$EURUSD: Potential Bearish Advanced Bat Formation I'm still involved in a $EURUSD short from last week, so I'm secretly wishing that this doesn't complete. But IF we break & close above previous structure THEN my next shorting opportunity on the $EURUSD will be a Bearish Advanced Bat Formation completing at a previous level of structure. (Look Left, Structure Leaves Clues)
I've gotten a lot of new followers since this originally came out, but if you haven't read it already here's a link to an article that I recently wrote for Forex Trader Magazine titled "Take Control of Your Trading" Feedback as welcomed as I'm rather new to the writing world (aside from personal blogging). I had a lot of fun writing it and if the you guys like my style, I'd love to create some more content
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Akil Stokes
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Structure-trade
EUR AUD Another possible 2618 Setup Following on from my other idea where i am Currently short ther is another possible set up happenign which means my second target goign short might need to be adjusted.
will see, we have had a double bottom, broken structure and had our impulse leg which is the 618 point on the short trade
CADJPY: Price Action & StructureHey traders! As you know I like to work on my craft my scrolling through a few pairs that are outside of my trading portfolio and practice my chart reading and predictive analysis.
Her eon the CADJPY 1 hour I would a potential trend continuation setup as price as recently created new structure lows and has started to retrace back into a previous level of support which we'll look to act as resistance.
It's Thursday and I just released my Weekend Review Trading video titled "Trading Consolidation/Breakout Patterns" going over the USDJPY trade that I posted earlier in the week. www.youtube.com
Akil Stokes
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Bullish Structure Trading OpportunityWaiting on price to come down to previous structure zone. If price can come down to this level. This is a pretty decent trading opportunity of about 1:3 RR.
For those who are familiar with the CTS system. We have an equal measured move from the daily and another one from the 4hr plus the 1.618 extensions on those two TF as well. We also have previous structure looking left and an even handle number. RSI seems to also be going to OS level.
GBPAUD SHORTGBPAUD currently hitting resistance line of a bearish trend since September last year.
Taking Fibonacci from the highest point of the current trend (in August last year) and lowest point from April this yea), it hits 0.3 Fib level.
Structure + 0.3 Fib + Over-bought daily chart, all indicate short.
Good luck!
EURUSD 4 Hour: Potential Bullish 2618 (Part 2) Higher SupportYesterday I mentioned that we have the potential for a bullish 2618 opportunity on the EURJPY 4 Hour. As we dug down to our intraday trading timeframes in yesterday's Live Trading Room session we identified another level that could end up giving us our first chance at getting long.
We'll see what the market has in store for us today, but this could end up being a similar situation as the example I provided in last week's trading video about EURAUD and how it's okay to look for multiple opportunities during a retracement
Akil Stokes
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BEARISH CYPHER SHORT!I am expecting a decline in XXX/JPY pairs in the upcoming weeks, We have a clear downtrend installed, we have a series of lower lows installed with lower highs, this pair may follow this trend for a week or so or more, We have a good structure zone at the completion level, expecting a false impulse to the upside and then an impulse straight down.
USDJPY 1HR: Potential TCT & Pattern Formation ShortsSince breaking the 107.60's area, I've been waiting for some relief on the USDJPY and an opportunity to hop on a retracement and get short.
As the market slowly retraces back to previous structure resistance a few opportunities have developed on the chart including a basic CTS trade using an AB=CD pattern, structure and fibonacci confluence. As well as a potential advanced bat formation.
I doubt we'll see any of this occur seeing how tomorrow is Job's day, but it never hurts to do your analysis and I'd much rather be over prepared to catch an opportunity that under prepared and miss one.
Also if you haven't done so, make sure you head over to my Youtube channel and check out my latest videos. I'll be adding a new one demonstrating some techncial analysis later today, but I've recently done two answering questions about the benefits of using multiple brokers and talking about the biggest hurdle in my trading career and how I overcame it. ( goo.gl )
Akil Stokes
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EUR/USD Enters Consolidation - Downside Most Probable Price action is currently in previous structure (blue box) on approach to test the 61.8 and 76.4 fib levels where a correction is still possible.
