Akil_Stokes
Long

USDJPY Trend Continuation Opportunity Long into Support

FX:USDJPY   U.S. Dollar/Japanese Yen
After creating new structure highs last week, the USDJPY             is now putting in an outside return back into previous structure setting up a decent looking trend continuation opportunity. I yet have a reason to get long per my rules of engagement, but I will certainly be keeping a very close eye on this setup as the risk to reward is a no brainer for me with stops beneath previous structure support and targets as far up as our previous structure highs.

If any of you guys are around at 10:15am NY time I'm doing an interview with Dale Pinkert and may be reviewing this trade if I end up getting involved http://www.fxstreet.com/webinars/live-analysis/

Akil Stokes
http://www.TradeEmpowered.com/learn-to-trade
Agreed, especially that now the price struggles also because of daily pivot level support 1

I'm long on it for about 10 min, my TP is around 124,6 which is 38,2% Fibo also confirmed by previous resistance levels.
+1 Reply
Akil_Stokes PRO TradingSuccess
Sweet, best of luck with this one, hopefully I'll be joining you
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Ahmer TradingSuccess
Is it not too early to enter ?
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Yes it was to early :)

Well really bad mood today, bad mood - bad decisions :D
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It's too early for me to enter as none of my reasons for entry have been accomplished. But for you, I would simply look through your trading plan and see what you need to happen in order for you to get involved and that will answer the question of whether it's too early of not.
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Sorry about that, didn't realize that your comment wasn't for me.
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Thanks for sharing Akil.
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What has to happen for you to actually take the trade?
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I just need one of my entry requirements to be fulfilled, for example DB, 2618, HHHC, or a candlestick formation
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riskmode Akil_Stokes
What time frame are you looking for a HHHC on? If you wait for something on the 4 hour your risk reward will be drastically reduced.
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I was watching this trade on the hourly. Endedup getting long based off of candlesticks at 124.10
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And I disagree, the risk reward will be larger on the 4hour in comparison with the 1 hour since the 4hrs average true range is larger
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riskmode Akil_Stokes
I meant if you waited for a HHHC to form on the 4 hour chart. The price probably would have been around 124.5 or higher. Getting in at 124.5 is a lot higher than where you got in at 124.1.
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Okay, i get what you mean now
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RSI on the hourly being oversold would have been a plus but we aren't getting that so i can't be too aggressive and just buy it
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Ripple753 Akil_Stokes
Hi Akil, is there really such a thing as oversold and overbought in Forex?
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Yes
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Nice contrarian indicator here.. Shorting pullbacks
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2618 on the 15 at that level if you go down that far
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riskmode Hamrall
it looks like it didn't go down far enough to hit the 618 :(
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Hi, Akil. Did you take this trade?
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yes
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No_more_Post Akil_Stokes
really?
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Akil_Stokes PRO No_more_Post
Yes,
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http://image.free.in.th/v/2013/ty/150613014916.png


This month I havn't seen ur profit yet,
Why you think you can help people for profit.
Or this called drawdown?
+1 Reply
Akil_Stokes PRO Iamnotapredictor
Correct this is called a drawdown and it happens to every trader. I typically have 2-3 rough months a year that end in drawdown and May was one of them.
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riskmode Akil_Stokes
This trade went up a decent amount in the beginning. Wasn't this a trade you were able to move your stop to break even on?
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no i was not able to move stops to breakeven on this trade. The move that I needed to happen in order to do so came during the night so i was unable to actively manage it.
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Akil_Stokes PRO Iamnotapredictor
I'm not sure if you saw my latest video, but the end of last week and this week that just ended went well, so hopefully that period of drawdown is over. Another will come, but as long as you're making consistent profits inbetween they're pretty easy to absorb. here's the link to the video https://www.youtube.com/watch?v=O_wimPjw4Lg
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