EURGBP PROFIT

EURGBP PROFIT
12th May 2017 contacttf
The Ichimoku Cloud, also known as Ichimoku Kinko Hyo, is a versatile indicator that defines support and resistance, identifies trend direction, gauges momentum and provides trading signals. Ichimoku Kinko Hyo translates into “one look equilibrium chart”.

This is the first trade I have made on this pair. The EURGBP had a nice chart setup.

I was initally cautious about my entry. The cloud on the 1 min chart was heavy.

The price was near the end of the cloud, so I took a short position.

As I closed based on previous support, using Steve Nison’s candlestick chart technique. I did not wait until RSI red.

After trade analysis
If I stayed until RSI red, I would have broke even.

In technical analysis, support and resistance is a concept that the movement of the price of a security will tend to stop and reverse at certain predetermined price levels. These levels are denoted by multiple touches of price without a breakthrough of the level.

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