Akil_Stokes

GBPJPY: What's Next After The Breakout?

FX:GBPJPY   British Pound/Japanese Yen
....Back to the Analysis… now that we’ve put in a lower low, lower close and the RSI is buried, I think 1 of 2 things will occur. Either we’ll continue straight down to the Fibonacci cluster which comes in at structure, or we’ll see some relief that will result in a retest into previous structure support which should now act as resistance. Now I would shy away from a buy at the current level because absolutely no valid structure exist for protection (at minimum I would recommend waiting for a double bottom or 26-18 setups), but if we do indeed rally up to previous structure I would certainly look for a selling opportunity and a chance to ride it down to a retest of previous support and ultimately an extension to the Fibonacci cluster I mentioned earlier where I may get yet another buying chance.

Above was an excerpt from my recent blog post titled "Predictions" http://ratiotradingmentor.com/2014/10/01/predictions/
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Hey Akil ! Thanks for the post. It really helps me with my analysis because it gives me ideas on how to find trading opportunities. I have a question, If you look at a pair and realize that the point in which it currently is, is a good place to long/buy but you haven't predicted where it might go you just identified that the place where the price lies ( For example, If your looking to hop on the trend, and you see that its currently at the .382 and its at major structure, RSI is currently oversold/overbought) Would you buy/sell there? Or would you wait for price to move where you want it to go and then place your trade?
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Akil_Stokes TOP daniel.garnier.10
2 years ago
Hey Dan, glad I was able to help. Before I enter any trade I want to know 3 things. Where is my ENTRY, where are my STOPS and where are my TARGETS going. Until I know those three things I will not enter a trade because knowing those things are the only way that I can see if the risk/reward ratio meets my liking.
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