Akil_Stokes
Long

USDJPY 4HR: Another 2618 Example

FX:USDJPY   U.S. Dollar/Japanese Yen
10 months ago
Bigger picture I'm still bearish on USDJPY             predicting that we still see a move down to 106-105.50's level. However In order to get there I do think that we can see some bearish exhaustion at our current level resulting in a pullback into previous structure at 110.50's-11.00.

On the current chart price action has created a double bottom and has followed that up with a retest. We call this setup a 2618 trade which is a more conservative way of entering a counter-trend trade.

(If you're new to the 2618, here's a link to the free training we have on the strategy www.tradeempowered.com)

Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company
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10 months ago
Trade closed: target reached: Took some time but 1st targets were finally hit!
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Related Ideas

heavenbird92
10 months ago
So do you recommend us to buy ?
+1 Reply
Akil_Stokes TOP heavenbird92
10 months ago
No, I recommend that you only execute a trade when it has met all of the rules in your trading plan. IF it does THEN yes buy, IF it does not, or IF you do not have rules for this particular setup THEN I would stay out or only approach it in a demo account.
+1 Reply
heavenbird92 Akil_Stokes
10 months ago
Thanks , friend .
+1 Reply
Akil_Stokes TOP heavenbird92
10 months ago
No problem!
Reply
chas2020
10 months ago
I was on this about 4 am. Stop 107.51 actually had both my take profit zones a little higher than yours.
+1 Reply
Akil_Stokes TOP chas2020
10 months ago
Nice! best of luck, hopefully we'll see the move that we want
+1 Reply
CROforce
10 months ago
I have entered this as a 2618 trade yesterday after Asia open... Will see how it goes :-)
snapshot

+1 Reply
Akil_Stokes TOP CROforce
10 months ago
Awesome, good luck!
+1 Reply
lukeboland PRO
10 months ago
The gap on the open this week gave a much nicer entry than usual. My order got filled at the 78.6% :)
+1 Reply
Akil_Stokes TOP lukeboland
10 months ago
Well done, looks like we were in the same boat
+1 Reply
vduquenne
10 months ago
Hi Akil, I am puzzled here , really. I follow you and Jason for ages now and know all rules of the famous 2618 trade. Oner rule say that the second bottom may spike below the first bottom but may NOT CLOSE below.

It looks like that on your graph but when looking deeper and more precision on the 60 min graph, this rule is clearly broken unfortunately.

snapshot


Even on the 240 min graph.

Why is your graph different than mine with the same Tradingview.com graphics ?


You see , I don't permit to contradict my mentor here, I would not dare. At the max, I'd challenge you once and a while ... ;)
Reply
vduquenne vduquenne
10 months ago
snapshot

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vduquenne
10 months ago
Hi Akil, I made a HUGE mistake here. ... I watched the EUR/YEN !!!! My bad here, Feelin' confused now. Sorry. Vincent, a Belgian Fibo Fan !
+1 Reply
Akil_Stokes TOP vduquenne
10 months ago
No problem man, we all make mistakes. I can't tell you the amount of times I've used a sell stop instead of sell limit in the past lol
Reply
vduquenne Akil_Stokes
10 months ago
;) thanks mentor ! You keep me alive ! Especially after hearing ans seeing Jason's last video. Yes, you play a big role , can't say enough : thanks guys !
Reply
AbdullahArslan
10 months ago
Its great to see that here Akil because I was also thinking that way. That must be because I have learnt a lot of things from you :)
+1 Reply
Akil_Stokes TOP AbdullahArslan
10 months ago
hey Abdullah! That's great to hear man. It's always awesome when things begin to pop out to you like this
Reply
rainbowolf
10 months ago
Are you long now?
+1 Reply
Akil_Stokes TOP rainbowolf
10 months ago
Yes, first profit targets were just hit on the trade
Reply
rainbowolf Akil_Stokes
10 months ago
Nice! 110.334 2nd?
+1 Reply
rainbowolf rainbowolf
10 months ago
Uneasy chasing this. Think I'll wait for a pullback. The YEN is tricky for me.
+1 Reply
Akil_Stokes TOP rainbowolf
10 months ago
I agree, Chasing a trade is usually a bad idea
Reply
Akil_Stokes TOP rainbowolf
10 months ago
Somewhere around that level if I remember correctly
Reply
kHaled.ibrahim
10 months ago
Great
+1 Reply
Akil_Stokes TOP kHaled.ibrahim
10 months ago
Thanks
Reply
Lanmar PRO
10 months ago
Good stuff. Here's a 2618 for you Akil. Though I imagine you do not trade this pair.
snapshot
+1 Reply
Akil_Stokes TOP Lanmar
10 months ago
Thanks for sharing, but that's not a 2618 yet. Certainly could end up being one though depending on how price moves
Reply
Lanmar PRO Akil_Stokes
10 months ago
snapshot
+1 Reply
Akil_Stokes TOP Lanmar
10 months ago
Still not one, please re-watch the training and make sure you're taking the right steps in identifying them http://tradeempowered.com/
Reply
Lanmar PRO Akil_Stokes
10 months ago
Thanks bud
Reply
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