Smooth consolidation above the Kumo
It has been awhile. I took the last 6 months or so off for some introspective analysis. Here we go:
There is a lot going on in the chart, of which I tried to note, so please take a moment to read them;
The Kiwi has been in a bullish trend above the Kumo for some time now, and it was inevitable that a retracement would be in order. This pullback has found support above the Kumo at the flat Kijun-sen. Evidenced by the two fractals supporting this claim, I will use this as a base for my stop losses. Using RSI as a confirmatory indicator we find a positive reversal occurring here in the oversold (for bullish trends), which will be confirmed with a RSI close above 52.5201.
I suspect 0.72758 will be a sufficient trigger above the trend line, I aim to take this pullback long above the orange trend line demarking the pullback, with a secondary entry possible above the last bullish fractal.
The potential target, noted on the chart is the result of various methodologies that I have come to trust, yielding a reward to risk ratio of 3:1 or better.
This trade is not valid should the price either break the bearish fractals or enter the Kumo, as that would indicate a different form of entry or trade idea.
As always, trade responsibly. I am not responsible for losses nor gains based on this idea, as it is just that, an idea. This does not constitute any form of recommendation.
Warm regards,
Shiroki
The Kiwi has been in a bullish trend above the Kumo for some time now, and it was inevitable that a retracement would be in order. This pullback has found support above the Kumo at the flat Kijun-sen. Evidenced by the two fractals supporting this claim, I will use this as a base for my stop losses. Using RSI as a confirmatory indicator we find a positive reversal occurring here in the oversold (for bullish trends), which will be confirmed with a RSI close above 52.5201.
I suspect 0.72758 will be a sufficient trigger above the trend line, I aim to take this pullback long above the orange trend line demarking the pullback, with a secondary entry possible above the last bullish fractal.
The potential target, noted on the chart is the result of various methodologies that I have come to trust, yielding a reward to risk ratio of 3:1 or better.
This trade is not valid should the price either break the bearish fractals or enter the Kumo, as that would indicate a different form of entry or trade idea.
As always, trade responsibly. I am not responsible for losses nor gains based on this idea, as it is just that, an idea. This does not constitute any form of recommendation.
Warm regards,
Shiroki
Order cancelled:
This moved against the potential, therefor it is no longer a valid. Trade the plan!