EURAUD 60 MIn Cloud Breakout

Monthly 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

Comment:

The Market has entered the cloud but is in a tight consolidation.
If it does not move to the bottom of the next few hours, it will invalidate
the Channel trade. The Breakout trade will still be viable.

Comment:

bottom of the cloud (from above)

Comment:

The Channel trade is invalid at his time. Still waiting for the Bearish breakout to set-up

Comment:

The Cloud Breakout is now properly setup with the following parameters;
entry 1.5735
Stop = 1.5829
Risk = 94
Profit Target = 1.5348
Reward = 387 Pips
RRR = 4 -1

Comment:

Trade active:

The Breakout Trade is now Active :)

Trade active:

trade ran our way about 60 pips before reversing today. It is now entering a pretty thick descending cloud which should provide strong resistance.

Trade active:

This trade is positive about 10 pips. Although I intend to hold my position through the rate decision tomorrow. I would strongly urge everybody in this trade to consider the interest rate announcement in their decision to hold or close.