Monthly 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
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
Trade active:
This trade was triggered on the Brekout at112.98
Trade active:
This trade remains active and is currently + 28 pips.
Trade closed manually:
After further review. I am closing this trade here + 28 pips. My main concern is the Daily Kejun Sen is now below price and although yesterday was a solid down day and formed an evening star, I consider the Kejun Sen too tough of a resistance level to try to punch trough, So we will take the win :)