Akil_Stokes
Long

GBPUSD: Retest of Previous Structure Support

FX:GBPUSD   British Pound/U.S. Dollar
5 months ago
Looking at long opportunities here on the GBPUSD             as we retest the previous structure lows above the $1.31 price point. For you fibonacci lovers we also have confluence between the 1.272 extension & 1.618 inversion which you know is one of my favorite combinations.

The reversal started a little before I got to my charts, so I'm not involved yet, but this will be the number one pair on my trading radar as we head into today's Live Trading session.

Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company

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5 months ago
Trade active
5 months ago
Trade closed: stop reached: BOOM!
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Akil_Stokes TOP
5 months ago
Currently long GBPJPY
+1 Reply
J-P Akil_Stokes
5 months ago
GBPJPY?
+1 Reply
Akil_Stokes TOP J-P
5 months ago
There was a bull cypher of GBPJPY offering a cheaper entry price this morning...before it blew up ofcourse
Reply
Nemo75
5 months ago
Hi Akil,
the 61.8 retracement will complete around 1.3250. In case of a reversal at that point this setup would end up being a 2618 trading opportunity.
Agree?
Cheers and happy pips!
Nemo
+1 Reply
Akil_Stokes TOP Nemo75
5 months ago
Hey Nemo, no this would not be a 2618 opportunity
+2 Reply
Nemo75 Akil_Stokes
5 months ago
Well than this prooves that I did not get the point yet. Could you assist?
What I understood a 2618 is supposed to be is this:
We have a double top with a movement downwards afterwards breaking the neckline of the tops. Once this movement ends the 61.8 level would be an entry point for a 2618. What am I missing?
Thank you for making us better traders ... I appreciate your contribution.
Cheers
+1 Reply
Akil_Stokes TOP Nemo75
5 months ago
You're correct in what to look for. We just don't have a double top on this pair
Reply
BilboFx PRO
5 months ago
crazy down is always in down
+1 Reply
Akil_Stokes TOP BilboFx
5 months ago
Tripped over support & fell right off that cliff
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BilboFx PRO
5 months ago
If EURGBP go down perhaps
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YoussefRazak
5 months ago
Hi akil what do you think would be a reasonable first Target ? I was going for previous structure lows at 1.3204.
+1 Reply
Akil_Stokes TOP YoussefRazak
5 months ago
I was looking at the same area, although slightly before the 1.32 even handle
+1 Reply
YoussefRazak Akil_Stokes
5 months ago
Thank you. unfortunately the trade went south
+1 Reply
Akil_Stokes TOP YoussefRazak
5 months ago
Yup, time to rest, refresh, and loo for the next opportunity!
+1 Reply
prince125700
5 months ago
SL?
+1 Reply
Akil_Stokes TOP prince125700
5 months ago
A single ATR below the double bottom formation is where I had my stops for this trade
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PooyaSalehipour
5 months ago
i am in 31190
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JohnQuid PRO
5 months ago
Should close it by now broke the supp.
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Acampo
5 months ago
More downside.
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immawin
5 months ago
Do you think this is an upthrust tactic by bigg banks to wipe oout stoplosses of small retail traders and then there is gonna be a huge up move?
+1 Reply
Akil_Stokes TOP immawin
5 months ago
I don't think so, but ofcourse that's just my opinion. i think if anything we would have seen that on the retest after the initial Brexit reaction
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BilboFx PRO
5 months ago
just a little signal on th 1 mn for this moment always in the cazy short
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J-P
5 months ago
Hi Akil. I have a question if you don't mind.
This is an aggressive trade, but all RSI in all timeframes are extremely oversold. So why is the stop loss so tight and the trade is closed. don't you think that it has to retest the resistance level at 1.311? then we can exit the trade with minimum loss.
Please let me know how you would analyze it. Thank you.
+1 Reply
Akil_Stokes TOP J-P
5 months ago
Hey J-P, it wasn't an aggressive trade, we waited for confirmation on the hourly. Stops were close on this trade because I want to be out of a trade at a level where the market has told me that I'm wrong and I'm not willing to risk more than I need to at a level where I would have to "hope" that it turns in my favor. I hope that makes sense. I'm a little confused by the last part of your question, are we talking about the same trade here?
+1 Reply
J-P Akil_Stokes
5 months ago
Thank you. Yes it's clear.
Reply
MinervaFX
5 months ago
It was a great idea and the trade was good. Now perhaps we should look for shorts when it re-tests the retracement level.
+1 Reply
Akil_Stokes TOP MinervaFX
5 months ago
I'm right with you Minerval, support which was broker, now turns to resistance offering trend continaution/following traders a chance to catch the potential pull back and reload for a bearish move.
+1 Reply
BilboFx PRO
5 months ago
it"s a choppy short
Reply
BilboFx PRO
5 months ago
the raison a short indice US perhaps
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BilboFx PRO
5 months ago
don't forget that the market is toppish the big down is always possible because triple tops is possible on US
Reply
BilboFx PRO
5 months ago
for me the keys is EURGBP
Reply
BilboFx PRO
5 months ago
if EURGBP go down GBP can go up
Reply
Paul-FXTC PRO BilboFx
5 months ago
Basic correlation
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BilboFx PRO Paul-FXTC
5 months ago
yes
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Mariusrim87
5 months ago
Why couter trend ? i see alot of your trades are countertrades
+1 Reply
Akil_Stokes TOP Mariusrim87
5 months ago
That's simply my preferred style of trading. I take my fair share of trend continuation trades as well, but I'm more of a get in, get my profit and get out type of trader. I'm not a fan of keeping too much at risk for too long. So unless it's a no brainer opportunity, I don't look for that many massive continuation moves.
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Paul-FXTC PRO
5 months ago
Strong Downside momentum
+1 Reply
Akil_Stokes TOP Paul-FXTC
5 months ago
Very strong
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BilboFx PRO
5 months ago
snapshot

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TomPower BilboFx
5 months ago
Does anyone on here know what the hell they're doing cuz it's breaking my back
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oussama11fcb
5 months ago
Went completely the wrong way! lol
+1 Reply
Akil_Stokes TOP oussama11fcb
5 months ago
Darn right it did. Didn't even pause to tease me a little. So disrespectful! lol
Reply
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