Both blue boxes which indicate past structure align with the key fib retracement levels for an entry long. Price action breaking these levels indicates a clean short entry down to 1.12151 and then onto the next weekly support at 1.11448.
EURNZD: Potential Bullish Opportunity at Structure SupportAs mentioned in a previous post, I try to make a habit of looking at pairs outside of my trading portfolio in order to stay sharp and work on my technical analysis skills.
Today I found a nice potential opportunity on the EURNZD. Syndicate members I'll be talking about this setup in a little more detail in the video I'm about to produce for you, but essentially what I would be waiting for is a buying signal once we've been given confirmation that this level of support has importance.
I'm not sure if I'm going to do this or not, but keep an eye out for me on social media as I'm thinking about broadcasting the first 30 minutes of tomorrow's Live Trading Room session on Youtube. If that is the case I'll get the word out tomorrow morning for you.
Akil Stokes
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EURUSD 1 Hour: A Short & a Long Idea (Heavy News Today)The Euro has finally broken out of it's consolidation, which may not be a good thing since us pattern formation traders had a pretty decent run over the past few days.
Anyway the LLLC leads me to make new predictions about the market and how I want to get involved. Technically speaking there are two opportunities that are on my radar. 1) A retest of previous structure support turned resistance for a bearish trade or 2) a move down to our lower level of support for a bullish trade.
We've got heavy news coming out in the form of Retail Sales & PPI this morning at 8:30 est, so the reaction (assuming the market gives us one) will most likely dictate which opportunity will become valid.
The key is that no matter what the market decided to do I have a plan for it. I have a plan to take a short. I have a plan to take a long, and I have a plan to stay out all together if my rules of engagement are not met.
Good luck out there today traders! Stay disciplined & stay positive!
Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company
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GBPUSD: Decision Point "IF/THEN"1st of all thanks for all of the great feedback on my recent article in FX Trader Magazine. You guys are great!!! Now to the charts!
GBPUSD is making it's way down to a key decision point level. I call this level a decision point because how I decide to trade this will be determined on what type of decision is made by price action at this level.
If you've been following myself or anybody at Trade Empowered, then you've heard us mention the "If/Then" thought process. Here's a perfect example of how/when it comes into play.
"IF" price action holds at that level "THEN" I'll be looking for a long opportunity. "IF" price action creates a Lower Low, Lower Close (NSH) "THEN" I will shift my mindset & look for a trend continuation type of trade to the bearish side.
We'll be keeping a close eye on this pair in the Live Trading Room today, and some pairs with similar setups will be the EURJPY and USDCAD.
**KEEP NOTE*** We do have FOMC Minutes being released this afternoon at 2pm New York time.
Akil Stokes
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Some more space for Euro to go higherHey, traders. Uptrend presents. Gartley formation almost completed. Looking for trend continuation here. Support me with your "like" and "follow". Do not be lazy to check my attached ideas. There's lots of educational stuff that can help you to improve your trading)
EURGBP 4hr Double Top So was a little bit early on my entry as we moved almost 55 pips higher!
But what we have seen is the pair come back up into recent highs and form a Double top. This are is well into the oversold area of the RSI
How there are 2 possible outcomes we could come back down to the 0.77743 level and bounce
or
If we break structure there is a possible 2618 set up, which given the previous lower support I see this as an area to watch
SPX in the key areaSPX enters the key area for its nearest future as the price came up to 0.764 fib ret of the last downward move and the 1.618 extension of the AB leg in the potential structure pattern. Look for the signs of weakness on 1H chart (divergence on RSI or price channel breakout) it may be goog risk reward short trade with stops above 2120 and potential targets 1945-1920. Market is significantly overbought on the daily RSI(7).