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Akil_stokes

GBPAUD: Hopping On The Bullish Trend Could be the Perfect StormThe radar is light once again with only a few pairs (including yesterday’s NZDUSD idea) still in my sights, but this opportunity on GBPAUD looks like a pretty good potential. GBPAUD has driven straight up since…well early 2013 & although the momentum seems to be slowing down, there’s absolutely nothing on the charts as of yet that says we’re going to stop anytime soon. When trying to hop on a bullish trend I look for reasons to buy on the pullbacks & in this scenario I’ve got a deep Gartley pattern coming in right at our previous structure lows. Add to that, on the fundamental side of things GBP has been one of the strongest pairs with BOE expected rate hikes anytime from December ’15-March ’16 while Aussie may be cutting rates. Last week I was able to catch the perfect storm on USDCAD (Video: www.youtube.com) we’ll see if we can do the same this week. News wise we have AUD CPI out tonight at 9:30pm NY Time & A Bank rate Vote for the GBP out Wednesday morning at 4:30am NY Time. A BIG THANK YOU for the massive response you guys gave me after listening to my interview with Brandon Clay from www.TradingStory.com I had a lot of fun doing it and I’m glad it was informative. I’ll put the link below for anyone that didn’t get a chance to check it out. Also don’t forget about that Syndicate special deal we have going on. Take advantage of it before it’s too late. Interview w/ Trading Story tradingstory.com Akil Stokes Chief Currency Analyst at www.TradeEmpowered.com Akil@Tradeempowered.com /@AkilStokesRTM / My Videos: www.youtube.com
Long
by Akil_Stokes
20
NZDUSD: Ask 2 ?'s "Where Should Price Go & How Can It Get There"With Jason out of town I’ll be pulling double duties helping out with the morning War Room as well and today I had about six potential trades on my radar. I typically don’t actively trade on Monday’s but I will be keeping an eye on the NZDUSD for multiple trading opportunities. Bigger picture I’m still looking for a chance to short this pair once we retrace to our previous support level, but currently we put in a nice base, which was broken above and could provide as a good place to get long if the market were to retrace to that level. . Sort of like a 2618 type of move. Whenever I make my predictions about the market I don’t just ask myself “where is price most likely to go?” I also asked myself “How is price most likely to get there?” These simple questions have often given me the opportunity to catch the move before the move. Obviously a lot can happen, but I always like to start off my week with a plan of “what to look for” that way I’m dialed in. What now? Well now I sit back and see what the market has to do. Remember as traders it’s our job to react, not to tell the market what it “will” do. If you get the chance check out my Interview on Brandon Clay’s Trading Story website talking about my trading story & setting up a plan of action for you trades tradingstory.com Best of luck this week traders, and let me know what you think about the interview. Akil Stokes Chief Currency Analyst www.TradeEmpowered.com Akil@Tradeempowered.com /@AkilStokesRTM / Forex Weekend Review Videos: www.youtube.com
Long
by Akil_Stokes
28
GBPUSD: 1HR Potential Bullish Bat & Cypher PatternsTwo potential patterns here on the Cable this morning. A potential bullish bat pattern in blue and a potential bullish cypher pattern in pink. Both should be tradable unless you’re using a massive stop loss for the bat pattern. In that case it’s best to choose one over the other beforehand so that you don’t get yourself into a potential revenge trading situation. Obviously make sure you follow your rules as far as what you trade and how much you’re allowed to risk per trade. I know for me the cypher pattern doesn’t meet those standards so if price action moves down there I’ll need to look for an alternate reason for entry. Most likely using the CTS or Combined Technical Score type of analysis (a point system/checklist for evaluating trades). Something to keep in is that this is a very heavy news day with USD & CAD CPI releases at 8:30am Also the Michigan report as well at 10am. If you didn’t catch it last night here’s a link to my Weekend Review video, where I review where I walk you through the USDCAD trade from earlier in the week as well as discuss what I believe are the best times, days & months to trade. I’ve set out a goal to reach 10,000 subscribers by the end of summer so it would be MASSIVE if you guys should help me out by subscribing to my channel and spreading the word. *I apologize for the ads in this week’s video but that’s what they do when you use actual songs instead of free youtube music I guess* “A Controversial Trade/The Best Time to Trade” www.youtube.com Anyway have a great end of the week and an even better weekend! Akil Stokes Chief Currency Analyst www.TradeEmpowered.com Akil@Tradeempowered.com /@AkilStokesRTM / Forex Weekend Review Videos: www.youtube.com
