Another entry signal.
This time on the USDCHF pair, but with different indications that price is about to turn.
1.) Kijun Sen Cross, indicating a Bearish drive to push the price down.
2.) The Chinkou Span has crossed the price, another indication that the Bears are making a drive!
Because we have two indications of a price reversal, there is an opportunity to enter with 2 lots of 1.5% here (using my money management rules), but lets take a closer look at the Kumo here! We can see that the Kumo is still large, and very much Bullish! Lets protect ourselves and only enter with 1 lot. We can always enter another lot should the circumstances change and the Kumo turn in our favour.
The chart -
So, for this trade we have -
Enter - 1.1218
Stoploss - Set at a sufficient distance to let the price stretch its legs, without including too much risk (1.1444).
Exit - So far we are looking only for another Kijun Sen Cross.
Additional - Let's keep an eye on things and see if we can't enter another lot should the Kumo turn.
