Kumowizard
Short

EURAUD - Stay with the trend and Sell.

FX:EURAUD   Euro Fx/Australian Dollar
140 4 1
Daily: today price action so far looks like printing reversal hammer candle at the Kumo support, but of course closing is everything. Slow Stoch still overbought, MACD histogram started to decrease. If the trend holds, the cross will likely retest the previous low, which with a stop at 1,4550 provides a 2,70 risk/reward.

4 Hrs: Double top at Key resistance? Inner trendline break? Price is about to cross below Kijun Sen. Slow Stoch turning down, DMI             lines closing in. For the bearish momentum to gin power Price will also have to break below 1,4178, which is now the lower resistance: horizontal key level, Kumo and 100 WMA on 4 Hrs, also Kijun Sen is there on Daily chart . That break would have a minimum measured tgt             at 1,38 from the double top pattern.

A break above the cloud and especially above the 1,4550 key level would invalidate the trade idea.
KleinerWicht
2 years ago
Hi!

I Have a question too this analysis....

Did you use divergences of indicators in your analysis, or did they have any relevance for you?
I see some of them which would support this thesis, but you have not mentioned them in the description.

Finally I have pretty the same opinion of EURAUD!


Cheers!
Reply
Kumowizard PRO KleinerWicht
2 years ago
Hi,

Divergencies sometimes I pay attention to, but sometimes they can persist for long long time. Just look at SP500 index :-). What kind of divergences do you see in case of EURAUD now pls?

Primarely I use Ichimoku itself to describe Key support and resistance levels, where I start to watch price action and where I start to look for more signals on the lower, in my case the 4Hrs time frame. I also use Ichimoku as primary indicator for entry and exit.
Only as additional I use Slow Stoch, MACD and DMI to get some more confirmation and to see warning signals in time. Although I have to add, that these classic indicators confuse me sometimes, for example in case of EURUSD they signalled twice a possible correction which has not yet happened.

To be honest pure Ichimoku followers do not even use any other indicators. I have to say they are probably right. Ichimoku is very efficient if you have a proper consistent trading style, including money management, mental control and patience (psychology) and some simple trading strategy, trading plan to follow (rules for entries, exits, stops, etc.)

Do you want a confession? Most of my problems still coming from being inpatient sometimes.