USDJPY, M15 Chart, 04/03/13 @09:42 GMT : waiting for the Trade Setup

day-trader-geek

USDJPY_040313

Pair lends itself to ICHIMOKU KINKO HYO Trade Setup which has the following rules :

  1. We enter LONG in the 100% Bullish M15 Chart, once H4 and H1 Charts are 100% Bullish.
  2. We place STOP-LOSS a few pips below Kijun Sen or just below KUMO.
  3. 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.

Wow. It's Quiet Here...

Be the first to start the conversation!

Leave a Reply:

Gravatar Image

LEGAL DISCLAIMER : Trading Foreign Exchange and other on-exchange and over-the-counter products carries a high level of risk and may not be suitable for all investors.

The high degree of leverage associated with such trading can result in losses, as well as gains.

The past performance of any trading strategy or methodology is not indicative of future results, which can vary due to market volatility; it should not be interpreted as a forecast of future performance.

Trading systems presented on the site (ForexID.com) serve only educational and illustrative purposes and DO NOT constitute Investment Advice. You should carefully consider whether such trading is suitable for you in light of your financial condition, level of experience and appetite for risk, and seek advice from an independent financial adviser, if you have any doubts.

SIOLEENO INV. CO LTD | e-Consulting | Web-Publishing | Reg.Nr : HE 232296

VAT : 10232296Q | 9 Arch. Makariou Ave., Lazaros Center, 1st Floor, Suite 107,

6307 - Larnaka- CYPRUS