Akil_Stokes
Short

GBPJPY: A Look Ahead (Day4) Euro was boring, but this pair isn't

FX:GBPJPY   British Pound/Japanese Yen
I 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 (https://www.youtube.com/playlist?list=PL3pkGkL2zWpHt7X4ZeT0w0n6hk0C8Lwx1), but until then I’d like to leave you with this quote that I used in yesterday’s blog post. http://tradeempowered.com/a-give-take-game/

“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
Akil Stokes -Head FOREX Trading Coach at Trade Empowered
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"Plan Your Trade, Trade Your Plan"




Akil I jumped on this trade! Great minds!!
+1 Reply
Akil_Stokes TOP J_Graystone
2 years ago
Were you able to hop on during London or just recently
Reply
I was waiting for a DB last night but never got one and when we broke structure, I was looking for a short Opportunity. I entered short at 194.22
+1 Reply
Akil_Stokes TOP J_Graystone
2 years ago
That's awesome man. That's that "Decision Point" where you tell yourself "whatever happens I'm getting involved. DB= look to buy LLLC= Look to sell. When you can consistently do that this trading thing becomes simple.....still extremely hard to do consistently over time, but simple
Reply
spiterman
2 years ago
i am often wondering, when does he find the time to write all these blogpost - host the live room - have a baby and more ! i wrote a blog some time ago, took me 2 days :D But keep writing, its one of the things that keep me motivated :)
+1 Reply
J_Graystone PRO spiterman
2 years ago
Spiterman, its called MASSIVE action. If you want to stand out from the rest you gotta put the work in. This is a business for him and not a past time. He is a true motivator!
Reply
Akil_Stokes TOP J_Graystone
2 years ago
That's true, I really do feel that consistent hardwork has been the main reason I've made it to this level. Not smarts or anything like that, just pure effort and desire to be the best
Reply
Akil_Stokes TOP spiterman
2 years ago
It's funny you mentioned that, because I was just thinking about taking some time off yesterday. I know I'm going to get burnt out at some point, so do I push through until it comes, or try to prevent it. My natural instinct is to push through. I've got a vegas vacation coming up early August, so if I can just survive until then that should rejuvenate me...or make things worse
Reply
IanMFX Akil_Stokes
2 years ago
Every wizards always have a healing potion at their belt :-)
+1 Reply
Akil_Stokes TOP IanMFX
2 years ago
I've got to get me a new belt then
Reply
Akil_Stokes TOP spiterman
2 years ago
The kind comments help a lot though. At leas it tells me you guys are getting value out of it.
Reply
I got short at 194.25's
Reply
iznogood
2 years ago
I agree with you Akil, i'm in.
Reply
iznogood iznogood
2 years ago
snapshot
+1 Reply
Akil_Stokes TOP iznogood
2 years ago
I'm looking at those exact same levels. We've got a very strong GBP but every pair needs some relief so that the big boys can reload
+1 Reply
J_Graystone PRO Akil_Stokes
2 years ago
GDP Comes out too in an hour with poor forecast.
Reply
Akil_Stokes TOP J_Graystone
2 years ago
GDP for what? Where are you seeing this at?
Reply
J_Graystone PRO Akil_Stokes
2 years ago
Sorry! I meant unemployment claims!! USD
+1 Reply
Akil_Stokes TOP J_Graystone
2 years ago
Ahh I see
Reply
iznogood iznogood
2 years ago
bearish BAT@159.60 ...
snapshot
+1 Reply
iznogood iznogood
2 years ago
sorry...price completion at 195.60!
Reply
moneymaking
2 years ago
Nice and simple analysis Akil, Thank you for sharing the quote. It's a good reminder to stick with what works for you :)
+1 Reply
Kamazing2
2 years ago
Akil I am digging the quote! I am looking for intraday short entry on GBPUSD also! Thanks!
+1 Reply
dangap
2 years ago
Appreciate your efforts Akil, learning heaps.
+1 Reply
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