late (I'll talk more about that in my Weekend Review tonight www.youtube.com) But if the pattern is valid and meets you ROE's then you've got to pull the trigger. I'm still holding the 2nd half of my position on a EURUSD short from earlier in the week, but today we've got both a bullish gartley and a bearish bat bracketing this pair. For news today we want to keep an eye on 8:30am (ny) as our usual Unemployment Claims are released and then once again at 3:00pm (ny) as the ECB President Mario Draghi is set to speak.
by Akil_Stokes
12
XAUUSD: 1 AT MARKET & 2 POTENTIAL GARTLEY'SObviously we want to be very cautious going into tomorrow's trading session which features our monthly Non-Farm Employment change aka the Fireworks show. but was digging through some different markets tonight and noticed the abundance of opportunity setting up on gold. The orange Gartley pattern is technically completed but features a very shallow "D" leg which significantly increases the risk and reduces the reward of the move. With multiple harmonic moves and Fibonacci confluence featured in that area it's worth taking a zoomed in view on a lower timeframe inside that "Killzone" and waiting for an alternate entry technique to see if you can grab a better price. Perhaps something to watch and not trade going into Friday.
FX:XAUUSDLong
by Akil_Stokes
28
$EURJPY GARTLEY SETUP INTO PREVIOUS STRUCTUREEURJPY seems to either be returning into it's consolidation zone (marked by blue lines) or is about to break out after a quick retest of resistance turned support (top descending blue line). If it is a break out, it will be a nice setup into a Gartley which will leave us with a quick way to make some pips. Entry in the red box. Somewhere around 138.500 looks good (psychological level helps). Target 1 at 137.500 (0.382 AD retracement). Target 2 at 136.800 (0.618 AD retracement). Both targets are supported by previous structure and profits should be taken before the structure is hit to prevent a bounce back and loss of profit. Stop loss is at 139.400. This is just above X (which would invalidate the pattern) and slightly above previous structure to avoid getting stopped out too early. Good luck and happy trading :)
Short
by m4nti
EURJPY: Consolidation Brings Plenty of opportunity Nothing fancy here just a plain and simple bearish Cypher on EURJPY (This is a 4hr pattern, I decided to show it on the hourly chart because I went down to that timeframe for further analysis. But if you're a 1hr trader only THIS IS INVALID) . However if you've been following along my recent string of post on this pair (either in here or in the Syndicate) then you know that this has been one of our hottest and most profitable pairs during the month of August. With all of these wins in would be naive of me not to expect a loser at some point (for those you you thinking this is an automatic win) but if a pattern is valid I trade it and let the numbers work themselves out. Akil "The Rule of 3's" www.youtube.com
Short
by Akil_Stokes
44
AUDCAD: The Trade Before The TradeLast night I discussed the AUDCAD in a video that I put out for my Syndicate members. We had previously earned some pips on a a bearish Bat pattern, but the market never really ran too far way from this general area. What caught my attention was the series of higher lows and the fact that we finally achieved a LLLC as on last nights analysis. I didn't have a chance to hop on the trade because of a little something called needing to get sleep, but I told them that breaking those lows was the 1st sign of a bearish rotation. This morning we see that the market has put in a continuation move down and now I'm looking for another chance to hop on this newly formed trend. The ebbs and flow of this recent move has also set up the 1st 3 legs of a bearish Cypher pattern. Although this pattern doesn't yield enough profit for me to take it as a pattern can can look at it as a way to hop on the trend continuation move and ride it down to previous structure lows and/or the next bullish cypher. Akil For more information on the Syndicate Program visit: www.tradeempowered.com
Short
by Akil_Stokes
9
NZDUSD: Another Kiwi BuyYesterday I posted a chart looking at a bullish Cypher pattern on the NZDUSD. After a move to hit profits during the London session, price action has sharply retraced back into support presenting a double bottom with divergence on the RSI. If this level can hold I anticipate a rally up to at least the 8470 to 8500 level. With the same psychological level being right below the potential reward is well worth the risk in my opinion. "Plan Your Trade, Trade Your Plan"
Long
by Akil_Stokes
6
GBPCHF Double TopComing off an impressive long from last weeks bullish bat pattern, the pair has now come back to retest previous structure highs. Although i wouldn't consider this to be the optimal structure level, the risk reward that is available on this trade makes it worth the take. A single ATR stop above the highs provides me with a less than 20pip risk (if i'm wrong, I want to be wrong fast) , while a move into previous structure would offer more than 30 pips in potential reward. Check out my youtube page a little later to see how we broke this down in today's Live TRading Room session www.youtube.com
Short
by Akil_Stokes
3
USDCHF Bear Bat Follow UpFollowing up on an idea that I posted last week. The USDCHF is now at a point where traders who are aggressive with their risk management can look to roll and trails tops with structure (on the 4hr TF) One of the most important lessons that I've learned over the years from my personal trading and from my time as a money manger, is that how you manage a trade once you're in it, is almost as important as finding the right entry. The key to success is CONSERVATION OF CAPITAL. We are going to be wrong in this industry and wrong alot. The key is to learn to tell when we are wrong and cut our losses before they get us in trouble.
