Possible long opportunity for the EURUSD (Ichimoku)
The EUR/USD has been beat down of late but that is old news. I have been experimenting with the Ichimoku indicator and I have another trade setup developing this idea.
With the Ichimoku strategy I am following, here are the criteria I am looking for:
1) Price closes above cloud
2) Conversion line (Tenkan-sen) above baseline (Kijun-sen)
3) Lagging span (Chikou span) above cloud
4) Green cloud 26 periods out
I think a good entry would be 1.0275. If SL is set on the swing low on the 4hr chart that is 1.01166, the TP on a 1:2 risk/reward ratio would be 1.05485. That would be a generous bounce for the euro. I also think that setting a SL at 1.0190, and a TP with a 1:2 risk/reward ratio at 1.0387 would also get the job down.
DISCLOSURE: I entered the trade in my demo account but looking for more confirmation t time of publishing before entering in my real money account. Thinking about a buy stop at 1.0275.
WARNING: This idea does not constitute trading advice. Forex trading has the potential for great gains and also great losses. Check with your financial advisor before placing any trades to make sure that trade is right for you.
With the Ichimoku strategy I am following, here are the criteria I am looking for:
1) Price closes above cloud
2) Conversion line (Tenkan-sen) above baseline (Kijun-sen)
3) Lagging span (Chikou span) above cloud
4) Green cloud 26 periods out
I think a good entry would be 1.0275. If SL is set on the swing low on the 4hr chart that is 1.01166, the TP on a 1:2 risk/reward ratio would be 1.05485. That would be a generous bounce for the euro. I also think that setting a SL at 1.0190, and a TP with a 1:2 risk/reward ratio at 1.0387 would also get the job down.
DISCLOSURE: I entered the trade in my demo account but looking for more confirmation t time of publishing before entering in my real money account. Thinking about a buy stop at 1.0275.
WARNING: This idea does not constitute trading advice. Forex trading has the potential for great gains and also great losses. Check with your financial advisor before placing any trades to make sure that trade is right for you.
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