Kumowizard
Short

EURAUD - Trendline is subjective, the Kumo is not. Small short

FX:EURAUD   Euro Fx/Australian Dollar
226 7 7
Weekly:
- Ichimoku setup is bearish , all average lines point down. Price retested the bottom of a thick Kumo. Based on past Chikou points, 1,4300+ should start to act as bearish support, but of course we can not exclude further correction up to stronger supp/ress level at 1,4530.
- Heikin Ashi setup is counter bullish , with green candle body, haDelta/SMA3 (above zero) and HA Oscillator are both supportive.

Daily:
- The bearish trendline can be subjective (should we start at candle body ignoring the first spike, or should we start from the wick?), but let's say the bearish trend still holds.
- Ichimoku setup has changed to neutral, with some bullish bias inside, but where to try a short with tight stop if not at the top of the Kumo support/resistance? Anyway, please keep in mind, that while trendlines can be subjective, the Kumo is not! This means if Price breaks above 1,4350, shorts must be strictly stopped.
- Heikin Ashi signals the very agressive short term bullish bias has started to chill down. haDelta reached extreme high, turning back below SMA3 now. It will take a few more days before we can see a bearish Heikin Ashi candle, if that happens at all. Right now we can not predict if price will be able to break back below the Kumo and Kijun Sen (1,4050)

I enterred small short in 1,4275-1,4305 range, with a stop above 1,4370. It is not the best setup of my life, but I give it a chance with less risk allocated.
It should work, but this is a potentially very large bullish reversal, monthly scale in my view.
What is your take on eurnzd and gbpnzd?

Reply
Kumowizard PRO IvanLabrie
2 years ago
EURNZD I do not follow. I can check it later for you.
+1 Reply
ForceFollower
2 years ago
I'm short now as well, However, do your Heiken Ashi bars allow you to go short? They're green and big in both cases...
Reply
Kumowizard PRO ForceFollower
2 years ago
Good question. The haDelta/SMA3 quantification gives some early chance for a short, as that right now shows Price is struggling to break further up above key supp/resistance (which is the daily Kumo).
The limit in this case in my MM system is to open max 0,5 trade unit short position. It is rather a top hunting trade until the sell setup confirmed, that's why I said not the best setup of my life and I allocate less capital on this trade.
Reply
ForceFollower Kumowizard
2 years ago
I see. Let's see, if price manages to go down to KijunSen. In my opinion it should.
Reply
ForceFollower Kumowizard
2 years ago
snapshot

snapshot
Reply
MIchaelTran
2 years ago
thank you for you chart :)
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out