Long
by Akil_Stokes
9
EURUSD: Bull Gartley w/ Great Risk Reward*Just realized we have an ECB Press Conference Today at 8:30am NY. Be careful with this one up to that point* Great day of trading yesterday as I ended the day with a single win (usdcad) and a singles loss (eurjpy). For those familiar with those two trades, I'll take that any day of the week. For those looking for more information on yesterday's USDCAD trade make sure you subscribe to my youtube channel as I'll have a video up at some point today looking at it. (www.youtube.com) Today's radar is thin, only the usdjpy, audusd and this eurusd trade (Dark Blue Gartley). This is a sloppy one (I'm watching it on the 4hr but wanted to show the bigger one as well) but it's a deep gartley pattern which if completed would provide an entry right near our X leg aka previous structure lows. Now, we know that FX data is often different depending on your broker so make sure you double check you "B" leg. Remember if it hits that 78.6 it's no longer a gartley pattern. Risk reward is great on this one 1:2 min for me and for some of you using less forgiving stops it's probably a lot more. I've got some time before the Live Room kicks off so i'm going to do some reading and catch a little bit of the British Open before the opening bell. Good luck today traders and thanks again for all of the love shown yesterday. Akil Stokes Chief Currency Analyst www.TradeEmpowered.com Akil@Tradeempowered.com /@AkilStokesRTM / Forex Weekend Review Videos: www.youtube.com
Long
by Akil_Stokes
15
NZDUSD 1HR: Bullish Potential Garltey & Bat PatternsNot a lot out there today, for me at least. We've got a handful of fundamental events coming out once the New York session starts so maybe the markets are waiting for them but keeping it short and simple we've got 2 potential advanced patterns that would complete at the exact same level here on the NZDUSD. Despite the underlying trend being heavily bearish, we are a a weekly support zone which may cause some relief and consolidation. The only other trade I'm in is the USDCAD position from yesterday, but I know Jason Stapleton has a few ideas that he'll share with us when we do our morning Warroom meeting. If you haven't done so yesterday make sure you check out my latest video "A 200+ Pip Trading Day" www.youtube.com and I wish you the best of luck as always in today's trading. Akil Stokes Chief Currency Analyst www.TradeEmpowered.com Akil@Tradeempowered.com /@AkilStokesRTM / Forex Weekend Review Videos: www.youtube.com
Long
by Akil_Stokes
50
USDCAD: Long at StructureVERY BIG DAY for me today (here's the video link www.youtube.com) and before I call it a night I wanted to share with you one more trade that I recently got involved in. Now I apologize for the short explanation but I'm a little tired after just recording video number 2 tonight, but here's a trade I just sent over to my Syndicate members looking at a bullish trade I just took on USDCAD. This is a simple structure trade and hopefully my primitive drawing gives you enough info, but one of my main reasons for entry came from watching the reaction of the dollar after this mornings poor Core Retail sales release. Have a great night gang, I've got a hot meal and a soft couch awaiting me! Akil Stokes Chief Currency Analyst www.TradeEmpowered.com Akil@Tradeempowered.com /@AkilStokesRTM / Forex Weekend Review Videos: www.youtube.com
Long
by Akil_Stokes
58
USDJPY: CALL ME CRAZY but despite structure I'm looking longThe USDJPY has traded back into previous structure & is currently consolidating at the resistance level. To most traders this opportunity would have SHORT written all over it but I’m actually looking in the other direction. For those of you who I work with on a regular basis you know how I feel about the personality of the USDJPY and how it moves and looking on the daily chart we’re currently coming out of one of those pullbacks looking to retest previous structure highs in my opinion. The fact that we’ve come into resistance on the LTF is concerning for a buyer but I think it’s more concerning that the market hasn’t been able to move off of that level and as instead consolidated right at it. This tells me that the sellers aren’t too strong and this could be an area where the buyers are simply looking to grab some relief and involve themselves once again if the sellers can’t move this market down. In order to trade this I’ll be looking for potential opportunities down on the 15 minute chart during today’s Live Room session. I see a potential gartley setting up already which would do the trick, but any chance I get to buy near those lows, I’ll be looking to take. On the fundamental side of things we have the BOJ Monetary Statement coming out tonight/tomorrow morning which may play a role for those looking to take extended targets. Syndicate members we talked about this with the GBP in last night’s video and look how that played out. So we’ll see JPY doesn’t some tricky things and is usually comes with devaluing their currency. Good luck in the markets today traders and as always, do me a favor and hit that like button if you enjoyed this post. Akil Stokes Chief Currency Analyst www.TradeEmpowered.com Akil@Tradeempowered.com /@AkilStokesRTM / Forex Weekend Review Videos: www.youtube.com
