Currency Pairs trade best using the Ichimoku Cloud on a 4 Hour bar. The best part of this is that you only have to look for trade-set-ups 6 times a day, This happens at 12,4,8,12,4, and 8 everyday at Central Standard time. So, today we see a great Short Set-up if you are a mild pullback trader. I know I am a breakout trader, however many traders are not as aggressive as me. So, the Trade:
Selling the GBP/JPY at 169.9
STOP LOSS: 172.37
Target #1: $168.65
Target #2: $167.4
Once I hit Target #2, if I want I can move to stop to breakeven
Target #3: $166.20
Target #4: $165.01
Selling the GBP/JPY at 169.9
STOP LOSS: 172.37
Target #1: $168.65
Target #2: $167.4
Once I hit Target #2, if I want I can move to stop to breakeven
Target #3: $166.20
Target #4: $165.01