EURUSD - Changes. Possible swing long on next 4 hrs break

FX:EURUSD   Euro / U.S. Dollar
288 2 2
Daily: steepest trendline broken. Kijun and first horizontal key support retested and refused yesterday. Tenkan and Kijun getting close to each other, so next Kijun break attempt may be succesful. That would be a classic take profit signal on shorts for pure Ichimoku followers. MACD and Slow Stoch up together, DMI lines quickly closing in, ADX started to drop.
All together it looks like bearish momentum is quickly decrasing. Of course it can try to dip few more times, as lately enterring bears give up last and they are always too desperate to hold on and prove their right in the already crowded mkt. But chances are higher for either a sideaway consolidation or rather some larger correction up to 1,2950-1,3000.

4 Hrs: Broke the trendline , 100 WMA , and briefly stepped above the Kumo. We still need one more push, then we'll have a Chikou Span cross above the Kumo as a confirmation. Pice is now back into the Kumo, and retested previous bearish trendline and 100 WMA . Tenkan is Above Kijun, both of them are in the Kumo, this is medium bullish . Future Kumo crossed positive (Senkou Span cross). DMI also bullish , only Slow Stoch is under bearish pressure.

So what to do? I am already short DXY             anyway, so the safest way to take a long with best risk/reward is clearly to set up a Stop Buy at 1,2720, or if Price trades lower but still in the Kumo and above Kijun Sen, then Stop Buy at mkt price when Slow Stoch turns bullish . Volatility increased so stop loss should be placed the lowest at 1,2590, thus be careful with position sizing too!
I see it neutral on four hours chart now. I think good long entry point is above 1,2675-1,2680. That would be a cross above base line and also above the cloud. Am I right with this idea?
Correct, right now it turned back neutral, with chances almost equal on both sides to break out of the Kumo. What you mentionned is a reasonable strategy. Just make sure the candle closes above the key level, giving a clear signal to buy.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out