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/
Here's A Free Training Lesson for you on "The Only 3 Ways to Trade"
https://buff.ly/2GLYOOQ

Make sure you check my Trading Podcast & Videos
https://www.youtube.com/akilstokes


Open Enrollment Deals ending on April 30th https://buff.ly/2K6Jbj8
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?
Reply
Akil_Stokes daniel.garnier.10
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.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out