ShirokiHeishi
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Yen Chikou span bounce

OANDA:USDJPY   美元/日元
Its been a long time since I posted a potential trade, so bear with me on this one.
Here we have the ingredients for a potential Chikou span/Kumo top bounce.
See notes on chart:
Note the two white arrows on this chart. One at the Chikou/Kumo boundary, the other on the oversold condition.
The green horizontal lines are a boxed area where we see a potential entry price and subsequent stop-loss. The red horizontal line is previous resistance from a Kumo top.
Key ingredients:
1. Chikou-span at support on previous Kumo.
2. Price at support on previous Kumo.
3. Future Kumo is bullish
4. Oscillator ( Williams %R (5,3)) currently oversold.
5. Chikou has some room to run
6. Established uptrend (pullback/trend continuation)
7. Trade is in direction of previous T/K cross
In summary, we have an oversold condition developing in an uptrend at support.
Potential entry price 112.422 could be updated later as conditions change
Potential stop-loss 111.483 could be updated later as conditions change
Take profit level #1 114.039 (highest previous close of the potential 'N' wave)
Take profit level #2 114.999 (Just below round number and at the .618 extension of wave)
Risk #1) .939 #2(.939)
Reward #1) 1.618 #2(2.577)
Ratio #1) 1:1.712 #2(2.74)
as always, trade responsibly and this does not constitute investment advice, but my own ideas and how I trade. I am not responsible for your losses nor entitled to your gains.
Warm regards,
Shiroki
订单已取消: Chikou-span has breached price is in the process of invalidating this trade idea. Bracketing the previous candle was the right thing to do, as today we have moved lower and thus far pierced the Kumo top. If the low/close were to hold above the Kumo top, then we will re-bracket this day and progress from there. Resistance at the Kumo bottom might bring about a new entry criteria.

Regards.
Greetings. Found you reading through comments of Ichimoku_trader, glad I did I love seeing your perspective. Also, that script with fractals and bar color is killer, mind if I lift it? Also, if you care to explain what is going on with your pro 4 indicator I'm all ears.

Thanks in advance,

br0qn
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@br0qn, Sorry so late,
Thanks for the kind words. Sure lift away, use the Ichimoku as you desire. As for the Shiroki pro4, that is just a modified Williams %R.
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br0qn ShirokiHeishi
@ShirokiHeishi, No worries, thanks for the response. Curious now to know how/why you've modified the W%R
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