Akil_Stokes

GBPUSD: Decision Point "IF/THEN"

FX:GBPUSD   British Pound/U.S. Dollar
8 months ago
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
www.TradeEmpowered.com -The Premier Online Trading Education Company
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8 months ago
Comment: Lower Low, Lower Close has us breaking down potential short opportunities on this pair, looking for a move down to 1.3900's
Akil Stokes -Head FOREX Trading Coach at Trade Empowered
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"Plan Your Trade, Trade Your Plan"




JPariz
8 months ago
its going down
+1 Reply
Akil_Stokes TOP JPariz
8 months ago
nice!
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Niverto Akil_Stokes
8 months ago
Hi Akil,

I am looking at the same thought process (former pro trader client ;). Here is my chart

BULLISH GARTLEY PATTERN WITH RSI OVERSOLD
+1 Reply
Akil_Stokes TOP Niverto
8 months ago
Good stuff Niverto, structure, tct or advanced pattern formation. Great to have options. not sure if you knew this but I'm a former Pro Trader Client as well
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Niverto Akil_Stokes
8 months ago
Great Akil, I did not know that, I am now syndicate member so still sticking with you guys ;) and can compare my anallysis with yours and see how well i have improved my structure analysis with tradeempowered.
+1 Reply
Akil_Stokes TOP Niverto
8 months ago
Yup, I was in Jason Stapleton's 1st Pro trader Course back in...2010 I want to say. It's funny i first found out about him by reading an article in FX Trader Magazine and now I'm the one writing for them. Crazy how fast things can happen in this industry...and in life
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Niverto Akil_Stokes
8 months ago
I am really happy for you Akil, you’ve been rewarded by all your efforts and by knowing that this is what you wanted to be : a professional trader. Life is easy when you understand things...having a clear vision and stayed disciplined no matter what happen until you get it...and then consistenly improving yourself. I will follow you guys, be carreful I am coming right behind you :)
+1 Reply
Akil_Stokes TOP Niverto
8 months ago
Thanks, it's amazing what hard work and taking action can bring. Keep fighting and you'll be reaching your goals before you know it.!!
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Niverto Akil_Stokes
8 months ago
Thanks Akil, see you in the Syndicate :)
Niverto
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Weird. Must have been paying attention to you, Akil.
I just drew this out earlier today. Even called it decision point :)

snapshot
+3 Reply
Akil_Stokes TOP Kjetil_Johannesen
8 months ago
That's awesome man! You've spent far too much time with me
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Kjetil_Johannesen PRO Akil_Stokes
8 months ago
Isn't that a good thing? For me at least? :)
+1 Reply
Akil_Stokes TOP Kjetil_Johannesen
8 months ago
It's always a good thing to surround yourself with like minded individuals, even for me!
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J_Graystone PRO
8 months ago
Nice man. We looked at this in this mornings live room.
+1 Reply
Akil_Stokes TOP J_Graystone
8 months ago
Well done!
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Akil_Stokes TOP J_Graystone
8 months ago
It's rare that you save us US boys an opportunity, mr. take all of the good trades
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makeupbygrey23 J_Graystone
8 months ago
Hi, i'd like to thank both of you guys for sharing treasures of information on youtube. I plan to watch all of your videos and after that watch them all back again for better understanding. Then i plan to join your 12 week transformation program so i could really improve my trading skills. Wish you both the best of luck and thanks for being a blessing to all of us. :)
+1 Reply
Akil_Stokes TOP makeupbygrey23
8 months ago
You're welcome, best of luck on your trading journey and remember, the #1 rule of trading is conservation of capital. So hold on to that live trading money until your ready. Don't be in any rush to donate it to the markets
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predragFX
8 months ago
snapshot
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makeupbygrey23
8 months ago
What does the green and red arrows mean?
+1 Reply
journeyofarookie2.0 makeupbygrey23
8 months ago
It's the last level of support resistance where price did react... red means the level played resistance, green that it played support :)
+1 Reply
makeupbygrey23 journeyofarookie2.0
8 months ago
Oh thanks, that was very informative. I thought that was an indicator for reversal. Quick question though, is there any indicator that can identify support and resistance levels? I use mt4 for my xperia z3.
+1 Reply
journeyofarookie2.0 makeupbygrey23
8 months ago
Trade Empowered have an indicatro for that called DSR level for MT4 but I'm not sure it works on mobile devices, I think it's only for desktops. Here is the link : http://promos.tradeempowered.com/dsr/
+1 Reply
makeupbygrey23 journeyofarookie2.0
8 months ago
Thanks @journeyofarookie you're very helpful. :) and concerning this trade it just hit sell point. Should I wait for candle close?
+1 Reply
makeupbygrey23 makeupbygrey23
8 months ago
Rsi is oversold though im afraid to take this trade short
+1 Reply
journeyofarookie2.0 makeupbygrey23
8 months ago
You're welcome. In this kind of structure based trade, you want to be on the safe and conservative side and wait for candle close. Even if it reached sell point now, it could reverse and the candle could close as a doji for example with a significant lower shadow indicate bullish pressure ...

A conservative method would be to wait for a lower low lower close (current candle close under the support/resistance level indicate by the arrows, let the price run down and wait for a retest of the broken support. You could then look for a setup (according to your trading plan or strategies), to sell that pair.

