Akil_Stokes
Long

USDJPY: A Lot Going On Here So Let Me Explain

FX:USDJPY   U.S. Dollar/Japanese Yen
Earlier in the week I shared with you my idea for a potential bullish Cypher pattern here on the USDJPY             and as you can see price action has yet to reach the “D” completion point. In Tuesday’s Live Trading Room session we were able to capture some profit on a long entry as the market retested the Cypher “B” leg and now price action looks to be retesting that zone once again.

I want to keep this as simple as possible but here’s what I’m looking at going into today’s trading.
1) Another potential long entry at the same level as Tuesday’s trade (orange box). Not only does that represent previous structure support, but we would have a nice harmonic move heading into that level as well. I haven’t drawn in any Fibonacci yet but I would assume some type of confluence too.

2) The potential Cypher pattern completion from earlier in the week and…

3) A potential Bullish Gartley pattern that has now formed as well.
I’ll see if I can record the Live Analysis I do on this pair during this morning’s Live Trading Room session and add it to today’s Youtube video ( https://www.youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg?sub_confirmation=1 )

Akil Stokes
Chief Currency Analyst at Trade Empowered
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sumathidenward
a year ago
https://www.tradingview.com/chart/mb1EsnHS/
+1 Reply
Akil_Stokes TOP sumathidenward
a year ago
I think it would be better if you can try and attach the chart and not just a link, that way we can see what you're posting
Reply
sumathidenward Akil_Stokes
a year ago
bro im sorry im not able to do it . my apologies :) with all the respect i will try it next time .
+1 Reply
Akil_Stokes TOP sumathidenward
a year ago
No worries, I'm not too good with this type of stuff either
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Axel
a year ago
i'm waiting 4 the same :)
22.09.2015 - USDJPY
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Thanks Akil, an off topic question.
What is that hybrid indicator you´re using? RSI/ATR in one deal....
+1 Reply
Akil_Stokes TOP johan.larsson
a year ago
Nothing Hybrid (although i like it because it looks cool). But I just put the ATR and the RSI on the same plan in order to save space. I don't actually need to see the ATR as an indicator but I do need it on my chart so it shows up in my data box. So i figured if I'm going to have it on there, why not make it look stylish
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johan.larsson PRO Akil_Stokes
a year ago
Indeed :)
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Just got long at that "B" point level a few minutes ago
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Hi Akil, I am looking at that same setup today, but let me ask you a question: why do you think an early entry would be OK? Because it rises the risk amount.. and the structure level is already broken to the down side with closing below? I am waiting for completion of the patterns.
snapshot
+1 Reply
Akil_Stokes TOP Koryphaeen
a year ago
The early entry isn't based off of the patterns simply a structure based trade. There's a lot of previous structure support at the "B" leg level so for a structure trader we're looking to buy at support and sell at resistance levels
+1 Reply
Koryphaeen PRO Akil_Stokes
a year ago
Understood. good luck with that! :)
Reply
Akil_Stokes TOP Koryphaeen
a year ago
I'll make sure to show the recording from tuesday's trade in this weeks video
+1 Reply
Koryphaeen PRO Akil_Stokes
a year ago
I'm curious to see it ;)
+1 Reply
Akil_Stokes TOP Koryphaeen
a year ago
Sounds good, I usually get it up by late afternoon (NY Time) If you're not subscribed already here's the link so you'll know when it's posted https://www.youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg
+1 Reply
Koryphaeen PRO Akil_Stokes
a year ago
Thank you! I'm already subscribed to your channel, since I like your work very much ;)
+1 Reply
Akil_Stokes TOP Koryphaeen
a year ago
Thanks for the support
+1 Reply
yeehuei PRO
a year ago
snapshot

I trade this Bat pattern on 15 min chart... Looks like i will get stopped out soon.
+1 Reply
Akil_Stokes TOP yeehuei
a year ago
I didn't take the bat because it was before my day trading hours but I got stopped out of a small structure trade at a similar level. Either way you followed your rules so consider it a good trade
+1 Reply
I entered short with the first cypher and look at 1.272 extention of it's XC move.))
+1 Reply
Akil_Stokes TOP Alexander_Nikitin
a year ago
Nice, that first Cypher was as pain free as can be. that's what we like to see. Although a little pain is good for character building
+1 Reply
Stopped out of the structure long for a small loss, now long the advanced pattern
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By the way, congrats for those of you that hopped on the EURUSD Cypher long
Reply
moneymaking
a year ago
Great setups with good risk to reward. All the BEST mate :)
+1 Reply
Akil_Stokes TOP moneymaking
a year ago
Thanks same to you
Reply
OliverThomsen
a year ago
How far can the market go through the 0.618 retracement at the C point? I see here i did violate the 0.786 retracement..?
+1 Reply
Akil_Stokes TOP OliverThomsen
a year ago
As long as the "A" leg isn't broken it's fine per how I trade them
Reply
moneymaking
a year ago
I'll try to get my positions as close to the X point of the cypher as possible.
+1 Reply
Alexander_Nikitin TOP moneymaking
a year ago
how do you know that the price is close enough to enter?
Reply
moneymaking Alexander_Nikitin
a year ago
Hey mate, close enough in a sense, that try reduce as much risk as possible on this long trade :)
Reply
Tijmen_K
a year ago
nice movement upside :D
+1 Reply
OliverThomsen Tijmen_K
a year ago
Looking good so far. Target 1 hit now see you guys in target 2 :-)
+2 Reply
Akil_Stokes TOP Tijmen_K
a year ago
Indeed, pain free profits
Reply
Gartley worked great Akil.
I'll be monitoring the Japan CPI news in 15 minutes. It might continue higher or take a dramatic turn down.
+1 Reply
Akil_Stokes TOP IvanLabrie
a year ago
Indeed it did, love the pain free trades
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cha-ching, Akil
+1 Reply
Akil_Stokes TOP Alexander_Nikitin
a year ago
Music to our ears
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Sorry guys, I forgot to share with you the link that I promised you yesterday looking at the "structure" trade on this pair. Here you go "Successful Trading: A Great trading Success Story" The Yen trade starts at minute 2:35 https://www.youtube.com/watch?v=OnzLKZhfSzM
Reply
moneymaking
a year ago
Pain free trade :)
Reply
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