GBPUSD: Structure Short Opportunity on the GBPUSD 1 Hour

FX:GBPUSD   British Pound / U.S. Dollar
Similar to yesterday's $EURUSD trade, I'm simply looking at a potential shorting opportunity as price action works it way back towards previous structure resistance .

Akil Stokes
Chief Currency Analyst & Head Trading Coach
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Order cancelled: Break and close above = invalid move for shorts
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Hi Akil can you please do a periscope on risk:reward pleaseeeeee? I really want to know if someone can be profitable with a 1:1 or a lower reward to risk strategy? Thanks :)
+1 Reply
I've talked about risk reward in many of my youtube videos. And yes you can be profitable with an average risk/reward of 1:1 you would have to have a win percentage of >51%
vduquenne Akil_Stokes
Hereby exactly why I FILLED in the assessment yesterday; my plan was right but got thrown out because of my own stop-loss ! 2 hours later I (would have) reached my pre-defined T1 & T2. NOW that is very frustrating and yes then one can get emotional, even when one doesn't lose alot of points, pips, dollars :( So what to do for stop-losses ???? 1 x ATR7 or 2 x ATR7 or 1 x ATR14 (like I see in Jason's graphs) or is the 113% Fibo Level or just 10 pips above the anchor leg... Hereby the pic of what happened encircled in red. Vincent.
+1 Reply
Easy answer to that stop/loss question but i won't ruin the surprise for you. Charles will certainly see that as an area that needs improvement and will have a simple solution for you when he reviews your assessment with you.
vduquenne Akil_Stokes
Thanks Akil for all your replies in this trip ;) Can't wait to talk to Charles ... C'ya soon , greetz, Vince.
Hi Akil, there is a new NSH as price action broke by a few pips the former top there's with what learned from you guys an: invalid double top as a consequens.We retraced to T1 & T2 and potentially a thrid up move could harmonically happen (AB=CD=EF in magenta lines). Are my thought sequence andconclusion and conclusion faulty here; please correct me dear mentor ;)
+1 Reply
An extension up is certainly a possibility. I also would be shocked if this ended up being a false break
Akil_Stokes Akil_Stokes
vduquenne Akil_Stokes
First of all dear Akil , tnx for your reply! Really appreciated ;) But here's the thing now : you agree with both scenario's and now comes the ever up-coming question in my small brain ... Iearn day in day out to trade the plan with all your set of rules and discipline. What to do now ? Stay on the sideline because there are two valid scenario's and waiting until there's is only valid scenario valid... or engegage the two scenario's . Right now I see a valid double bottom wich does not invalidate my long scenario. Maybe you'll the me : Vince, as long as you have valid plan, just do it ... ;) Cheers , mate and thanx for all your training courses , video's and educated guesses. Even with a plan , it is still to decide, it's still difficult for me.
+1 Reply
It's simple, you stick to your plan and execute the trade when your rules are met. If you have a situation where you're getting a buy and a selling signal at the same exact time my recommendation would be to revise your rules and add filters for when to take the buy and when to take the sell. If you're plan is solid there should be "zero" decision to make aside from following the rules. If you haven't already please fill out this trader assessment, I bet there are some holes in the plan that you may not be seeing http://tradeempowered.com/trader-assessment/
+1 Reply
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