AGold54

EURCAD 60 Cloud Breakout

Short
AGold54 Updated   
OANDA:EURCAD   Euro / Canadian Dollar
Monthly direction is down
Daily is in the Sell zone
All requirements are met for a cloud breakout;
1. Have a cloud breakout
2. Have a TK cross
3. The Chikou is below price
4. Future kumo is bearish

2 Potential entries:
First, the breakout entry is 6 pips below the breakout candle (however, since the next candle was a little lower I used that low of 1.4916);
Breakout Entry = 1.4910
Stop = 10 pips + 2 for spread above the Senkou B at 1.4965 = 1.4977
Risk = 67 pips

Second, Pullback trade:
Their is a very strong Resistance level at 1.4956 (blue line) which is a great place to place a limit order
Entry = 1.4956
Stop = 1.4977
Risk = 21 pips
Trade closed: stop reached:
Unfortunately this one did not work out. Have a great weekend
Trade closed: stop reached:
After reviewing this trade, there is something to be learned.
First, the trade was triggered 15 bars after the set-up. For a trend based strategy, this is far too long.
Second, when a low is formed at 22:00 est which is prior to the trade being triggered, that low, along with the breakout low and 2 previous lows, form pretty solid, and in this case fatal, support.
There 2 possible solutions, Could have either deleted the trade or use more of buffer on the entry.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.