Hey traders hope you're well and you're spending a great week end with your family and friends! Or with the charts like me :)
I noticed on friday this set up which is a high probability set up of trend continuation, with the complete indicator Ichimoku.
You can see on the circle that the price tested the KiJun sen and that It has been rejected. We are currently on a pullback and for Ichimoku traders the test of the KJ sen is one of the best entry they can execute. Unfortunately I was not on the chart at this time, but we will see where the price is at the opening. If there is no large gap, it remains a good short opportunity.
I advise you to target the retest of the previous low as a first target, and for extended target the orange box is the next support area, which is perfectly related to the 1.13 and 1.272 fib extension.
The stop should be place higher than the candlewick which tested the Kijun.
Good luck and good trading!
Trade closed: stop reached
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Made a stop loss mistake. It happens, the forecast was good. Need to inprove this strategy with backtest, but I am on advanced pattern backtest I can’t Do all the stuff at the same time :)