GBPCAD 500+ pip move potentialGBP has been dominating all week and is, imho, overextended.
GBPCAD is now at a Daily Resistance level that has been rejected 3 out of the last 4 times (75%)
Need to see compression on the 60 min chart below the resistance level and then
a strong bearish candle for entry.
Entry = not yet ???
the stop will be 10 pips (+2 for spread above the last swing high)
PT = 1.6668
* both sides of this pair have news release that will effect this trade. GBP retail sales at 4:30 est.which is forecasted for -0.8 which can easily be beat
and CAD CPI at 8:30 est .Please take this into consideration
** A more aggressive entry can be made if there is either multiple testing of the resistance level
or a tight compression below but at it, for at least 8 hrs.
Ichimoku_trader
CADCHF Potential homerun tradeThis pair is bearish on both the Monthly and Daily time frames.
price is currently compressing below the Daily Senkou A (bottom of the Cloud)
this is a very strong resistance level and great place for a small stop loss entry with
a profit target of .7066 which is the Daily 1.27 fib extension.
first we need the pair to compress slightly below the Senkou A for at least 2 more hours
(starting at 1am est. ,we will look for a quick pop back up the Senkou A level for entry)
Entry = .7491
Stop = .7511
Risk = 20 pips
Profit target = .7066
Reward = 425 pips
RRR = 21 - 1 :)
Ichimoku short setup: USDCHFA few days ago, I stated that we are expecting a bearish kumo breakout within the next few days and so it did. Check out the link below:
On the daily TF, all the Ichimoku signs are bearish. Span A and B are both angling downward at 45 degree. Chikou span has broken free from the kumo. I am expecting a home run for this pair.
GBPCAD potential Homerun tradeThe Daily is bullish and a nice support level has formed. price is currently being supported by 60 Kejun Sen (blue Line) and that would be our entry
Entry = 1.7020 (+ 2 pips to account for the spread on buy limit orders so 1.7022)
Stop = 1.6990
Risk = 30 pips
PT = 1.7236 (+216)
RRR = 7.2 -1
EURAUD 60 min Senkou A ShortThe Monthly and Daily direction is Bearish.
The market has retraced, and been rejected at the Daily Senkou A (bottom of the cloud) at 1.5841
I anticipate the market will drop back to the cloud, either the Senkou A (top) or the Senkou B (bottom)
and then rally back to retest the Senkou A at 1.5841
2 Potential entries;
First, the aggressive entry would be to place sell limit orders at the Senkou A
with a 50 pip stop
Second, wait for the confirmation of the Cloud breakout trade
EURAUD 60 MIn Cloud BreakoutMonthly and Daily Direction is bearish.
I anticipate the market will reverse down into the cloud
bounce up off the Senkou B (bottom of the cloud)
then stall between the Senkou A (top of the cloud) and the
resistance level at 1.58600
For the cloud breakout we will need the following;
1. A cloud penetration;
2. A TK cross
3. The Chikou below price
4. A Kumo twist
** You can take the Cloud channel trade (long at the Senkou B)
and that is an advanced technique with low risk targeting the Snkou A
I will update this post as the market unfolds
NZDJPY 60 min Cloud BreakoutThe Monthly and Daily remain bullish
Have a text book cloud breakout
The only thing I don't like is the time
as it is 4 pm est and I prefer not to take trades
this late in the US Session, so I will wait for the Asian Session
which may provide for a pullback opportunity and/or a smaller stop
Entry = 77.95 above the Daily Tenken Sen (Red line)
Stop = 77.31
Risk = 64 pis
Profit Target = 80.23 (10 pips before the Daily D Ext.)
Reward = 228
RRR = 3.5 - 1
NZDJPY 60 Cloud Pullback "homerun" tradeAlthough the Monthly and Daily are up, there is, imho, a
high probability, low risk pullback trade setting up
NZD which has been on a Great Bullish run is showing signs of weakeniing,
specifically, on the Daily charts of NZDCHF and NZDUSD both finished yesterday with Doji's
GBPNZD and EURNZD were both Spinning tops.
NZDJPY had a bearish decision candle, although not an engulfing certainly the strongest
of all the pairs against NZD.
Their has already been a bearish cloud breakout but with a retracement back into the cloud
Trade setup:
Entry = 78.14 (the 60 Kejun Sen)
Stop = 78.78 (10 pips + 2 for spread above the Senkou A)
Risk = 37 pips
Profit Target = 76.23 (the Daily Kejun Sen)
Reward = 218 pips
RRR = 5.8 - 1
NZDCAD 60 TF Potential Cloud Bounce or Channel tradeMonthly and Daily Time frames are bullish
Have a pullback to the Senkou A (top of the cloud)
which is very strong support area. the prior 2 candles 1am and 2am est. were indecision candles
unable to push the market down.
2 Potential trades:
1. Cloud Bounce:
A. If we get a Bullish engulfing candle off of the cloud we can enter the trade.
Entry = approximately = 0.9130
Stop = .9077 (10 pips below the Senkou B - bottom of the cloud)
Risk = approximately 53-60 pips
Profit target: .9207 (10 pips before the Daily D ext. Blue line on chart)
Reward = 77 pips
RRR = approximately 1.5 - 1
2. Channel Trade:
If price penetrates the cloud, place buy limit orders at the Senkou B (bottom of the cloud)
This is a great support level and will provide at the very least a short term bounce back to the top of the cloud
or possibly a continuation upto the Daily D ext.
Entry = .9087
Stop = .9067
Risk = 20 pips
Profit targets: 1st= .9117 RRR = 1.5-1
2nd= .9207 (10 pips before the Daily D ext. blue line on chart) RRR = 6 -1 :)
** depending on the strength of the move up, you may want to move your stop to flat at the first pt.
and let it run to the 2nd pt.
