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 TradeEmpowered.com -The Premier Online Trading Education Company
Darn right it did. Didn't even pause to tease me a little. So disrespectful! lol
Paul-Man
⋅
Strong Downside momentum
Akil_Stokes
⋅
Very strong
Mariusrim87
⋅
Why couter trend ? i see alot of your trades are countertrades
Akil_Stokes
⋅
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.
MinervaFX
⋅
It was a great idea and the trade was good. Now perhaps we should look for shorts when it re-tests the retracement level.
Akil_Stokes
⋅
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.
J-P
⋅
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.
Akil_Stokes
⋅
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?