GBPAUD 60 min TF Cloud breakout Short
Updated
Monthly Direction is down giving us a sell bias. Daily has entered the cloud from above (technically making it neutral). Price is below the Daily Kejun Sen and the Daily Tenken Sen (red line on chart).
All elements of a cloud breakout trade are met:
1. Have a breakout from the cloud
2. Have A TK cross (tenken sen crossed the Kejun Sen in the direction of the trade).
3. Have a Kumo Twist (the future kumo cloud has twisted from bullish to bearish)
4. The Chikou is below price.
Additionally, both the Tenken and Kejun Sen are pointing int he direction of the trade (down)
Entry is 8 pips below the low of the 8 am candle adjusted down for "natural" round number support (1.8009 - 8= 1.8001 adj to 1.7998)
Stop is 10 pips (+2 for spread) above the Kejun Sen = 1.8092
Risk = 94 pips
PT = 3XR = 282 = 1.7716
A lower risk entry maybe had if price is rejected at the Daily Tenken Sen (1.8055 and the Red line on chart). However this entry reduces the trades probability of success.
All elements of a cloud breakout trade are met:
1. Have a breakout from the cloud
2. Have A TK cross (tenken sen crossed the Kejun Sen in the direction of the trade).
3. Have a Kumo Twist (the future kumo cloud has twisted from bullish to bearish)
4. The Chikou is below price.
Additionally, both the Tenken and Kejun Sen are pointing int he direction of the trade (down)
Entry is 8 pips below the low of the 8 am candle adjusted down for "natural" round number support (1.8009 - 8= 1.8001 adj to 1.7998)
Stop is 10 pips (+2 for spread) above the Kejun Sen = 1.8092
Risk = 94 pips
PT = 3XR = 282 = 1.7716
A lower risk entry maybe had if price is rejected at the Daily Tenken Sen (1.8055 and the Red line on chart). However this entry reduces the trades probability of success.
Trade active
Entered trade after rejection at the Daily Tenken Sen (red Line on chart)Entry = 1.8042
Stop remains the same at 1.8092
Risk = 50 pips
Pt = 3xR = 150 = 1.7892
** I will move my stop to flat at 1.8010 5 pips above the prior low
Trade closed: stop reached
Current price is 1.7976. + 66 pips. Moving Stop to flat.Trade active
Above "trade closed" was a mistake. Trade is Active with Stop Moved to flat. SorryTrade closed manually
Formed a double bottom at 1.7948. Although I see this going lower, I am not a big fan of carry trades into the Weekend, So I am going t close this trade right 1.7986 and book the +56 pis profit. Have a great weekend :)
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