Akil_Stokes
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EURGBP: Low Risk Selling Opportunity

FX:EURGBP   歐元 / 英鎊
Some greater than expected fundamentals have given us a very strong Euro             today. Therefore, instead of trying to jump on the move late (a mistake that I've made more times than i'd like to admit while earning my trading stripes) I'm looking for area where the market may provide us with some release in the form of a counter trend trading opportunity.

Here on the EURGBP             , price action has made it's way in a level of previous structure resistance at the 0.8590's level and has created a Double Top pattern along with an overbought RSI & bearish Divergence. Thanks to the psychological number right above, we are now provided with a very low risk trading opportunity featuring a reward to risk ratio that is 3:1.

Contrary to popular belief (aka what the internet tells you) most traders don't win at a very high rate. Outside of chat forums, most professional traders lose just about as much as they win (40-60%0. therefore what's more important than a high win percentage is a controlled risk and this trade represents a perfect example of such trade.

Akil Stokes
"plan Your Trade, Trade Your Plan"
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Stop this analize ?
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Akil_Stokes PRO Crossfitmerter
@Crossfitmerter, I'm sorry but I'm not sure I understand your question?
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Crossfitmerter Akil_Stokes
@Akil_Stokes,my questions : - is this analysis stop ?
+1 回覆
Akil_Stokes PRO Crossfitmerter
@Crossfitmerter, I'm sorry but I still don't understand your question of "is this analysis stop" Do you mean is the trading opportunity over?
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When you posted the trade, I'm sure it looked pretty good. And I think it was a smart trade: low cost to play if you're wrong, nice reward probably if you aren't...but this one looks like it wants to keep going now, after seeing it develop a bit further. Just what I'm seeing personally. But either way, smart bet
+1 回覆
TheLurkingVariable TheLurkingVariable
@TheLurkingVariable, and there it goes, it seems...popped a few mins later. Short is invalidated, imvho. But again, smart bet
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Akil_Stokes PRO TheLurkingVariable
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Hi Akil,

Great work as always. I personally wont be trading this one as I try to stay in line with the trend (hard to stay out when you see decent trading opportunities like this but I am still practicing) and will be looking to long if it retraces to your 2nd target/builds a new structure in the coming days.

My question is regarding candlestick formations and trading the obvious. From what I see here, there could a flag like structure occurring which MAY mean a further move up. Would this impact your decision to stay in the trade/do you sometimes cut the trade short depending on what candles have been printed ? This next one might be a silly question but, isnt this setup too obvious? Wouldnt the big boys know that this is a prime shorting zone for retail traders and attempt to push the price further once more in order to take out stops? Or so you find that trading the obvious has a positive expectancy over a period of time.

Once again, thanks for your time and content (I've pretty much watched, and will continue to watch all your Youtube videos)

Look forward to your reply
+2 回覆
@Jibs, Thanks for the question Jibs, if the double top turns into a flag i do not exit my position. There are techniques that I teach where you can do so, but once I'm in a trade I personally prefer to stay in the idea and see it through. If anything I'll manage it by reducing risk on the back end.
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@Jibs, To answer you second question, typically the most obvious areas are the best areas to trade, however, smart money will often prey on the areas where they believe stops are at in order to establish positions. So i would say that you want to find the obvious trade, but try & avoid the obvious stop
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