ChaosTrader63

EUR vs AUD Long Trade 8-20-13

Long
FX:EURAUD   Euro / Australian Dollar
2
Looking at the EUR vs AUD 4 hour time frame we see price breaking outside of the Kumo cloud for a Kumo breakout. The Kumo is the last line of resistance within the ichimoku system at about 1.47215. Price broke out of the range below the Kumo at 1.46000 and continued though the Cloud. Since price is about 150 pips away from the Kijun I am expecting a pullback. If the Kumo could hold support then we should see price stay outside of the Kumo. My issue here is if price pulls back after breaking the Kumo we could see a retracement of about 50% which would take us to the Kijun at 1.46000 therefore stopping us out on the trade. If price continues upward and the Kumo holds support then we are looking at moving to our target at 1.49571. Have a great trading day and God bless!

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.