Ichimoku: shorting EURJPY

Another transaction, this time featuring yen (again) and euro…

Opened a little bit too eagerly however I was quite confident in this move – waited only one hour for the “Sunday” candle. Solid two-day upward movement, ADX pointing at a plateau, rest of the day (H4) flat. Kumo at D1 also looking quite flat can act as a “magnet” for the price – overall there is ample room for some correction on the way.

H4 acting in similar manner (upward move plateau) but more advanced – on this timeline the ADX isn’t looking as good but it also trends downward. Distances to Tenkan, Kijun and Kumo are showing some room for the price movement which bolsters my confidence.

The pair “rocked” sideways for three long days – to be honest I was somewhat nervous even though the price never “jumped” too far from the S/R line or my initial position.

Due to price “touching” the Kumo and the range being almost identical to earlier growth candle I’ve decided to close the transaction without waiting another day for Friday. The same “touching” could be seen at H4 which made my decision way easier. Also I had to consider that the current profit was very good already and I still had in mind my reluctance to close a winning trade with CHFJPY which cost me 2/3 of the available profit on that occasion.

Friday didn’t yield any drastic movements however were I to wait for it to unfold my profits would be 22% less (20 pips shaven from 90 pips) – we’ll see what the next week brings but to be honest I’m not really interested since I’ve managed to “take” exactly twice as much as initially planned for a “successful” transaction (20% profit on the deposit vs 10% target).

Here’s how “entering the Kumo” looked like at H4:

This have been the best transaction to date: good entry, very well placed exit (almost ideal), genuinely good profit compared to base scenario. Also it didn’t take that long to pan out since I’ve had it opened only for 4 days: