GBPUSD: A Trend Continuation & Countertrend Idea (Video)

FX:GBPUSD   British Pound / U.S. Dollar
Just a quick follow up from the trade I shared with you guys in last night's video looking at a trend continuation opportunity on GBPUSD             . As the market established a double top overnight, counter trend traders will also have an opportunity to involve themselves in a 2618 trade as well.

Make sure you check out yesterday's video for an explanation of the TCT trade

"Statistics on Why Most Traders Fail" https://www.youtube.com/watch?v=sbq55Q6CZRQ

Akil Stokes
Chief Currency Analyst & Head Trading Coach
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It will be now much better, to update it I guess...
Alas this one sliced through the stops like a hot knife through cheddar, still falling. Looking to get back involved at the next resistance point at about 1.41065
+1 Reply
Akil_Stokes RJHumphries
Sorry to hear that man. At least it was quick and painless for you rather than those trades that linger for days and then lose. Those are the ones that get me heated
pointoftangency RJHumphries
Lines and rectangles make it hard to square our economy. Today, it really matters when one pays attention to how global economies are affecting you, individually. However, some may see that Japan was in distress for two decades, but the timing was uncertain, and a surprise. So, as a whole, let's keep that in mind. We need to be fluid.

As always, I appreciate your thoughts Alki.

+1 Reply
RJHumphries pointoftangency
In the end I got back in at 1.42 after using the 1 minute time scale to identify the trend was moving back up.
I learnt a new lesson, its better to buy after the dip, when the trend rehearsal has been identified (ie higher lows, higher highs) than jumping in as it's falling into an area of structure expecting it to bounce out of it, because quite simply it might not.
Being in negative trades effects my mood which effects judgment, it's very important to keep a clear open mind. Patience is key, if you miss the absolute bottom then it doesn't matter, just grab it when you are sure it is moving out of a bottom.
Akil_Stokes pointoftangency
This was also a bearish Gartley pattern
+1 Reply
Thanks Akil, Amazing how clean the DT is :P
+1 Reply
Akil_Stokes AndiThirteenthOne
Very clean!
+1 Reply
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