EURAUD 2hr Break Out 5.31.16 Forex / Currency

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:

EURAUD 2hr BO 5.31.16

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.

 

EURAUD D

.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.

EURAUD 30m

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.

 

If you would like to learn how to trade like an institutional trader or learn more about our multi-timeframe email alerts, go to www.ichimokutrade.com or email us at info@eiicapital.com

EDUCATIONAL USE. Commodity Futures Trading Commission, Forex, Futures, Equity and Options Trading has large potential rewards, but also has large potential risk and may not be suitable for everyone. You must be aware of the risks and be willing to accept them in order to invest in these markets. Do not trade with money you can not afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this document. The past performance of any trading system or methodology is not necessarily indicative of future results. All information provided on the Blog is for educational purpose.

About the Author Michael Colquitt