As a pattern trader the EURUSD has been one of my best performers over the past few weeks. After our last big drop from 3150's the market has finally shown some relief in the form of consolidation before the next big move. Fortunately, for pattern traders consolidation is great, because inside that choppy, nasty looking price action are advanced patterns, which if played right can yield some pretty good profits.
The EURUSD has been 3 for 3 lately and is setting up it's 4th for a potential completion today. Odds are that a loser is due, but that doesn't mean that this one is going to be it. It's not my job to try and over think the pattern. it is what it is and it's my job to participate. If it loses it's not a big deal because the previous 3 have already covered it. If it wins then I'm simply working towards padding my account to absorb the next loss. That's what trading is, wins need to cover the losses and if you're consistently doing so losses won't hurt anymore.
Hey Akil, I just started following you on trading view, but I have been following Trade Empowered for a few months ( Best education I have received since i started Forex Trading) BTW.
I purchased Constellation and have been using it. But i feel that i Havent been using it to its full potential. In the sense that I get more losing trades that winners, and i try to take as much as i can but the ones that i win, dont win as much as the ones that lose. I am setting my Tp and Sl like how you guys do. But i remembered you saying something on a trade that you weren't taking the bearish cypher because you didnt like the risk/reward.. BUT since you you had a bearish mindset for the bullish cypher to complete, you decided to take it.. and that stuck with me. Im trying to watch as much professional traders as much as possible and mold myself into one. But I want to have the right balance of learning and copying and I dont want to be changing my strategy after every loss lol..
So my question is.. Do you take every pattern? If not, Why not? And I had constellation show me every pattern but then i saw too much with close D completetions so i didnt know which one to take or not to take or to just set up orders for all of them etc.. Im a bit lost. I want to have two main strategies like how you and Jason do. Structure and Patterns, But im having a hard time. Thanks for your time akil.
P.S you remind me of a great mentor I once had in a business venture i had done previous to this. Very smart guy, and you guys think a like. Its very easy for me to learn from you because I learned plenty from my mentor. I enjoy watching your videos and hope to keep watching. I've been dying to join your live room but i work 9-5 So i cant watch.. But hopefully here on trading view i can see a bit more how you use pattern trading to be profitable.
Akil_Stokes
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Hey Daniel, I'm sorry but I don't remember that specific example that you brought up so I can't comment on that situation but Yes I take every valid pattern that occurs and meets my rules (pair,timeframe, risk profile). My advice if you're new to patterns is to start by choosing a single pattern on a small portfolio (4-8 pairs) and only trading that single pattern. As you become more comfortable you can then either add patterns or increase the portfolio. There's no need to try and trade everything because as you mentioned, some of these patterns will overlap and you'll be forced to make a decision. Now there are ways to handle that situation if it occurs, but you want to but yourself in a position where your trading is as least complicated as possible. Hope this helps and thanks for the comparison to your business mentor.
daniel.garnier.10
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Hey Akil, thanks for your advice, Im definitely taking it. Right now, I am only trading cyphers. Since my portfolio currently has very few potential cyphers due to these recent big moves with gbp and eur im working on some trend continuation trades. By the way, I found the trade i was talking to you about. It was the AUDCAD trade you posted here on Trading View.
Thanks for your time akil. Its greatly appreciated.
Akil_Stokes
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Thanks Daniel, yes I remember in that AUDCAD trade I used the pattern as an entry reason to get involved in a trend continuation trade that was on my radar
I purchased Constellation and have been using it. But i feel that i Havent been using it to its full potential. In the sense that I get more losing trades that winners, and i try to take as much as i can but the ones that i win, dont win as much as the ones that lose. I am setting my Tp and Sl like how you guys do. But i remembered you saying something on a trade that you weren't taking the bearish cypher because you didnt like the risk/reward.. BUT since you you had a bearish mindset for the bullish cypher to complete, you decided to take it.. and that stuck with me. Im trying to watch as much professional traders as much as possible and mold myself into one. But I want to have the right balance of learning and copying and I dont want to be changing my strategy after every loss lol..
So my question is.. Do you take every pattern? If not, Why not? And I had constellation show me every pattern but then i saw too much with close D completetions so i didnt know which one to take or not to take or to just set up orders for all of them etc.. Im a bit lost. I want to have two main strategies like how you and Jason do. Structure and Patterns, But im having a hard time. Thanks for your time akil.
P.S you remind me of a great mentor I once had in a business venture i had done previous to this. Very smart guy, and you guys think a like. Its very easy for me to learn from you because I learned plenty from my mentor. I enjoy watching your videos and hope to keep watching. I've been dying to join your live room but i work 9-5 So i cant watch.. But hopefully here on trading view i can see a bit more how you use pattern trading to be profitable.