Our Trend Follower has gives us a 4HR entry after a daily TK cross.
LEt's got to the daily chart first
We have a bullish TK-cross (1), but the ZenTrend Follower has not detected a daily trend setup yet.
We have three resistance levels up ahead coming from past flat kumo levels (2), (3) and (4), which we need to watch.
4HR
We’re long from the long setup (1) and breakout of the trend breakout level. We could have re-entered at the re-entry signal (2), but as that came on a very overextended candle we might have been late to to party there, so we we didn’t take that re-entry. We broke the first resistance level (daily kumo), and got a weak overextension signal (3), and a medium overextension signal (4) on the current candle. We;re only an hour into this candle though..
LEt’s see if the daily kumo breakout holds, if so our next target should be around .0565 (5).
For now we can move our stop to either of the red lines, as we’re getting these overextension signals
PS. For our subscribers, this is the new version of the indicator. We’ll push the update to you in a few hours!
For more information on the ZenTrend Follower indicator please see below:
Like and subscribe if you enjoy our work!
Stay calm, and happy trading!
ZenTrader
LEt's got to the daily chart first
We have a bullish TK-cross (1), but the ZenTrend Follower has not detected a daily trend setup yet.
We have three resistance levels up ahead coming from past flat kumo levels (2), (3) and (4), which we need to watch.
4HR
We’re long from the long setup (1) and breakout of the trend breakout level. We could have re-entered at the re-entry signal (2), but as that came on a very overextended candle we might have been late to to party there, so we we didn’t take that re-entry. We broke the first resistance level (daily kumo), and got a weak overextension signal (3), and a medium overextension signal (4) on the current candle. We;re only an hour into this candle though..
LEt’s see if the daily kumo breakout holds, if so our next target should be around .0565 (5).
For now we can move our stop to either of the red lines, as we’re getting these overextension signals
PS. For our subscribers, this is the new version of the indicator. We’ll push the update to you in a few hours!
For more information on the ZenTrend Follower indicator please see below:
Like and subscribe if you enjoy our work!
Stay calm, and happy trading!
ZenTrader
Exited off the 1HR overextension signal on an extended candle at daily resistance, also on a 4HR overextension signal. Red line is the placed stop which was triggered.
Wait for correction to play out and look for re-entry signals