FOREX TRADERS

[twk000jester]

I switched trading methods last night and started using the Ichimoko Charting Hyo (set to 9,26,52) Method.

Your trade last night on GBP/JPY appeared like a classical Kumo Breakout.

I set my stop losses using the 235.643 (30 min) instead of the 235.458 (1 hour) recommended setting.

Kumo Breakout trading or "Kumo Trading" is a trading strategy that can be used on multiple time frames, though it is most widely used on the higher time frames (e.g.: Daily, Weekly, Monthly) of the position trader. Kumo breakout trading is the purest form of trend trading offered by the Ichimoku charting system, as it looks solely to the kumo and price's relationship to it for its signals. It is "big picture" trading that focuses only on whether price is trading above or below the prevailing kumo. In a nutshell, the signal to go long in Kumo breakout trading is when price closes above the prevailing kumo and, likewise, the signal to go short is when price closes below the prevailing kumo.


Ichimoko Charting Hyo ( Color setting based on example link)
http://www.kumotrader.com/ichimoku_wiki/index.php?title=Ichimoku_trading_strategies#Kijun_Sen_Cross

I guess I flew too close to the sun with my butterfly wings and the bags of gold were getting to heavy, but at least I'm back in the black on my game account.