Trading the EUR/USD on the Ichimoku Cloud

My Favorite Technical Indicator in the Ichimoku Cloud also referred to as known as “The Cloud.” This indicator is a free plug-in on TradingView, but a trader must know which time frame to use for the indicator. The Ichimoku works best on the 4 Hour bar for forex and today we see a great signal for a mild pullback trader who likes to trade with the trend.

Let’s breakdown the trade:

Short EUR/USD at 1.378 at 12PM CST on the close of the bar
STOP LOSS: 1.3835
Target #1: 50% of the Stop: 1.3752
Target #2: 100% of the Stop: 1.372
Target #3: 150% of the Stop: 1.369
Target #4: 200% of the Stop: 1.3656

Once I hit Target #2, if I want, I can move my stop to breakeven.

Andrew Keene
http://keeneonthemarket.com

Submit a Comment

Your email address will not be published.

TradeThirsty

Your ultimate source of knowledge about the markets.

Recent Posts

Get Our Free Daily Trading Videos

Delivered To your Inbox

By submitting your information you agree to our Terms of Service and our Privacy Policy