Akil_Stokes
Long

USDJPY - BULLISH BREAKOUT TO POTENTIAL D COMPLETION

FX:USDJPY   U.S. Dollar / Japanese Yen
This morning we were able to capture 1st targets on a USDJPY potential bullish breakout and I wanted to stop by for a second & talk about secondary opportunities to get involved as well.

Now before we get started please understand that it was a little difficult to fit the entirety of this trade idea on to the chart as multiple timeframe analysis was involved, but I'll try my best to explain what I'm looking at. However, for reference, you may want to check out a recent video I did titled " Using The ABCD Pattern" as it walks you through the initial process of why I was looking to get long.

Now that we've broken previous structure highs with a confirmed break & close above, we can make the prediction that price action is likely to continue higher. Where to? Well only the market knows that & seeing how today is election day, anything can happen. But based purely off of the technicals my prediction would be a move to retest the previous shoulder line of the head and shoulders top that we saw back in mid October. (See linked chart below)

If I weren't involved already, my way of looking to get involved would be waiting for the market to provide us with some relief in the form of a pullback & then look to catch the next extension higher.


Your Trading Coach - Akil
Comment: Stopped out for the 2nd half of my position for breakeven on the election maddness
Nicely done - perfect TP target & good example of pateince waiting for low entry to allow wider stop
+1 Reply
Akil_Stokes jasperlawler
@jasperlawler, Thank you Jasper
Reply
We have a bullish view bias on USDJPY. If it breaks out of its horizontal overlap resistance at 113.56, it could signal a further move up. Ichimoku cloud is showing signs of bullish pressure. Here’s our idea!
+1 Reply
Akil_Stokes FXCM-EDU
@FXCM-EDU, Awesome, thanks for sharing your chart with us!!
+1 Reply
Nice, I'm long the euro with my analysis atm so looking to short term Long it, never one for Correlation ect.... will be keeping an eye open this - Thanks.
+1 Reply
Akil_Stokes Mltrades
@Mltrades, Me too with the "never one for correlations" just doesn't make sense to me as a trader
+1 Reply
Mltrades Akil_Stokes
@Akil_Stokes, Red News always tends to bring a risk appetite oriented stop hunt in both directions, some how my stop loss evaded it.....
+1 Reply
Akil_Stokes Mltrades
@Mltrades, Nice!
Reply
Massive reverse H&S
+1 Reply
Akil_Stokes aeonglacial
@aeonglacial, Nice!
Reply
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