My Favorite Technical Indicator in the Ichimoku Cloud otherwise known as "The Cloud" or "Ichimoku." This indicator is a free plug-in on TradingView, but a trader must know which timeframe 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. Lets breakdown the trade:
Short EUR/USD at 1.378 at Noon 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.
Short EUR/USD at 1.378 at Noon 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.