We have a few things happening here on the USDJPY. First off we've had the completion of a Bearish Advanced Bat Formation at 105.88. Because the required risk to involve myself in this trade is outside of my allowable range, i've involved myself using structure & price action.
As we approach the pre-brexit highs, you'll notice that not only has the momentum started to slow, but we're also seeing bearish divergence on the RSI as we hit our resistance level.
Syndicate Members, if you haven't gotten to it already, this was one of the trades talked about in tonight's video so give it a look for a more detailed explanation.
Good luck in the markets this week traders! Let's trade smart and leave those emotions on the sidelines.
Akil Stokes Chief Currency Analyst & Head Trading Coach TradeEmpowered.com -The Premier Online Trading Education Company Trade Empowered on YouTube goo.gl/IscNch
Watching the top of the channel as well as RSI to post Negative Divergence
Akil_Stokes
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Let's see if we get any follow through with this one
Akil_Stokes
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I'll be including the walkthrough and thought process for why i took this trade in today's Weekend Review video Just youtube search "TradeEmpoweredFX"
taraksias
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initially i had my SL at 107.220 but as the price moved up i decided to adjust it to 107.900 to avoid the stoppage. I dont usually do this, since i prefer to stick to my plan, but i only adjusted it because i could fit in more risk according to my trading plan. Now i have set it back to 107.220
Akil_Stokes
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I'm glad to hear that you're still in the trade, but I can't give any congrats for breaking the rules of your plan. It may have short term benefits but in the longer run that can turn into a very dangerous habit based off personal experience
taraksias
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Thanks for the reply Akil. I hear you... thank you for the guidance
Akil_Stokes
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No problem Taraksias
Jorahu
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sad man, I held fortunately. Was a great call. Market makers kept pushing all sl's ...
Akil_Stokes
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Yup it happens, stinks when it does, but it wasn't the first time and darn sure won't be the last
Elvis.Deonarine
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Sorry that happened. are your exits still valid ???
i followed your post but used a higher stop loss because i got in late.
i am thinking about joining trade empowered next month. i am a newbie