Akil_Stokes
Long

USDJPY: CALL ME CRAZY but despite structure I'm looking long

FX:USDJPY   U.S. Dollar/Japanese Yen
The USDJPY             has traded back into previous structure & is currently consolidating at the resistance level. To most traders this opportunity would have SHORT written all over it but I’m actually looking in the other direction.
For those of you who I work with on a regular basis you know how I feel about the personality of the USDJPY             and how it moves and looking on the daily chart we’re currently coming out of one of those pullbacks looking to retest previous structure highs in my opinion.

The fact that we’ve come into resistance on the LTF is concerning for a buyer but I think it’s more concerning that the market hasn’t been able to move off of that level and as instead consolidated right at it. This tells me that the sellers aren’t too strong and this could be an area where the buyers are simply looking to grab some relief and involve themselves once again if the sellers can’t move this market down.

In order to trade this I’ll be looking for potential opportunities down on the 15 minute chart during today’s Live Room session. I see a potential gartley setting up already which would do the trick, but any chance I get to buy near those lows, I’ll be looking to take.

On the fundamental side of things we have the BOJ Monetary Statement coming out tonight/tomorrow morning which may play a role for those looking to take extended targets. Syndicate members we talked about this with the GBP in last night’s video and look how that played out. So we’ll see JPY doesn’t some tricky things and is usually comes with devaluing their currency.

Good luck in the markets today traders and as always, do me a favor and hit that like button if you enjoyed this post.

Akil Stokes
Chief Currency Analyst
www.TradeEmpowered.com
Akil@Tradeempowered.com /@AkilStokesRTM /

Forex Weekend Review Videos:
https://www.youtube.com/playlist?list=PL3pkGkL2zWpHt7X4ZeT0w0n6hk0C8Lwx1
Akil Stokes -Head FOREX Trading Coach at Trade Empowered
Check Out Our Free Training https://goo.gl/5e8Jcr
TradeEmpowered On Youtube https://goo.gl/IscNch
Akil Stokes on Youtube https://goo.gl/u5kDC3
"Plan Your Trade, Trade Your Plan"




Rebounds

RhysWilliamson
a year ago
agree! awaiting the retest of daily CTL
+1 Reply
OsamaAbouzeid
a year ago
Good analysis , I was long USDJPY for 4 days ,unfortunately i just closed the trade yesterday ,maybe i will enter again !
USDJPY _ Good Harmonic Move
+1 Reply
Akil_Stokes TOP OsamaAbouzeid
a year ago
Good stuff, that was a very nice level
Reply
SmartTradingFX Akil_Stokes
a year ago
I was one of them guys that was on the other side of this (short)... Stop was too tight as was looking for low risk trade off of that double top with divergence! We live and learn! Lets see how it plays out from now on!
My current position on USD/JPY
+2 Reply
Akil_Stokes TOP SmartTradingFX
a year ago
I don't think the short was a bad idea at all. Like you said we live and we learn and on the way we take notes in order to see what we can improve upon in the future.
+1 Reply
SmartTradingFX Akil_Stokes
a year ago
I followed my criteria with my CTS Scoring so no regrets at all as if everything is met i take the trade! Wanted a lower risk trade but should of taken into account previous structure (Look left sturucture leaves clues) ...
I try to always take a postive from it and screen shot every trade with notes all over them to refer back for reference in future and continue to improve and better my trading! Thanks for the reply Akil!
+1 Reply
Akil_Stokes TOP SmartTradingFX
a year ago
That's awesome to hear, I hope other traders read your comment
+1 Reply
shevectorie
a year ago
You're crazy... to presume we'd call you crazy! I'm gonna publish this idea after PA has created a failed wave C but you're on a sweet spot Akil. Looks great.
snapshot
+1 Reply
Akil_Stokes TOP shevectorie
a year ago
Thanks, and you'd be surprised at what some people call me....crazy would be a compliment
Reply
Same view Akil. JPY will remain weak for some time.
Waiting for a decent entry in USDJPY and GBPJPY.
Reply
Akil_Stokes TOP IvanLabrie
a year ago
I'd love to get a reason to go long before tonight
Reply
MarkLangley PRO Akil_Stokes
a year ago
going to mess with you now Akil full moon tomorrow and new moon and traditionally yen always strengthens !!! so counter to your be brave and buy theory ...sorry man !!
+1 Reply
Akil_Stokes TOP MarkLangley
a year ago
in that case maybe that's why I haven't been able to find a buy signal yet. The market gods are protecting me
+1 Reply
MarkLangley PRO Akil_Stokes
a year ago
Just having some fun ..but it is true ..!! dont want to be the one holding you back ..good luck
+1 Reply
Akil_Stokes TOP MarkLangley
a year ago
I know, it's good to have some fun in what can be such a stressful industry.
+1 Reply
IvanLabrie PRO Akil_Stokes
a year ago
Looks like a strong uptrend to me:

snapshot


The stop would have to be at 120.403...I'm waiting for a pullback or an invalidation to that last bullish signal I got.
Neither have shown up yet, so I'll remain vigilant.

Had a buy at 120.644 and 121.915, with a stop at 119.372 but I closed that.
+1 Reply
FutureMeDead
a year ago
I agree as well. I issued this yesterday.
snapshot
+2 Reply
FutureMeDead FutureMeDead
a year ago
It is important to trade what you see not what you think. I THINK/BELIEVE equities are topped/topping, however what I am seeing is a corrective setback followed by an impulse wave. There is no evidence of a top just yet so we must continue to look higher until proven wrong.
+2 Reply
Wealth
a year ago
I'm in this trade :) Do you think it will reach 125.000?
+1 Reply
Akil_Stokes TOP Wealth
a year ago
previous structure highs are at 125.80's so yes, there's certainly a good chance that price action can retest those highs
Reply
Akil_Stokes TOP Wealth
a year ago
especially since we're in a bullish trend
Reply
Wealth Akil_Stokes
a year ago
Thanks for the reply!! should we be worried about FOMC Member Williams speech which is in 40 minutes?
+1 Reply
Akil_Stokes TOP Wealth
a year ago
I haven't looked into it, but probably not
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out