Wanted to share with you one of the trades I got involved in after yesterday’s ECB reaction. It’s a bullish bat pattern on the EURJPY which is now offering a slightly better entry. Just my opinion of course but I think the best place for stops is beneath the 1.3300 even handled psychological number. Yes it opens you up to a little more risk, but as we saw with last weeks EURUSD trade (Which smashed through second targets yesterday) sometimes having a little extra protection makes it worth it. Your call of course follow your rules
Also if you missed it yesterday check out my latest Trading Video over at youtube. youtube.com/watch?v=GnGT7YuGvhI The reaction to this week’s video has been MASSIVE as I go on a great rant about the 3 Steps to changing your trading future as well as a breakdown of a simple pattern trade on the GBPUSD.
I’m trying to reach 15,000 subscribers by 2016 so it would be a BIG help if you became a subscriber or at least shared the word with your trading buddies. Of course that’s only if you like the content.
Have a good weekend traders and Syndicate members I’m going to try and give you guys a quick video this morning before heading out of town.
Im still holding on my the skin of my teeth. Price came within 2 pips of my stop loss@132.90.
Akil_Stokes
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Nice, i'm pulling for you man!
rozela99
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Thanks this trade has really tested me. I just keep walking away from computer. I even unistalled my brokers app from phone.
rozela99
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Now im stopped out
Akil_Stokes
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ahh sorry to hear that. Still when it goes in your journal it should have "good trade" next to it
Koryphaeen
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Yes, I agree with you all, this was a nerve killing and teeth crunching trade... this is a good example for "PA always could go lower"...when you think that bearish momentum is exhausted...
TheMarketTaker
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Hey Akil what's going on. I have a general question on Harmonics alone. Now I see that from your Bat Pattern Completion, your B-C Leg comes just shy of a 88.6% Retracement of A-B Leg. Now I have this sheet with, basically, from my understanding the rules for what makes a harmonic pattern completion. For this to be a Bat or Alt-Bat, it states that the B-C Leg has to retrace either 88.6% of A-B Leg, or 38.2% of A-B Leg. Is there matters of subjectivity for bat patterns or harmonic patterns? If there is, how can I be consistent in drawing my harmonics? Do I need a certain number of ratios to line up for it to be a pattern? Just trying to wrap my head around this concept.
Akil_Stokes
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Good question, yes there is subjectivity to advanced patterns because different traders will have different requirements for what validates them. The way to become consistent in trading them is to determine which set of requirements you want to follow, backtest them of course to make sure it has a positive expectancy and create strict rules for what YOU need to see in order to qualify it as a valid pattern.
Fx_Profitable_signal
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we have two patterns
Alt Bat and ABCD
long whit small stop