Continued from previous post published few days ago. Price action has not went went back to 1.2200. Have not done anything for the past few days besides watching the price action itself. Currently, the price action has traded above the tenkan-sen. Tenkan-sen and Jikun-sen are probably converging towards each other. There might be some price consolidation coming forward. It could be in the range of 1.2100-1.2200. The Kumo cloud is also getting thinner ahead. There might be chances where the price action will break through the the thin kumo cloud. Have locked in partial profit and shifted stop loss level to the mid of the kumo cloud for the remaining positions. Technical (Ichimoku): Price is trading between tenkan-sen and jikun-sen. With the tenkan-sen and jikun-sen converging, there is chance where tenkan-sen cut above ji-kun-sen. Chikou Span is not far away from the jikun-sen. With the thin kumo cloud ahead, there is no strong resistance to the price if the price will to start penetrate the kumo cloud. Strategy (Ichimoku) The trend remains bearish. Watch out for tenkan-sen cutting above jikun-sen, and how the price action reveals itself then. New entrant might consider to establish some long position.
All positions closed out. These trades had started since early July with positions added on in between. The bullish candle form earlier has penetrated into the kumo cloud. While Chikou Span cut above the tenkan sen and jikun sen, tenkan sen had yet cut the jikun sen. As mentioned in the earlier post, bull believers might choose to take up positions. Taking note of the thick cloud, its takes strength and momentum for the price action to pierce through. It might be worth considering to stay put taking no position for the next few days while waiting for the price action reveal more.
Was looking around the currencies pairs, found trading opportunities in the NZDUSD. The price action had been in a upward trend, and had went into consolidation range. As per ichimoku charting, the price has cut below, above, below and now above the kumo cloud. Technical (Ichimoku): Tenkan-sen has yet cut above the kijun sen, and kijun-sen is till below the kumo cloud. While price action has traded above the kumo cloud, the thin kumo cloud means the support might not be above to hold the price action when it makes a reversal. An interesting part of the ichimoku charting is the chikou span cutting above the kumo cloud as of now. It also cuts above the price activities that had happened looking forward. Price itself probably had not decided how it will go in the way forward by looking at the past which happened to be range bound. Strategy (Ichimoku) The preceding trend was an upward trend prior to the range bound activities by the price. The accelerated falling price prior to the accelerated increase in price now do demonstrate the buyers are coming in, with sellers standing aside. Positions has been established as price pierced above the kumo cloud. What is more significant is that chikou span also cuts above the kumo cloud. More positions added as price continues to pierce above the previous high within the chikou span. Will have to see how price reveals itself as the days come by.
Continued from previous post. Did not do much since last week. Price action was choppy since establishing long positions last week. Have shifted stop loss level higher. Technical (Ichimoku) While the price action had been choppy for the last few period, tenkan sen and jikun-sen had not been been able to converged towards each other. Price itself had not traded near jikun-sen ever since it cut above the jikun-sen Chikou span had given strong sentiments to the current price action, we could see that those price activities below chikou span will be in a mood of exiting or adding momentum to price action upwards. Strategy (Ichimoku) It is advisable to stay put till price itself reveals more information in the periods ahead.
Initiated a long trade in EURUSD, Position sizing according to money stop loss value. Trade was established as chikou span had penetrated through the kumo cloud, which usually the last and final confirmation of a directional change.
This is an update from previous post. The long position of the NZDUSD was stopped out couple of hours ago. Have actually shifted the stop loss to protective level few days earlier. All positions closed out with profit. (This is not a technical stop out as per ichimoku set up)
Update from previous post. Price has been trading lower after the position established. Technical (Ichimoku) Currently, price is trading along the jikun-sen, and tenkan-sen is converging towards jikun-sen. All the action is taking place above the kumo cloud. The view forward remains bullish but in a conservative manner. It will be encouraging to see that price action trading above 12350 within the next few days, above the kumo cloud upper level. When price action trades below 12250, where chikou span starts to trade below the jikun-sen, may start to reduce the position sizing. Nevertheless, stop loss level is placed below the kumo cloud. Strategy (Ichimoku) If you favor a long: For new position takers, may want to consider to establish new long position just above the kumo cloud, with stop loss level below the kumo cloud. Specifically, only when price trades above 12325 level. Ideally, tenkan sen should not cut below jikun-sen or bounce off from jikun-sen when touched. Chikou span should not cut below jikun-sen for the uptrend to remain in tact. If you favor a short: For new position takers, may want to look out for few scenarios: Tenkan-sen cut below jikun-sen Price traded below kumo cloud Chikou span cut below jikun-sen. Depending on where the entry, can consider a money stop loss level or above the kumo cloud if price trading below kumo cloud.
This is continued from previous post. An update to the EURUSD position. Price has been moving sideways since the move downwards. Price still remain above the kumo cloud, an encouraging sign at the moment. Technical (Ichimoku) Price movement today is encouraging, provided it closes high or near high. Reason being the chikou span cut above the jikun-sen. Looking back, chikou span had cut below the jikun-sen very recently, diminishing the upward trend and breaking the support level. Price movement today will be encouraging for traders looking to long. In addition, tenkan-sen and jikun-sen converge in the kumo cloud. It will be fruitful, depending the price action ahead, if the tenkan-sen can cut above the jikun-sen and move out from the kumo cloud. Strategy (Ichimoku) Price levels to watch out will be between 12380 to 12400 (as chikou span cut above all previous highs from current price) Aggressive position takers could look for establishing long position now, with stops below the kumo cloud. Moderate position takers could look stop in above 12380 to 12400, with stops below the kumo cloud.
This post is for sharing purpose. Have short positions in USDCAD established since end July. Prior to the short positions, was looking to go long for the USDCAD as price action was trading upwards and breaking the kumo cloud. However, chikou span still trading below the kumo cloud. Within the next few periods, a sharp reversal from the price action itself, decided to look for opportunity to go short. Technically, either tenkan-sen cut below jikun-sen or chikou span cut below the lowest low prior to the current price action. Established the first short position when chikou span cut below the lowest low prior to the current price action. Shortly after establishing the first short position, the second short position was established, a pure price action set when the price traded below the most recent low. Positions have been maintained till with stop loss level below entry price.
This post is for sharing. The position has been closed. The position was established early August 2012 based on one of the ichimoku strategies, chikou span cutting above the jikun-sen, with price action trading above the tenkan sen, tenkan-sen above jikun-sen. The trade had taken place while the price action was in the kumo cloud. Technically, price in the kumo cloud represented uncertainty in the direction of the price action. This was "less aggressive" in terms of ichimoku strategies (more aggressive position takers will establish long position below the kumo cloud). Had exited the postion last week. It was a targeted exit. Technically, tenkan-sen and jikun-sen were diverging, which would suggested price consolidation or contraction in the next few periods.