EUR vs USD Kumo Breakout

FX:EURUSD   Euro / U.S. Dollar
Looking at the EUR vs USD on the H4 we see price pulled back to Tenkan after a false Kumo Breakout. Price was out of equilibrium as it went too far away from Kijun. Price has since pulled back to Tenkan and has formed a H4 hammer showing Tenkan support. Once price violates the Kumo I am looking for price to continue higher based off of the structure of the market breaking bullish fractals. Until the market proves otherwise we remain with the structure! I am entering this trade at the break of the Kumo with a SL at 1.10273 and target of 1.13578. I get my target from the 1 to 1 market ratio of the fib expansion. There is strong resistance prior to the target at 1.2306 and 1.12877 so be aware of this resistance zone . Good luck and God bless!
Nice trade,I missed this one though,by the time I looked it had already taken off,I'll wait for a pull back to get in.
Sensei, great setup, we always learn from you!
Thank you! This one happened so quick that I barely had a chance to write it up cause after the hammer closed the next candle took off but I saw the setup and was writing the analysis. Thanks okrim!
+1 Reply
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