Long
by Akil_Stokes
23
EURAUD: Got the breakout, now Looking for the pullbackAlthough I don’t day trade on Monday’s I have a handful of pairs on my radar for my swing trading portfolio. Multiple patterns on the EURUSD, a few setups on USDJPY, NZDUSD and of course the chart above on EURAUD. We were watching this pair last week for the bullish breakout and now that we’ve gotten it, the next chance to hop on would be at a pullback. Looking on the hourly we also have a potential bullish bat pattern setting up as well which lines up with what my top down analysis is telling me. If the buyers want to maintain control over this pair then we shouldn’t see a dip below that 1.48 level as that even handled number would be a cheap price to reinvest. I’m expecting a busy week in the markets so be careful out there. Lots of news coming out, especially between Tuesday & Wednesday. Good luck this week traders and if you didn’t get a chance to this weekend, make sure you check out my latest YouTube video talking about market Psychology & why we see the movements that we do. www.youtube.com Akil Stokes Chief Currency Analyst www.TradeEmpowered.com Akil@Tradeempowered.com /@AkilStokesRTM / Forex Weekend Review Videos:
Long
by Akil_Stokes
19
EURUSD: Potential Bearish Bat PatternIt's Friday...I'm feeling burnt out, so we're going to keep it really simple today. Potential Bear Bat Pattern. There you have it. It is pretty cool that we get some extra fibonacci confluence in the form of an 61.8 retracement & a 161.8 extension but at the end of the day the pattern is all that really matters to me. Other pairs on my radar today are the GBPJPY, USDJPY, EURAUD (SHort) & USDCAD If you didn't do so yesterday make sure you check out my latest YouTube video "Simple Technical Analysis & Why Markets Move" www.youtube.com Have a great weekend traders! And of course Live Room/Syndicate members I'll still see you today in an hour or so. Akil
Short
by Akil_Stokes
29
GBPAUD: Support Turns To Resistance (VIDEO LINK: www.youtube.com )GBPAUD has been a pair that I’ve swung and missed at all week with 2 losing trades & a trade that came half way to targets before getting stopped out for breakeven. The majority of the week has been focused around this same structure level & now that price action is trading below it, I may have my chance at a short opportunity. As one of my clients showed me yesterday there was a chance to get involved in the initial break of support & retest yesterday, but with us being in a heavily bullish trend on the higher time frames, I wanted to make sure that this wasn’t just a simple retracement of the bigger move. Now don’t get me wrong, this particular setup can easily be a complex pullback as well, but I do have a much better potential risk to reward setting up here if I can play my cards right. The presence of a new 3-legged bearish formation (SP-ISH-OR-NSL) gives me a little more confidence but I still want to be cautious and look for the right reason for entry. If we do continue bearish, I’m not expecting a full reversal, but with the trend looking as if it’s running out of steam on the daily, we may be in for a deeper retracement. See many of you in the Live Trading Room! Do me a favor, if you actually read the write ups that go along with my charts please let me know by either giving the like button a hit or leaving a comment beneath. I always want to be as efficient as possible with my time so I want to get an idea of who’s reading and who’s not. Akil Stokes Chief Currency Analyst www.TradeEmpowered.com Akil@Tradeempowered.com /@AkilStokesRTM / Forex Weekend Review Videos: www.youtube.com
Short
by Akil_Stokes
47
