Looking at the EUR vs USD on the H4 we see price pulled back to Tenkan after a false Kumo Breakout. Price was out of equilibrium as it went too far away from Kijun. Price has since pulled back to Tenkan and has formed a H4 hammer showing Tenkan support. Once price violates the Kumo I am looking for price to continue higher based off of the structure of the market breaking bullish fractals. Until the market proves otherwise we remain with the structure! I am entering this trade at the break of the Kumo with a SL at 1.10273 and target of 1.13578. I get my target from the 1 to 1 market ratio of the fib expansion. There is strong resistance prior to the target at 1.2306 and 1.12877 so be aware of this resistance zone. Good luck and God bless!
Nice trade,I missed this one though,by the time I looked it had already taken off,I'll wait for a pull back to get in.
okrim
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Sensei, great setup, we always learn from you!
ChaosTrader63
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Thank you! This one happened so quick that I barely had a chance to write it up cause after the hammer closed the next candle took off but I saw the setup and was writing the analysis. Thanks okrim!