EU touching the Kijun-Sen resistance and closing below the Monthly Pivot is bearish. We are targeting the monthly S1 level below as a potential profit target. Trade parameters below:
Entry: 1.1734
SL: 1.8080
PT: 1.1630 or lower into the bottom of the cloud (your choice)
Wish us luck.
Entry: 1.1734
SL: 1.8080
PT: 1.1630 or lower into the bottom of the cloud (your choice)
Wish us luck.
Trade closed manually:
Well Geez, had to flip this one on the rally above the monthly pivot. Lost, but not as much as I would have initially on the original stop loss. I flipped my units (double the size) at 1.1783 to a long position right above the monthly pivot and in line with the momentum of the Tenkan-Sen line. Lesson learned: pay more attention to the slope of the Tenkan-Sen and the relationship of price relative to that line. Actually the Tenkan-Sen line is the short term momentum line. So I should have been long above it. Also the 'cloud" was bullish also. So in retrospect my initial analysis was wrong to be short in the first place. Oh well, at least I was able to recover the loss on the flip. Sometimes as traders we need to think quickly on our feet in order to salvage a trade. In other words just listen to what the market is telling you to do. I am glad I listened.