EURNZD 15 Min Potential Cloud breakout for OANDA:EURNZD by AGold54

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mtfa supportandresistance indicator ichimokukinkohyo ichimoku_trader eurnzd eurnzdshort eur nzd multipletimeframe

Monthly and Daily Direction is Bearish
on the 60 this pair has formed a double top , shown by the Yellow line (unfortunately I can not show, on the 15, the 1st instance of resistance without losing detail)
This trade still needs 2 of the 4 requirements, so is at least 90 min away from setting up.
Cloud breakout requirements:
1. Cloud Breakout - Still need
2. Have a TK cross :)
3. Chikou is closing below price :)
4. Future Kumo twist - still need
** Additionally, need a close below the daily Tenken Sen (Red line)

Entry parameters will be provided once all the Criteria are met

Trade active: This trade has not been triggered yet but
the Setup is complete with the following entry Parameters;

Entry = 1.6695
Stop = 1.6750
Risk = 55 Pips
PT = 1.6530
** at 1.6565 (just before the prior low) you may want to take some of your position off

Trade active: This trade has now been triggered and is active :)

Trade closed: stop reached: Although it went our way initially, didn't get to where ewe needed it to :(

Comments

Hi Allen, it's Paul B. How do you determine monthly direction?

PaulBergin

@PaulBergin, Hey Paul, good to see you on here :) I get monthly direction from Support and Resistance levels, as well as channels, on the monthly timeframe. Most pairs will work their way up and down in the large consolidation range.

Hope that helps

AGold54

@AGold54, Thanks for writing. Do you trade only the the monthly direction? Also, do you focus on markets giving a good monthly edge? For example, G/N which appears to have completed a distribution range along the monthly highs. Not many markets are showing great monthly edges, would you agree?

PaulBergin

@PaulBergin, the way I do it is, at the beginning of the month I will determine direction for each pair, which also give me insight as to which currencies will strong/weak.

I emailed you my worksheet for November. I am pretty good at finding direction on the Monthly TF and understand it may takes several months for a pair to move from support to resistance and vice-versa.

**I only get direction from the Monthly chart, I do not trade from it

I firmly believe that the market's like to move in waves. So a pair, even though it is trending, let say down, will move down, retrace, move down again, retrace and so (moving in waves, although down waves will be move further than the up waves). understanding this, I will primarily look for trades in the Monthly direction, however, if retracement trade st-up has a high success probability and has at least a 3-1 RRR, I will take it