EURAUD Forex / Currency for the week ending June 3. On May 31, 2hr Bearish break out. Here is the trade.
Based on the 3 Step Trading Plan published earlier. (https://www.ichimokutrade.com/c/?p=10431), we looked at at a pull back trade on a 2hr time frame provided by ThinkorSwim. Here is the chart setup:
As you can see based on my rules, I took the break out because price did not pull back to the iMTF. I found my support on the daily time frame and I have a really nice reward risk.
.As you can see here on the daily, it’s a bullish break out. Price closed below the Tenkin-sen. Then tested the bottom of the consolidation range on the 4hr. When this happened, I looked for a iMTF.. I’m basically playing the Daily cloud break out failure.
Here is a 30m. This is a great example of finding a smaller time frame pull back if you don’t want to take the risk of a break out. The 30m had a iMTF on the 2hr, 1hr, 30m and 10m. Again another way to look at opportunities based on what type of trader you are.
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