ChaosTrader63
Long

EUR vs JPY Daily Inverted Hammer

FX:EURJPY   Euro Fx/Japanese Yen
The EUR vs JPY has formed an Inverted Hammer which is a indication of a possible reversal. This is a bullish reversal pattern which has formed right at support of the Kijun Sub. The previous 6 days where bearish until the bulls attempted to push the price higher. Even though the bears where able to push the market back down this shows that bulls have taken interest in the market at this level. We wait for price to trade higher than the close of the Inverted Hammer before we enter the market. Ideally a close above the hammer high would show momentum developing in the market.
From an Ichimoku standpoint the reversal would be in line with the market bias which is bullish as price is trading above the Kumo. All Ichimoku signals are bullish with the bright future, bullish TK             Cross and Chikou above the price. I am entering as price is trading above the hammer close with a SL a few pips below the hammer wick. My possible target is the previous bullish fractal level where I have the resistance zone marked.
Few things to be aware of when trading Ichimoku is first the current price is trading between the Tenkan and the Kijun which shows the short term bias is bearish . Also when Tenkan and Kijun are this far apart usually we will see ranging or consolidation as the Tenkan and Kijun find equilibrium. Finally our future Kumo is widening which shows market volatility and usually price has hit a top or bottom and again we could see ranging. That wouldn't be all that bad if price ranges between the previous fractals which wouldn't affect our trade at all. If price violates the Kijun then we know we are probably wrong and will then re-evaluate our position. Check out our blog at http://www.fxatoneglance.com Have a great trading week and God bless!
Another good trade, is the target still expected?
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One problem on my broker's platform Forex Time the candle of the previous day that closed was still 100 pips from kijun-sen not like your chart . How is this possible ?
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Sorry for the late reply but I was using the Kijun Sub on this trade!
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Thank you! I got 70 pips and closed. That's enough for today! Much blessings!
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ChaosTrader63 PRO sepideh.yazdimd
It's at 110 pips now! Gotta let that profit run but hey great getting the 70.
+1 Reply
sepideh.yazdimd ChaosTrader63
Thank you! you are 'prophet' ...
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The daily EUR/JPY ends the day often with long wicks. Usually it has no meaning. I also would prefer it, if the Euro would trade above the Chikou Span.
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