Akil_Stokes
Short

GBPJPY: Price Action Short, When Will The Bulls Give In?

FX:GBPJPY   British Pound/Japanese Yen
I don't place trades off of the daily timeframes but I do watch them on a consistent basis as part of my top-down analysis and GBPJPY             has been one that has been in some what of a fight as of late.

After easily rallying up into structure it's come to a halt and it looks as if the bulls may be running out of steam. Just look at the wicks, they're trying to push higher but have been rejected each of the last 5 times. Now this doesn't mean that it will happen, but it does mean that this is a decision point in the market.

If we do see some relief I would predict a move back into previous structure support which exist down at the 185 even level.

An entry on the LTF would give me a much better risk reward on this setup, so we'll see if the market will give me anything to work with this week. As of right now it looks as if my best chance is to wait for a LLLC and retest of structure to get involved.

For those of you in the Syndicate, that just watched Jason's video on the F.E. trade, this would be a perfect chance to paper trade (WITH DEMO MONEY!!!) that technique as a breakout an run wouldn't shock me.

Akil
Amazing insight as always!
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Thanks, we'll see if I can get a chance to play this one
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HKM666 Akil_Stokes
It´s the waiting game now! A chance to practice your swing!
:)
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I have shorts from Friday, it has been quite grueling so far!
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geraldfx geraldfx
It seems like there is a lower tf Bearish Cypher and Bearish Bat for entry
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Yeah someone just sent me the same message about a potential bearish Cypher down on the hourly. That could be just the excuse I need to get involved. I didn't notice the bat but I'l check it out. I have my Q&A on Monday's so I didn't have time to dig into the lower timeframes yet. Thanks for the heads up
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Stick with it, the disciplined trader gets rewarded!
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Hey Akil, when you say you don't place trades off the daily time frame, do you mean that you only look at it for the analysis purposes? So let's say that you know market is in a strong bearish trend on daily time frame and you see market retracing after making new LLLC. So in this case would you be looking for shorting opportunities on lower time frames, like 1 hr or 4 hr (if assuming that market does not violate previous structure)?
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Akil_Stokes PRO moneymaking
Correct, I use the daily as my HTF, so it's where I gain perspective on the markets. The "I" and "P" parts of my IPDE process you can say
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moneymaking Akil_Stokes
Thank you :)
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Akil_Stokes PRO moneymaking
Just too big of a timeframe for me, as a trader I really don't like to be in positions for more than a few days max.
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That's Right Akil. Thanku.
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on my radar on the LTF...
Bear Cypher
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GBP/JPY 5:1 Risk Reward

I am short here on GBP/JPY awaiting a retracement back into the 185.00 handle.
Great risk reward at 5:1
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Best of luck Tom, looks like this trade is off to an excellent start for you
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Been watching this myself and finally last night (Aus time) we seen it drop and give some coin for those who were patiently waiting. Since then it has pulled back into the 61.8 retracement. Myself I will get back in with a tight stop on the LTF and see if we can push back down into 183's price which is also a 38.2 retracement from the low to the high on the daily time frame.
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USDJPY


My UJ profit
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Akil_Stokes PRO No_more_Post
I think you may have posted the wrong chart, this was the GBPJPY not the USDJPY
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Are you still short on this?
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No, I never got short
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No_more_Post Akil_Stokes
lucky you not in.
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Akil_Stokes PRO No_more_Post
That's why we follow the plan
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