Akil_Stokes

GBPUSD: Decision Point "IF/THEN"

FX:GBPUSD   British Pound / U.S. Dollar
1st of all thanks for all of the great feedback on my recent article in FX Trader Magazine. You guys are great!!! Now to the charts!

GBPUSD             is making it's way down to a key decision point level. I call this level a decision point because how I decide to trade this will be determined on what type of decision is made by price action at this level.

If you've been following myself or anybody at Trade Empowered, then you've heard us mention the "If/Then" thought process. Here's a perfect example of how/when it comes into play.

"IF" price action holds at that level "THEN" I'll be looking for a long opportunity. "IF" price action creates a Lower Low, Lower Close ( NSH             ) "THEN" I will shift my mindset & look for a trend continuation type of trade to the bearish side.

We'll be keeping a close eye on this pair in the Live Trading Room today, and some pairs with similar setups will be the EURJPY             and USDCAD             .

**KEEP NOTE*** We do have FOMC Minutes being released this afternoon at 2pm New York time.

Akil Stokes
Chief Currency Analyst & Head Trading Coach
http://www.TradeEmpowered.com -The Premier Online Trading Education Company
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Comment: Lower Low, Lower Close has us breaking down potential short opportunities on this pair, looking for a move down to 1.3900's

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Hey Akil,

Nice chart, really helped kick start my analysis.

I just entered LONG off the Double Bottom with a CTS score of 5. If I may, can I ask when you consider the RSI divergence to be valid? I'm really struggling to quantify it and create a rule that says - 10 or 5 points makes it valid.

As always, happy trading, and thanks for all you do for us learners:)
+1 Reply
Akil_Stokes PRO PetriKleynhans
Hey Petri, any type of divergence would count for me. I don't have a min for how much it has to be by. bets of luck with the trade as well
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target with blue
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hi akil please view my idea.
+1 Reply
Akil_Stokes PRO PooyaSalehipour
Thanks for sharing, i see you're looking for a pullback as well
+1 Reply
so Akil, there's no H&S here? look at the daily chart. It is a clean H&S has performed over the period...
+1 Reply
I'm not a H&S trader so i don't really look for that setup. But yes, glancing at the daily I see what you're looking at
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Hi Akil,

I am looking a the same hotspot (former tradeempowered client;)

+1 Reply
Niverto Niverto
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Good eye man
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