EURHUF - Possible swing long setup / republished
Sorry, I forgot to attach daily chart in previous post.
Daily: As EURHUF is a less liquid pair, there are lot of noise and long wicks sometimes on candles. This often makes a bit difficult to draw a proper trend. You can notice that I had to adjust the bullish trendline that I draw in my previous post. This dark kreen line seems to be more reasonable, as it has more touching points. And of course this also means that the short term bullish trend was not penetrated as I saw it last time. Anyway, even though Ichimoku setup is bearish, for a valid continuation of the Kumo breakout strategy price should clear prevuious key support, which is basically 303,50-304,85.
It may happen later, but not now. Since my last post not just Slow Stoch, but almost MACD is bullish too, and also DMI lost its bearish bias. Yesterday there was some buying in this pair due to global risk off sentiment, but in the afternoon Price came back lower. Still for me short term it looks like a buy on dips, with a possible tgt to retest 312 level.
4 Hrs: This time frame is getting interesting now. Tenkan/Kijun made a weak bullish cross, then Price tried to break rthe Kumo and the 4 Hrs bearish trendline, but couldn't make it for first time. Price is back to the Kumo, while Tenkan is still above Kijun Sen, Chikou is above Price candles and DMI lines are bullish and widenning with high ADX.
For me it looks like a buy here, initial stop below 306, tgt 312 - 312,50. Actually if we trade it in a conservative way, the buy entry should be a stop buy at 308,30, when it really starts the move above trendline and the Kumo. Also Slow Stoch bullish turn will be a good trigger signal.
Daily: As EURHUF is a less liquid pair, there are lot of noise and long wicks sometimes on candles. This often makes a bit difficult to draw a proper trend. You can notice that I had to adjust the bullish trendline that I draw in my previous post. This dark kreen line seems to be more reasonable, as it has more touching points. And of course this also means that the short term bullish trend was not penetrated as I saw it last time. Anyway, even though Ichimoku setup is bearish, for a valid continuation of the Kumo breakout strategy price should clear prevuious key support, which is basically 303,50-304,85.
It may happen later, but not now. Since my last post not just Slow Stoch, but almost MACD is bullish too, and also DMI lost its bearish bias. Yesterday there was some buying in this pair due to global risk off sentiment, but in the afternoon Price came back lower. Still for me short term it looks like a buy on dips, with a possible tgt to retest 312 level.
4 Hrs: This time frame is getting interesting now. Tenkan/Kijun made a weak bullish cross, then Price tried to break rthe Kumo and the 4 Hrs bearish trendline, but couldn't make it for first time. Price is back to the Kumo, while Tenkan is still above Kijun Sen, Chikou is above Price candles and DMI lines are bullish and widenning with high ADX.
For me it looks like a buy here, initial stop below 306, tgt 312 - 312,50. Actually if we trade it in a conservative way, the buy entry should be a stop buy at 308,30, when it really starts the move above trendline and the Kumo. Also Slow Stoch bullish turn will be a good trigger signal.
