Primary chart = 4H
Secondary chart = 1H
Both charts show bearish future kumo. Kumo breakouts on both charts. Price has been basing below the Senkou span B of 1H chart for 5-6 candles and is awaiting a breakout. This indicates an opportune time to enter as the price just broke below the drawn trendline of 1H chart, which provides further confirmation. TP1 also happens to be daily TF Kijun sen.
Secondary chart = 1H
Both charts show bearish future kumo. Kumo breakouts on both charts. Price has been basing below the Senkou span B of 1H chart for 5-6 candles and is awaiting a breakout. This indicates an opportune time to enter as the price just broke below the drawn trendline of 1H chart, which provides further confirmation. TP1 also happens to be daily TF Kijun sen.
Trade closed: stop reached
SL hit due to unexpected big bullish candle.Note
Lesson learnt:Our SL was hit because at 3pm (local time), Spanish unemployment change result was released.
Actual = 27.9K
Forecast = 21.3 K
Previous = 46.4 K
Typically, if the actual is less than forecast, EUR will show strength. However, this idea did not hold true in this example. It seems that actual<previous carries a heavier weight.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.