Forex Trade Signals and Setups Jan. 26th
EURUSD – A Kiss off the Kumo
Going two for two on the Euro this week, on our report just two days ago, we mentioned how traders should watch for the touch off the Kumo to sell this rally. True to form, the pair literally got 1pip from it, then rejected to virtually close right where it opened. Although its a bull close on the day, this is the first strong rejection to the upside in all the bull closes and we suspect this pinbar signal along with the thick Kumo may hold.
It should be noted the Tenkan has crossed the Kijun sharply suggesting strong momentum in the move so bears should be cautious here and look for a move closer to the Kumo if they want to short. Bulls meanwhile should wait for a pullback to the 20ema which played out great the last time giving over 200+pips to our Ichimoku Traders so hopefully you got to profit from that play.
Also make sure to read our latest article called Building a Successful Trading Mentality While Removing Limiting Beliefs.
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