EURUSD 60 TF Cloud pullback tradeMonthly and Daily Direction is Down
This is a pullback trade in a multiple time frame resistance level
The Daily Kejun Sen is 1.13580
The Daily Tenken Sen is 1.13510
Additionally the 60 cloud is very thick which provides substantial resistance
Entry = 1.1353 (the 60 min Kejun Sen)
Stop = 1.1390 (10 pips above the Senkou A)
Risk = 37 pips
PT = 1.1123 (10 pips above the Daily 1.27 ext)
Reward = 230 Pips
RRR = 6.2 - 1
USDJPY 60 MIN Cloud Channel tradeThis is an advanced technique trade
here we have an ascending cloud with medium thickness
When the market reaches the Senkou B (bottom of the cloud) which is the last support level
There is a high probability (87%) that it will bounce back up to the Senkou A (top of the cloud)
** It is important to note the negative USD news that came out today (Powell Press conference)
GBPAUD 60 Min Cloud BreakoutMonthly and Daily Direction is Bearish
Have all the requirements for a Cloud breakout:
1. Have A cloud breakout
2. Have a TK cross
3. The Chikou is below price
4. Have a Kumo twist
** increasing this trades probability is the thick cloud and flat Senkou B
** of concern is the up Trend Line
Entry = 1.7664 (8 pips below the breakout candle)
Stop = 1.7550 (10 pips +2, for spread,above the Senkou A)
Risk = 86 pips
PT = 1.7206 (10 pips above the 1.618 fib extension)
USDJPY LongUSDJPY trending below the ichimoku cloud .indicating strong uptrend towards 114.00 psychological area.
1D Time Frame Analysis forecast
Kijun Sen Trend Upwards
Senkou Span below the price ( Cloud Green )
Chikou Span Trend Upwards ( Above the price )
Tenkan Sen Trend Upwards
All Confluences are confirming a strong Uptrend.
Trade Entry : 113.19
SL : 112.53
TP : 113.90
AUDUSD Confirmed DowntrendAUDUSD trending below the ichimoku cloud.indicating strong downtrend towards 0.7150
4HR Time Frame Analysis forecast
Kijun Sen Trend Downwards
Senkou Span above the price ( Cloud Turning Red )
Chikou Span Trend Downwards ( Below the price )
Tenkan Sen Trend Downwards
All Confluences are confirming a strong downtrend.
Trade Entry : 0.7250
SL : 0.7275
TP : 0.7175
EURNZD 15 Min Potential Cloud breakoutMonthly and Daily Direction is Bearish
on the 60 this pair has formed a double top, shown by the Yellow line (unfortunately I can not show, on the 15, the 1st instance of resistance without losing detail)
This trade still needs 2 of the 4 requirements, so is at least 90 min away from setting up.
Cloud breakout requirements:
1. Cloud Breakout - Still need
2. Have a TK cross :)
3. Chikou is closing below price :)
4. Future Kumo twist - still need
** Additionally, need a close below the daily Tenken Sen (Red line)
Entry parameters will be provided once all the Criteria are met
EURCAD 60 Cloud BreakoutMonthly direction is down
Daily is in the Sell zone
All requirements are met for a cloud breakout;
1. Have a cloud breakout
2. Have a TK cross
3. The Chikou is below price
4. Future kumo is bearish
2 Potential entries:
First, the breakout entry is 6 pips below the breakout candle (however, since the next candle was a little lower I used that low of 1.4916);
Breakout Entry = 1.4910
Stop = 10 pips + 2 for spread above the Senkou B at 1.4965 = 1.4977
Risk = 67 pips
Second, Pullback trade:
Their is a very strong Resistance level at 1.4956 (blue line) which is a great place to place a limit order
Entry = 1.4956
Stop = 1.4977
Risk = 21 pips
EURJPY Potential Cloud BreakoutPotential cloud Breakout
The Monthly direction is down
Pair is in the Sell zone on the Daily
and is at major resistance levels
Since this trade is several hours away from a
set-up I can not provide specific order details
That said there is 2 ways to enter this trade:
First, on a 60 min close below the Daily Kejun Sen (blue line)
Second would be a cloud breakout satisfying all the criteria;
1) a Cloud breakout
2) A TK cross
3) The Chikou is below price
4. A future Kumo twist
** Also the close of the breakout candle must close below the Daily Kejun Sen
GBPJPY 15 Potential cloud BreakoutAlthough GBP remains Strong, it does appear to be slowing down. As GBPJPY approaches Daily Resistance at 149.26, it appears to be losing strength. what I would like to see, is a consolidation near the resistance and then a move down through the Cloud. As this trade is still several hours away from setting up, I cannot provide an entry, Stop loss or Take profit levels at this time
CHFJPY 60 Cloud BreakoutMonthly and Daily direction is down and have met a ll the requirements for a Cloud Breakout:
1. Have a break below the Cloud.
2. Have a TK cross
3. The Chikou is below price
4. The future Kumo is bearish
2 Potential entries for this trade:
First; The Breakout trade. Entry is 4 pips below the low of the Breakout candle (in this case we have to adjust for round number support)
Entry = 112.98
Stop = 113.45
Risk = 47 pips
PT = 3xR = 141 pips = 111.57
Second: a Pullback to the 60 Kejun Sen at 113.31 (turquise line on chart) This entry while providing better risk/reward decreases the probability of success.
Entry: 113.31
Stop 113.45
Risk = 14 pips
PT = 10xR = 140 = 111.91
** The Blue line on the chart is the Daily Kejun Sen and represents a major Support/Resistance level