Short
by Akil_Stokes
6
Bullish Bat at Previous Structure lowsI'm a little late on getting this idea posted, but we had an abundance of advanced pattern trading opportunities setting up as my live trading session came to a close. Some have since rallied and some have been stopped out. This particular one is still at market and for those who like to take more of a conservative approach, may be putting in a retest of structure in the form of a double bottom. Take a look at the RSI as well, significantly oversold. I've been doing a lot of work with this pair over the past month or so and this pattern happens to be in line with my underlying prediction for the pair. Coming back into previous outside returns provides a nice structural level to place stops. Hopefully we'll see another bounce off of this area and make our way back up to the 53 even handle. Have a great weekend traders, and if you missed it yesterday, here's the link to my latest Weekend Review video www.youtube.com AKil
Long
by Akil_Stokes
4
USDCHF Daily Bearish Bat PatternWith not a lot going on in the markets thus far this week I started venturing outside of my usual trading portfolio to fins some ideas I could share with my Syndicate clients. This was one that really popped out to me. In light blue is a bearish bat pattern with some extra Fibonacci confluence within my killzone. More importantly is the large bearish candle that exist 2 bars from the "X" leg. I've been looking into these types of candles over the past few months and although I haven't finished my personal studies on them, I can tell you that the area around them seem to act as great potential reversal zones. This one happens to be an "X" leg which means previous structure highs as well. As I told my Syndicate members if the pattern itself is too large for your liking, keep an eye out for when price action enters that killzone and see if you can use a lower timeframe technique to involve yourself in the trade. *I've been getting some positive feedback from this mornings blog post so here's the link if you wanted to check it out. ratiotradingmentor.com
Short
by Akil_Stokes
2
EURAUD 4 HR: Pattern Entry for Trend ContinuationI'm looking at two things here on the EURAUD. Bigger picture is a potential bearish trend continuation trade as price action looks to make a retracement into a previous shelf of structure. Around that same level lays a potential bearish butterfly pattern completing at 1.618 & 1.272 Fibonacci confluence. Adding to that we have more ratio confluence in the form of a 78.6 & 50% Fibonacci retracements from previous structure highs. Just for a little added confidence this potential butterfly would complete a the 1.44000 which is a psychological round number. If you didn't see it already (shame on you, lol) I broke down this trade in my most recent Weekend Review video on YouTube. www.youtube.com Today's my off day, but I wish you guys a great week of trading! Akil
Short
by Akil_Stokes
2
GBPCHF Bat Pattern Retesting Previous Structure HIgh'sI've been a bull on this pair over the last month or so but now I've got a short opportunity on my radar looking at a retest of previous structure highs on the daily. As a counter trend trader it's important to realize that I'm not looking for the big long-term move, simply a brief correction. If this correction rolls over more than expected there's a 2nd potential bat pattern down at our previous structure lows giving true trend continuation traders an excellent spot to get involved with an outstanding risk/reward. *Had issues posting them together but check out my ideas for the daily view of this chart relating to my comments*
Short
by Akil_Stokes
4
GBPCHF Bat Pattern at Daily Highs'* I tried to post another chart with this showing the advanced pattern, but think I messed up doing so. I'll keep trying but here's the daily view that was suppose to compliment my other chart** SORRY GUYS I've been a bull on this pair over the last month or so but now I've got a short opportunity on my radar looking at a retest of previous structure highs on the daily. As a countertrend trader it's important to realize that I'm not looking for the big long-term move, simply a brief correction. If this correction rolls over more than expected there's a 2nd potential bat pattern down at our previous structure lows giving true trend continuation traders an excellent spot to get involved with an outstanding risk/reward.
Short
by Akil_Stokes