Akil_Stokes
Long

GBPUSD: Retest of Previous Structure Support

FX:GBPUSD   British Pound/U.S. Dollar
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
http://www.TradeEmpowered.com -The Premier Online Trading Education Company

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Trade active
Trade closed: stop reached: BOOM!
Currently long GBPJPY
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J-P Akil_Stokes
GBPJPY?
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There was a bull cypher of GBPJPY offering a cheaper entry price this morning...before it blew up ofcourse
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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
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Hey Nemo, no this would not be a 2618 opportunity
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Nemo75 Akil_Stokes
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
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You're correct in what to look for. We just don't have a double top on this pair
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crazy down is always in down
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Tripped over support & fell right off that cliff
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If EURGBP go down perhaps
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Hi akil what do you think would be a reasonable first Target ? I was going for previous structure lows at 1.3204.
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Akil_Stokes PRO YoussefRazak
I was looking at the same area, although slightly before the 1.32 even handle
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YoussefRazak Akil_Stokes
Thank you. unfortunately the trade went south
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Akil_Stokes PRO YoussefRazak
Yup, time to rest, refresh, and loo for the next opportunity!
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SL?
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Akil_Stokes PRO prince125700
A single ATR below the double bottom formation is where I had my stops for this trade
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i am in 31190
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Should close it by now broke the supp.
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More downside.
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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?
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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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just a little signal on th 1 mn for this moment always in the cazy short
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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.
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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?
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J-P Akil_Stokes
Thank you. Yes it's clear.
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It was a great idea and the trade was good. Now perhaps we should look for shorts when it re-tests the retracement level.
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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.
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it"s a choppy short
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the raison a short indice US perhaps
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don't forget that the market is toppish the big down is always possible because triple tops is possible on US
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for me the keys is EURGBP
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if EURGBP go down GBP can go up
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Basic correlation
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BilboFx Paul-FXTC
yes
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Why couter trend ? i see alot of your trades are countertrades
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Akil_Stokes PRO Mariusrim87
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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Strong Downside momentum
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Very strong
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TomPower BilboFx
Does anyone on here know what the hell they're doing cuz it's breaking my back
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Went completely the wrong way! lol
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Akil_Stokes PRO oussama11fcb
Darn right it did. Didn't even pause to tease me a little. So disrespectful! lol
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