Akil_Stokes
Short

USDJPY: If You Hate Patterns Don't Look At This

FX:USDJPY   U.S. Dollar/Japanese Yen
I like to think that each currency pair has its own genetic code. Some pairs move very harmonically, some pairs do not. One of the reason that I like to keep my trading portfolio small is so that I can get a good feel for how each pair likes to move. Over the past few years I noticed that the USDJPY             likes to go on these insane rallies....followed by consolidation in the form of a wedge pattern. Check out a daily or weekly chart and you'll see exactly what I mean.

If there's one thing we know about consolidation is that "Consolidation Yields Patterns" And over the past few weeks this has been one of my favorite pairs to trade. I typically don't like the JPY but it's been a big help in pulling me out of some recent drawdowns.

As I noted in my WEEKEND REVIEW video today, I'm currently short on a Gartley pattern completion at 118.65. this is still a tradeable pattern, but the risk/reward has become slightly less attractive due to the retest of the X leg. However, looking towards the future, IF price action does roll down in my favor THEN we're most likely to retest the previous structure lows once again. IF you're looking for an entry reason at that support level THEN look no further than the potential bullish bat pattern that we have setting up.

I get asked a lot about where do stops go and I teach a handful of techniques to measure them. But in general I ALWAYS place my stop loss beyond structure and in the case of advanced patterns (Gartley's, Bat's & Cyphers) The "X" leg should always be a level of structure.
You can check out my latest video here, which breaks down a similar opportunity on the GBPJPY             https://www.youtube.com/watch?v=kGgLT0fBdjw&list=UUVveEks3MWZqOsvzTF_LGQg
Akil Stokes -Head FOREX Trading Coach at Trade Empowered
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GoldmanBucks
2 years ago
I was just looking at the chart and recognised it and then you published it :D coincidence
+1 Reply
dangap
2 years ago
ah huh I caught the Gartley but didn't see the Bat forming, thanks Akil!
+1 Reply
Akil_Stokes TOP dangap
2 years ago
That Gartley needs to stop playing around and get to those targets, it's been getting awfully close
Reply
Akil_Stokes TOP dangap
2 years ago
Looks like that "B" leg is giving us some trouble
Reply
amit.sondhi2
2 years ago
Akil great job . Thanks
+1 Reply
Akil_Stokes TOP amit.sondhi2
2 years ago
No problem
Reply
HolmK
2 years ago
What's not to like? It's beautiful!!! Took the first Cypher and the Gartley With a Nice profit.
Didn't see the big Bat, so now I'm Just waiting for the last Bat to complete.
+1 Reply
No_more_Post
2 years ago
I can see only resistance.
+1 Reply
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