Akil_Stokes
Long

USDJPY Pennant Pattern Breakout

FX:USDJPY   U.S. Dollar/Japanese Yen
Syndicate members there will be a video coming out on this shortly, but I wanted to share with you guys a potential breakout trade that I have on my radar this Tuesday Morning             .

If you're unsure on the different ways to trade these types of simple consolidation pattern you can check out the video I posted 2 weeks ago titled "How To Trade Breakouts"

But there is a lot of potential upside on this trade especially when you consider the levels of structure that we have just broken & the next levels of potential resistance that lie on the daily around the 111 even handle.
It will touch 107.80 first.
+3 Reply
@RuhailKhan, Since "It Will" I would suggest selling at market since nothing else can happen but it touching 107.80's
+2 Reply
Lulo Akil_Stokes
@Akil_Stokes, Thank you sir i nailed about 20 pips on that one
+1 Reply
@Lulo, Congrats
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Hi Akil,
Only a quick question. What about the bottom wicks inside your pennant? Are the ignorable?
+3 Reply
MyFxLife MyFxLife
*they
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@MyFxLife, No, I am paying attention to them and they were part of the reason that I liked this potential trading opportunity
+1 Reply
MyFxLife Akil_Stokes
@Akil_Stokes, So when you draw the support and resistance lines for pennant and the other patterns you draw them according the open and close prices of the candles?
+1 Reply
@MyFxLife, No whenever looking at support & resistance I take into account the wicks and closes. highest highs and lowest lows are very important to me
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@MyFxLife, Don't be too caught up on the actual lines that you see on the chart, they are just sued to illustrate the consolidation pattern, not to actually provide levels of support and resistance
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MyFxLife Akil_Stokes
@Akil_Stokes, Its clear now. I just didnt understand that your support line is crossing over the wicks. Thank you for your answer.
+1 Reply
@MyFxLife, No problem, glad I could clear things up for you
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one of the Akil quality grade trade ! welcome back! very good call!
+1 Reply
@LeoTran, Thanks Leo!
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We have a bearish gartley + crap pattern near the 109

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@derekvela, Made may day " Crap " patern! Thanks for this, I loled kinda hard! Best of luck! :D
+2 Reply
derekvela MetalCruisers
@TPparadigma, Lmao I just read it, how embarrassing
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Superb Idea. Wonderful.Thinking how did i miss analyzing this.
+1 Reply
@ysspavan, Thank you
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Yka7 Akil_Stokes
@Akil_Stokes, to where we are going up sir?
+1 Reply
@Yka7, I have no idea on where the market will go up to. The market tends to do whatever it wants to when it wants to. All I can do is try to make the best predictions possible (which I showed on the chart and in the description box above)
+2 Reply
Pacorretaco Akil_Stokes
@Akil_Stokes, I'm not an expert, but chances are it does not go much further than the 1.27

I'd roll my stops to positive, as I see a potential move to the downside for the USD.

Cheers
+1 Reply
Akil_Stokes PRO Pacorretaco
@Pacorretaco, Nice! Trade management is a key factor is successful trading
+1 Reply
Pacorretaco Akil_Stokes
@Akil_Stokes, Well, looks like it's one of those times where I'm happy for being wrong. Big profits.
The downside I saw for the USD is still there though.

Cheers
+1 Reply
Akil_Stokes PRO Pacorretaco
@Pacorretaco, Why are you happy about being wrong?
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Pacorretaco Akil_Stokes
@Akil_Stokes, Because I was looking (and I am still looking) for USD weakness.

I was in several pairs favoring the dollar (short EUR, short AUD, short gold and long UJ as well) And despite I thought *then* that the turning point was about to happen, It actually kept going. Fortunately, Didn't close all my positions , so I got more than expected (I did close the Yen though).

Thanks for your nice work by the way!

Cheers
+1 Reply
Akil_Stokes PRO Pacorretaco
@Pacorretaco, No problem, glad you've enjoyed my posts
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I do not see any news stopping this trend up until 111. With a break above it and possible +ve dollar momentum we are looking at 115..
+1 Reply
@fcml, Nice! Thanks for sharing your opinion on the pair!!
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