Other aggressive traders would directly sell the lower low lower close of candle but it implies bigger stops (above previous high for example) ...

In the end it all comes down to what you have backtested and what your trading plan allows you to do :)
+2 Reply
Akil_Stokes TOP journeyofarookie2.0
8 months ago
Good response
+2 Reply
journeyofarookie2.0 Akil_Stokes
8 months ago
Thanks. Learning from the best teachers :)
+1 Reply
makeupbygrey23 journeyofarookie2.0
8 months ago
Wow, that was very informative I'm gonna wait for the right opportunity. If it doesn't come tonight then i'll look it up tomorrow. Thanks for your time typing all that, and I wish you all the best Mr. Journeyofarookie :)
+1 Reply
journeyofarookie2.0 makeupbygrey23
8 months ago
Thanks you. Same to you !
+1 Reply
Akil_Stokes TOP makeupbygrey23
8 months ago
Why are you looking to get it short?
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Akil_Stokes TOP makeupbygrey23
8 months ago
And I don't mean that as in you're wrong, but more so to make sure that what you see on the chart, meets your rules of engagement from your trading plan
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makeupbygrey23 Akil_Stokes
8 months ago
As I am I currently don't have the expertise to enter a swing trade, my account is still small and i can't put a huge stop loss so I was thinking that i could enter maybe 2-3 candles after the market makes it decision and get maybe a 20 pip tp. I know this might be an amateur move but i think its all i could do for now. And i don't have a trading plan for now because I don't know how to make one :(
+1 Reply
Akil_Stokes TOP makeupbygrey23
8 months ago
In my opinion, it's a very dangerous game to trade using live money if you don't have a solid trading plan. I would suggest trading demo until you have one that way you don't get discouraged by potential losses and you can continue to chase your dream of becoming a consistently profitable trader
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makeupbygrey23 Akil_Stokes
8 months ago
Noted sir, i will educate myself before proceeding further. Thanks! And oh i've downloaded an app called trade interceptor and you ca trade using historical data which you can controll how fast you want the next candle to go i've read that it's really good for backtesting. But the platfom need a bit of time getting used to.
+1 Reply
Akil_Stokes TOP makeupbygrey23
8 months ago
Give it time and like anything you'll become more comfortable with it
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Akil_Stokes TOP makeupbygrey23
8 months ago
We have an indicator that we use called the DSR (Dynamic Support & Resistance). You can get the details for it on our website. If you're looking for something else the "swing" indicator would probably be your next best bet. I'm not an indicator guys so i'm sure others may know of a few that I'm unaware of.
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Kjetil_Johannesen PRO Akil_Stokes
8 months ago
I wonder when TE will develop the DSR for tradingview... :)
+1 Reply
Akil_Stokes TOP Kjetil_Johannesen
8 months ago
lol
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Akil_Stokes TOP journeyofarookie2.0
8 months ago
Thanks, seeing late that you guys already addressed the question. Sweet!
+1 Reply
Akil_Stokes TOP makeupbygrey23
8 months ago
There just indicating previous levels of structure
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Gbprider
8 months ago
decision point already broken good to sell on retrace ? thanks anil
+1 Reply
Akil_Stokes TOP Gbprider
8 months ago
You're welcome and It's Akil not Anil
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Gbprider Akil_Stokes
8 months ago
sorry typo mistake akil :)
+1 Reply
Gbprider Gbprider
8 months ago
u mean daily close ? what is good area to short ?
+1 Reply
Akil_Stokes TOP Gbprider
8 months ago
If it breaks and closes below structure I like to look for a retest as close as possible to the previous outside return. That would provide the best risk profile
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Akil_Stokes TOP Gbprider
8 months ago
No problem, usually i wouldn't mind, but I'm not too fond of that other guy
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JC_Saints
8 months ago
seems ab=cd @1.4000 was stronger than the structure break
+1 Reply
Akil_Stokes TOP JC_Saints
8 months ago
Yeah that did seem to me more powerful, maybe a little stop clearing down there
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ivansem95
8 months ago
sl on which level?
+1 Reply
Akil_Stokes TOP ivansem95
8 months ago
That all depends on what your trading it as and how your trading it. I personally always like to use structure levels to base my stops off of
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ivansem95 Akil_Stokes
8 months ago
thank you for answer!
+1 Reply
Akil_Stokes TOP ivansem95
8 months ago
No problem
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Niverto
8 months ago
Hi Akil,

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

+1 Reply
Niverto Niverto
8 months ago
BULLISH GARTLEY PATTERN WITH RSI OVERSOLD
Reply
Akil_Stokes TOP Niverto
8 months ago
Good eye man
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p19860601 PRO
8 months ago
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
Akil_Stokes TOP p19860601
8 months ago
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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PooyaSalehipour
8 months ago
GbpUsd update 6apr2016 pullback?
hi akil please view my idea.
+1 Reply
Akil_Stokes TOP PooyaSalehipour
8 months ago
Thanks for sharing, i see you're looking for a pullback as well
+1 Reply
ahmedfx
8 months ago
gbpusd
target with blue
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PetriKleynhans
8 months ago
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 TOP PetriKleynhans
8 months ago
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
Reply
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