The Running of the Bulls - EUR/USD - Ichimoku Long Buy Setup

22 Jul 2018

With all the news last week the EUR got a nice push up and out of the cloud. We are now hovering just above the flat kumo. We are yet to complete the kumo twist and chikou span is still sitting below price. This leads me to believe we may drop and test the flat kumo before trying to push up and out, or even drop and consolidate a little bit here. With the trade wars and tariffs being thrown around, it is likely it will mean loss of strength of the USD in the long run, especially if Trump's plan to get the FED to stop raising interest rates succeeds. Once we get that dip down, I'll be looking either for a rejection at the flat kumo, or waiting for a new bullish breakout to get long. I've drawn out a few possible TP's with blue horizontal lines. I typically like to close partial positions at those levels, then if our trend is holding bullish signs, I can add some more small positions for the swing. If our bullish confirmations change or we fail to hold at the level I am watching, this setup may become invalidated.