AGold54
Short

GBPAUD 60 Min Cloud Breakout

OANDA:GBPAUD   British Pound / Australian Dollar
Monthly and Daily Direction is Bearish
Have all the requirements for a Cloud breakout:
1. Have A cloud breakout
2. Have a TK cross
3. The Chikou is below price
4. Have a Kumo twist
** increasing this trades probability is the thick cloud and flat Senkou B
** of concern is the up Trend Line

Entry = 1.7664 (8 pips below the breakout candle)
Stop = 1.7550 (10 pips +2, for spread,above the Senkou A)
Risk = 86 pips
PT = 1.7206 (10 pips above the 1.618 fib extension)
Nov 26
Trade active: This trade has been triggered and is now Active :)
Nov 26
Trade active: unfortunately the up trend line held and the market bounced back up and we are right at the Senkou A which is the last level of Resistance but a strong one, especially since the cloud was fairly thick
Nov 26
Trade closed: stop reached: trade hit the Stop at 4:32 pm est, I am not a fan of late day trade intervention but will take the loss and move on to the next :)
Your Stop on the Short was below Entry. I'm missing something... tx
Reply
@nicker, nope good catch the stop was at 1.7750 and was hit
Reply
Hey Allen, what do you think about the 5 a.m. demand bar on November 22? It makes a new high, is then tested successfully on the 6 a.m. bar. I think it's interesting the bullish reversal occurred today at the low of that 5 a.m. demand bar and trend line. I'm not bullish on this market but the selling looks weaker to me.
Reply
AGold54 PaulBergin
@PaulBergin, Hey Don't jinx my trade...lol. That demand bar that you reference was from Brexit news, and you are right the low of that candle and it's confluence with the uptrend line held today. However, it has not been able to test the wick high of that candle much less push higher. Although this trade has come with 7 pips of the stop loss (on Alveo) that level has held.
Reply
@AGold54, Nothing but good luck on the trade! That demand bar is suspicious. No follow through to the upside. And if it's news related then maybe just weak hand excitement. My thought was that the low could be tested. Will you add to this position if it reverses back down?
Reply
AGold54 PaulBergin
@PaulBergin, I know Paul :) You know Brexit rumors/news can effect trades at any time which a major reason I use higher time frames for direction as they are less influenced by market noise. I don't usually add to positions, unless it is planned out ahead of time and will not in this case. I will have to temporarily widen my spread to account for Alveo's Quirky spreads between 4-7pm
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out