NZDUSD: Invalid Bat but still a Valid Short A few potential trades on my radar this morning including EURUSD, AUDUSD & AUDCAD (Long from overnight), but one that just caught my attention came on the NZDUSD. Even if you're new to reading a price chart it should be pretty obvious that the Kiwi has been in a downtrend. During this bearish movement I've been looking for different places to join the party each time the market puts in an outside return (retracement). Our most recent retracement came in the form of a bearish bat pattern. Now technically the Bat pattern is invalid because of the "X" leg being penetrated, but it still makes from an excellent opportunity to get short as price action is retesting the highs of our previous pullback. The wick on the "big" candlestick also provides me with some clues about the importance of that level. There a re a lot of these trend continuation setups out there so it's important that you try and find the best opportunity and not overexpose yourself in the markets. Akil Stokes Chief Currency Analyst at www.TradeEmpowered.com Akil@Tradeempowered.com /@AkilStokesRTM Forex Weekend Review Videos: www.youtube.com
Short
by Akil_Stokes
21
(BLOG) One of the Toughest Trades to TakeDespite going 0 for 2 (with 1 breakeven) in my swing trading today, I was able to nail both of the trades taken during Tuesday’s Live Trading Room session. It also just so happened that both of the trades taken were on the same pair and occurred right after each other. This doesn’t happen on a regular basis, but often enough for me to understand exactly how to handle the situation when it does. Here’s the trick…Just follow the plan and do what you’re supposed to do. Unfortunately to many traders this is easier said than done. I believe that taking back-to-back patterns is one of the hardest feats to overcome in trading. Let’s think about this for a minute. You’ve just taken a bullish gartley pattern, dealt with a little bit of pain as the market churned for a while only come out the other side with profit. Typically at this moment a trader would like to sit back, relax, let out a sigh of relief and maybe tap themselves on the back for following there plan and reaping the benefits. Let’s admit it, we trade in the toughest market out there and winning is a very difficult thing to do. However, instead of getting time to celebrate and refocus another opportunity appears going the exact opposite direction of your initial trade and the first thing that comes to mind is what? “______” “No way is the market going to reverse again already. I should just skip this trade so I don’t give back any profit.” Obviously, sometimes this will work in your favor but remember our job as pattern traders isn’t to guess which will be successful and which will not, our job is to execute every valid pattern that we see even if it’s very difficult to do mentally. However if you can pull it off it’s a great reminder of why we have rules and how the markets reward those who follow them This particular trade yielded close to 200pips total to a trader using 2 positions on multiple targets. Yup almost 200pips total on a 15 minute chart. I tell the clients I work with all of the time, “if you’re going to be a day trader stick to watching 4 pairs. Maybe 6 max.” Many think that it’s impossible to be profitable without a massive portfolio. Hopefully scenarios like this will provide a great example of how it’s not about the quantity of pairs you watch it’s the quality of how you can trade the ones that you do that matter most. Akil Stokes Chief Currency Analyst at www.TradeEmpowered.com Akil@Tradeempowered.com /@AkilStokesRTM / Forex Weekend Review Videos: www.youtube.com
by Akil_Stokes
6
GBPUSD: Trend & Counter Trend Opportunities I have a handful of trades on my radar today but I wanted to concentrate on the GBPUSD this morning because of the multiple opportunities. The main trade that I’m looking for is the Bearish trend continuation setup. This market has clearly broken structure to the downside and if we get relief we have an excellent structure level to predict where our next pullback will come to. We’ve also just come into a minor support level which may offer counter trend traders a buying opportunity. This will be something that I dig into during my live room on a smaller timeframe (waiting for confirmation ofcourse), but with the RSI buried, minor structure and a little Fibonacci ratio confluence, my eyes are certainly looking for a chance to buy the GBPUSD as the bears become exhausted. We had a good day in the Syndicate yesterday. I went 1 for 2 and I’m pretty sure Jason went 2 for 2 on his NZDUSD and GBPJPY shorts. Also on my radar today is the GBPAUD, EURJPY (already long), GBPJPY (already long), EURUAD and AUDCAD Akil Stokes Chief Currency Analyst www.TradeEmpowered.com Akil@Tradeempowered.com /@AkilStokesRTM / Forex Weekend Review Videos: www.youtube.com
by Akil_Stokes
8
GBPAUD: Bear Gartley Within ChannelCan't take credit for finding this one. Monday is my off day but a few of my clients have been keeping me up to date with some of the opportunities that they've found. Most of the action has seen to come on the GBP pairs (GBPNZD $ GBPUSD) and with the Greece situation time it's still risky business in the markets as soon as something major is released. but if we are going to consolidate until we gear a decision then I might as well take advantage of the opportunities that consolidation provides. Just make sure you have a stop order on because the last thing you's want to be is unprotected during these times. Akil Stokes Chief Currency Analyst www.TradeEmpowered.com The Weekend Review Video Series www.youtube.com
