USDJPY, M15 Chart, 04/03/13 @09:42 GMT : waiting for the Trade Setup
Pair lends itself to ICHIMOKU KINKO HYO Trade Setup which has the following rules :
- We enter LONG in the 100% Bullish M15 Chart, once H4 and H1 Charts are 100% Bullish.
- We place STOP-LOSS a few pips below Kijun Sen or just below KUMO.
- We set our TAKE-PROFIT @ 50-60 pips. Depending on the Daily Chart picture and pair’s momentum, we can go for more.
Conditions for 100% BULLISH Chart :
- Tenkan Sen (red line) is above Kijun Sen (blue line)
- Kijun Sen is below price action
- Tenkan Sen and Kijun Sen slope upwards
- Price Action is above KUMO (the cloud)
- Future KUMO (leading kumo) is bullish
- Chinkou Span (green line) is above price action in the past sloping upwards
When do we enter ?
-We enter at the FIRST CLOSED CANDLESTICK on M15 which meets the above criteria (H4, H1, M15 100% Bullish)
We see that although we have BULLISH Biases here, Chinkou Span is above the price but moving sideways. We want it moving upwards. So, we’ll wait.
We see that Kijun Sen is not slopping upwards yet. So, we’ll wait.
We see a long PLATEAU on KUMO’s upper surface (Senkou Span A) which means price will move sideways for a while. So, we wait.