Short
by Akil_Stokes
8
USDCAD: Daily Gartley PatternUSDCAD VIDEO (www.youtube.com) Obviously I'll be playing the sidelines today due to the Non-Farm release, but for you longer term traders, we've broken past our B leg which means it's time to pay attention to the bearish Gartley. This particular pattern comes in at a very nice level of structure (looking left) where price consolidated in the past before a markdown. This doesn't mean that the level will hold again, we never know in trading, but it does show that the market has respected this level in the past, and as a pattern trader all you should be looking for is a brief pull back. Good luck for anyone getting involved in this one. Akil Stokes Chief Currency Analyst at www.TradeEmpowered.com Akil@Tradeempowered.com /@AkilStokesRTM / Forex Weekend Review Videos (Every Thursday): www.youtube.com
Short
by Akil_Stokes
37
USDJPY: Bearish TCT Cypher Pattern When checking out the USDJPY this morning, the first thing that I noticed was rotation in then tend. After getting rejected on a gap fill the market dipped lower breaking previous support and giving us a new structure low. As price action shows some relief and retraces back I was looking for an opportunity to get short as close as possible to previous structure highs. Looking closer I noticed that we actually had a bearish cypher as well and BAM that was a good enough reason for entry for me. So this is a scenario where I’m not just looking to play this as an advanced pattern, but as a potential trend continuation trade as well. *The "risk/reward" tool isn't quite accurate on the stop but I was rushing to get this posted before the move was made Akil Stokes Chief Currency Analyst at www.TradeEmpowered.com Akil@Tradeempowered.com /@AkilStokesRTM Forex Weekend Review Videos: www.youtube.com
Short
by Akil_Stokes
5
GBPJPY: A Look Ahead (Day4) Euro was boring, but this pair isn'tI was supposed to be following the EURUSD this entire week, but if you look at the chart there is just absolutely nothing new going on. So instead of giving you a chart that simply read “see yesterday’s post” I thought I’d look at another pair that has been on my radar. One of my clients and I were discussing the situation on GBPJPY last night looking for a potential bullish entry based on the retest of the structure lows. Well instead of holding those lows with say a double bottom, we broke through to the downside causing me to flip my entire analysis. With the lower low, lower close, the question that I’m no asking myself is how can I get short? There were a few chances over the London session and another this morning but, with all of the Greece back and forth going on, I didn’t want to hop on too aggressively on the news based spike. What I’m looking for is a push back into our previous outside return, that way I can give myself the opportunity to potentially gain massive reward without a lot of risk. Just in case I have to be wrong once or twice before nailing it (not necessarily for this trade, but in general those are the benefits of having a good risk to reward ratio). This is a pure trend continuation/trend following trade (depending on you as a trader) which has a massive downside. Our next major structure level on this pair doesn’t come until a little under 190’s. I would expect a few road blocks on the way around the 193 and 192 even handles, but when was following a trend ever that easy (one of the reason I’m not a trend following trader). So I’ll be keeping a close eye on this intraday in the Live trading Room and see if I can find a way in. if I do I’ll certainly share it with you when tonight’s Weekly Video comes out (www.youtube.com), but until then I’d like to leave you with this quote that I used in yesterday’s blog post. tradeempowered.com “Perhaps the most important rule is to hold on to your winners and cut your losers. Both are equally important. If you don’t stay with your winners, you are not going to be able to pay for the losers. You also have to follow your own light. Because I have so many friends who are talented traders, I often have to remind myself that if I try to trade their way, or on their ideas, I am going to lose. Every trader has strengths and weaknesses. Some are good holders of winners, but may hold their losers a little too long. Others may cut their winners a little short, but are quick to take their losses. As long as you stick to your own style, you get the good and bad in your own approach. When you try to incorporate someone else’s style, you often wind up with the worst of both styles. I’ve done that a lot.” –Michael Marcus Akil Stokes Chief Currency Analyst at www.TradeEmpowered.com Akil@Tradeempowered.com
Short
by Akil_Stokes
24
EURUSD: A Look Ahead (Day 2) "I Got Long This Morning"Surprisingly the bulk of the movement on EURUSD yesterday seemed to come in the…Asia session (whaaat?) Anyway, we are now down in a zone where I thought we may see a potential reversal. Personally I got long on the smaller Gartley pattern this morning (from 1.1231) but keep in mind we also have a bigger bat pattern lurking down at 1.1182. I got the question yesterday asking “Akil which one will be more accurate to take?” Honestly, I don’t know. If I did, I’d bet the house on it but seriously, we never know what the market is going to do and if someone is telling you otherwise, then they’re lying to you and probably trying to sell you something. With that being said this situation is interesting because for some, the gartley pattern stops will be below the bat pattern completion which means that you’ll either have to choose one over the other, or split the position and take both trades. I like the saying “a bird in the hand is better than two in the bush.” Meaning a completed pattern is always valued over a potential pattern assuming there aren’t any risk issues. I also like the protection that the 1.1200 level offers in the form of a psychological number and Fibonacci ratio cluster. Currently I’m looking for a push up to the 1.13 even handle to take profit, but that may change depending on how far this “D” leg falls. Until we get out of this consolidation, I don’t really have any long-term outlooks on this pair, so I’ll continue to look for intraday opportunities until a true direction is determined. Other pairs on my radar today are the USDJPY (already long), EURAUD (again), EURJPY and AUDUSD Akil Stokes Chief Currency Analyst at www.TradeEmpowered.com My Trading Videos: www.youtube.com My Latest Blog Post "Watch Your Position Sizing" tradeempowered.com
Long
by Akil_Stokes
32
EURUSD: A Look Ahead (Day 1)The response of last week's test of following a single pair throughout the entire week was FANTASTIC! I really enjoyed doing it, and a lot of you really enjoyed seeing how my analysis (IF/THEN Thought Process) changes throughout the week. Per request, this week I'll be following the EURUSD. Now Monday's are typically my non-trading day. I will place them if something comes up, but I'm not as actively engaged in the markets due to my educational obligations and because I like to give the market a full London & New York session to feel its way out. So I haven't done any long term analysis on the Euro as of yet, but I did notice two potential Gartley patterns that are setting up. One bullish and the other bearish. Which makes perfect sense if you think about it since this pair as been in consolidation and consolidation breeds pattern trading opportunities. I'll keep you guys updated each day this week on how my thought process had changed and if I ended up entering a position or not. Speaking of positions, your you guys that were following me last week with my GBPUSD analysis, i did end up entering long this morning down at 1.5810's. I'm looking for an initial bounce to 1.5850's and if we can continue to see GBPUSD strength after that, well let's say that I'll be a very happy camper. Talk to you guys throughout the week! Akil Stokes (@AkilStokesRTM) Chief Currency Analyst at www.TradeEmpowered.com You Can Check Out My Weekly Trading Videos Here: www.youtube.com
by Akil_Stokes
24
GBPAUD 2618 TradeLooking at the weekly time frame on this pair, we are at a level of previous structure looking left. If we go down to the daily time frame you can see the market has put in three candles with high test wicks. For me, this shows that the bulls have attempted to push through the resistance level but have been rejected by the bears each time. This would signal a potential shorting opportunity. But how can we get involved? Well moving down to the hourly time frame, price action has put in a double top, a break and close below structure then a retest of the 618 retracement completing a 2618 trade set up. This presents a great shorting opportunity with good risk reward. If price action is around the same level of Fridays close, the more conservative traders could look to shoot for targets at previous structure offering a 1:1 RR . Those more aggressive traders could shoot for extended targets down at the 618 retracement which lines up in the zone with previous structure or even the 786 retracement which comes right in line with the circled level of indecision structure. Whatever happens, good luck in the markets and I hope you all have a good week trading.
Short
by JasonGraystone
1